Irish Sovereign Green Bonds Update

On a relative basis Ireland performed well in 2020 - thanks ICT (tech) and pharmaceutical firms to 4% 2% 0% -2% -4% -6% -8% -10% -12% Real GDP up 2.5% Y-o-Y in 2020 for Ireland: GDP overstates impact of multinationals Real MFDD down 5.4% Y-o-Y in 2020: MFDD understates impact of multinationals Ireland S Korea Norway Australia Sweden New Zealand Switzerland Finland ՏՈ NL Denmark Japan Canada Germany Belgium Austria EA ■Y-o-Y impact to GDP (Q1-Q4, 2020 constant prices) Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Italy France Portugal 0% -2% -4% -6% -8% -10% -12% S Korea Denmark Sweden ՏՈ Finland Switzerland Japan Germany NL Portugal Ireland EA-19 Belgium France Italy Austria UK Y-o-Y MFDD impact (Q1-Q4 2020, constant prices) Source: CSO, DataStream (seasonally adjusted data - 3.4% for non seasonally adjusted data) Note: MFDD for Ireland is modified for multinational activity by Ireland's Central Statistics Office (CSO). For other countries MFDD = Domestic demand = Consumption + Government (current) spending + Investment 12

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