Economic and Investment Outlook

Inflation clear in construction sector Increased material costs obvious along but construction costs have softened Materials up 6.5% year-on-year in June possibly impeding new development, but disinflation clear Labour costs in construction have eased but still remain above long run average 25 20 15 Jo 10 ம 10.0 5.0 0.0 do -5.0 -10.0 I I -15.0 I 2016 2017 2018 2019 2020 2021 2022 2023 2010 2012 2014 2016 2018 2020 2022 - Industrial Price Index (materials and wages, y-o-y %) All building materials (y-o-y %) - All NACE Economic Sectors Construction Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: CSO RHS = weekly earnings on a 4Q yearly growth rate Source: CSO 66 99

View entire presentation