Economic and Investment Outlook

y-o-y chg Irish economy performed well in early 2023 Modified domestic demand (MDD) and employment growth show resilience in Irish economy MDD up 0.1% q-o-q in Q1 2023 and activity still growing albeit at a slower rate than in 2022 Irish measures of activity are mixed, pointing to slowing but still positive growth for the Irish economy 20 15 10 -5 -10 -15 I I I 2018 2019 2020 2021 2022 2022 vs. Q1 2023 Q1 2023 2021 y-on-y q-on-q GDP MDD Consumption 9.4 2.2 -2.8 9.5 4.5 0.1 9.4 5.1 0.1 Gov't Spending 3.5 -2.7 -4.9 Mod Investment 15.9 10.0 5.1 Employee Compensation 9.6 7.4 2.3 MNE GVA 15.6 3.5 -9.0 I 2023 Domestic GVA Employment 5.6 4.1 1.3 6.6 4.1 1.9 % change from indicated period Source: CSO, Eurostat | Personal Consumption Modified Investment Government Spending - Modified Domestic Demand Source: CSO Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Note: MDD for Ireland is modified for multinational activity by Ireland's Central Statistics Office (CSO). MDD = Consumption + Government (current) spending + Modified Investment. Seasonal adjustment mean contributions do not always add up to MDD growth rate. 9

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