DAVY VIEW

Several data updates for the Irish economy this week reveal a continued benign backdrop for tax receipts, the labour market and Ireland’s financial balance sheet. Deleveraging by domestic sectors of the Irish economy has been a remarkable €434bn since 2013. In 2025 alone, the same sectors had €42bn of savings over and above their level of capital formation. We therefore see ample capacity to finance housing supply and infrastructure delivery without putting the sustainability of economic growth in jeopardy.