DAVY VIEW

This morning’s Irish Services PMI at 58.4 in April signals a marked acceleration in growth, driven by a steep rise in new orders and faster than the expansion in the euro area (56.6) and UK (54.9). Confidence dipped in the wake of events in the US/Swiss banking sectors, but firms’ overall upbeat assessment of future prospects was evident in the strongest pace of jobs growth in six months. April’s exchequer returns continue to show buoyant tax revenue growth, suggesting a large €12bn budget surplus is likely in 2023.