Bank of Ireland 2020 Debt Investor Presentation
Continued economic strengthening in 2021 expected Bank of Ireland 2020 Debt Investor Presentation
5.0%
18.7%
Ireland
16.0%
6.8%
•
Ireland is a very open economy; imports and exports
sum to c.240% of GDP, and leveraged to international
developments
Ireland's 2020 performance benefited from strong
exports; more than offsetting weak domestic
performance
Two-speed Irish economy reflected in industrial
production data:
5.6%
5.0%
5.8%
3.7%
2019a
2020f
2021f
2022f
-
GDP1
Unemployment²
3.8%
4.5%
1.4%
(9.9%)
UK
5.7%
6.0%
6.8%
4.6%
•
.
multinational-oriented sectors grew by 7.3% y/y in
2020
domestic-oriented sectors contracted by 5.3% last
year
Brexit outcome provides greater certainty to support
investment; 16% of Irish services exports and 9% of
goods exports go to UK
Irish government's fiscal measures total €38bn (19% of
GNI*3) in fighting the effects of COVID-19
High frequency data show that economic activity in
Ireland is heavily influenced by COVID-19 policy measures
2019a
2020a
2021f
2022f
GDP1
Unemployment²
Sources: Forecasts (February 2021) by Bank of Ireland Economic Research Unit; CSO; ONS
1 Annual real growth
2 Annual average rate
3 GNI*, or Modified Gross National Income, is an indicator designed to exclude globalisation effects that are disproportionally impacting
the measurement of the size of the Irish economy
Bank of Ireland
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