Irish Sovereign Green Bonds Update

-2 -4 -6 -8 -10 -12 -14 Malta Finland Belgium Luxembourg Spain France Portugal Cyprus Latvia Italy EA 19 Slovenia Austria Estonia Germany Netherlands Ireland* Greece Slovakia Lithuania 2 0 -1 Ireland has deftly navigated the changing global economy landscape this century (adjusted GVA for Ireland) Euro Area manufacturing base hollowed out over time: Ireland less impacted than most The digitalisation of the economy: Ireland able to grow its tech sector in recent years 3 2.5 Ireland: 3% of EA19 2 tech sector wages but only 1.4% of 1.5 EA19 population 1 0.5 0 -0.5 ■Manufacturing GVA: pp change in share of economy since 1999 Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Tech Sector GVA: pp change in share of economy since 1999 Source: Eurostat, NTMA calculations (1999-2019 data) * Ireland's GVA data has been adjusted to strip out the distortionary effects of some of the multinational activity that occurs in Ireland. Specifically a profit proxy is removed from the GVA data for the sectors in which MNCs dominate (parts of Manufacturing, ICT, and renting and leasing services). Unadjusted Ireland's figures are +7.1pp (manufacturing) and +6.5pp (tech sector). Spain Greece Lithuania Italy Austria Portugal France Belgium EA 19 Slovenia Germany Luxembourg Malta Slovakia Netherlands Latvia Finland Ireland* Cyprus Estonia

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