DAVY VIEW

We continue to look through November’s surprisingly weak payrolls result and note that December and January payrolls, with typical revisions factored in, grew by about 2.5% in annual terms. With employee levels approaching 2.6m in early 2026, we continue to see evidence that the Irish economy began this year in a strong position. Furthermore, having successfully weathered numerous major external shocks in recent years, we do not expect imminent changes to Ireland’s strong economic outlook based on the Middle East conflict.