DAVY VIEW

In line with our expectations, the Irish economy continues to grow above consensus. We have revised down our forecast for housing supply to 44k next year and progress appears unlikely to be linear — we now expect a small dip to 42k in 2028. However, infrastructure delivery is progressing well and housing trends remain positive for the 2030s. We expect higher budget surpluses over coming years. The strength of the Government’s balance sheet means that contributions to the new sovereign wealth funds can continue even if surpluses decline.