Bank of Ireland H1 2020 Credit Presentation
Economic activity has increased but uncertainties remain Bank of Ireland H1 2020 Credit Presentation
5.0%
5.6%
2019a
Ireland
13.5%
(7.0%)
2020f
GDP1
Unemployment²
•
8.2%
•
6.0%
•
•
2021f
UK
7.0%
5.8%
3.8%
1.5%
2019a
(9.5%)
2020f
GDP1
Unemployment²
6.7%
2021f
Significant contraction in our core markets March - May
2020, but high frequency data points to an improving
environment in Q2 2020
Reopening of the Irish economy accelerated during Q2
€7.4bn additional fiscal stimulus announced in July to
provide further support towards economic recovery
Irish government's response now c.€24bn / c.11% of GNI*
Claimants of Pandemic Unemployment Payment down to
48% of peak; supportive of continued recovery in
H2 2020
Consumer spending, investment and exports will make
positive contribution to Irish GDP growth in 2021
Alert to risks such as a potential second wave and
on-going Brexit uncertainties
Sources: Forecasts (July 2020) by Bank of Ireland Economic Research Unit; CSO; Department of Finance; Department of Employment
Affairs and Social Protection; Department of Taoiseach; ONS
Bank of Ireland
1 Annual real growth
2 Annual average rate
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