Bank of Ireland Q1 2020 IMS Presentation
Economic outlook remains uncertain
5.0%
5.5%
Ireland
13.5%
(8.0%)
2019
2020f
■GDP¹
3.8%
1.4%
2019
Unemployment Rate²
UK
9.0%
(8.5%)
8.0%
7.5%
Bank of Ireland Q1 2020 IMS Presentation
Economic outlook remains uncertain
•
•
•
•
Lower GDP and employment in 2020 across our core
markets, with rebound expected in 2021
The impact of COVID-19 is leading to reduced levels of
customer activity across our businesses
Consumer and business sentiment has plummeted in Ireland
and the UK
In Ireland, household spending has decreased, with retail
sales volumes down 1.9% year-on-year in Q1 and set to
fall further
Expect customer and business activity levels to begin to
improve, in line with economic forecasts, later in 2020
Ireland has relatively high exposure to resilient sectors like
pharma and ICT
•
2021f
6.2%
6.5%
2020f
2021f
■GDP1
Unemployment Rate²
Source: Forecasts by Bank of Ireland Economic Research Unit
1 Annual real growth
2 Annual average
Bank of Ireland
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