DAVY VIEW

The quarterly national accounts for Q4 2025 are consistent with our long-standing view that the Irish economy remains in a high-growth phase, despite high global uncertainty. Consumer spending was strong again and could yet be revised higher, while foreign direct investment (FDI) jobs returned to growth in 2025. Modified investment was especially strong, helped by housing and other building and construction. Exports and GDP also remained in annual growth in Q4 despite a quarterly decline.