New forecast for Irish GDP to contract by 10% in 2020
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May 27 2020 06:30 IST/BST
ECONOMIC RESEARCH
IRISH ECONOMY
New forecast for Irish GDP to
contract by 10% in 2020
Conall MacCoille
THE DAVY VIEW
conall.maccoille@davy.ie
Our new forecast is for Irish GDP to contract by 10% in 2020 and +353 1 6148770
rebound by 7% in 2021, with the unemployment rate peaking at
25% in Q2 2020 and falling to average 12% in 2021. We expect
the government deficit to equal 9% of GDP in 2020 and 5% in
2021. Housing completions are expected to fall to just 13,800
accompanied by a 5% decline in house prices through 2020.
Irish economy to contract by 10% in 2020, rebound 2021
Our new forecast is for Irish GDP to contract by 10% in 2020 followed by a 7%
rebound in 2021. This reflects an initial 20% hit to GDP in Q2 2020 followed by a
gradual recovery as the economy re-opens along the lines of the Irish
government’s phased roadmap. Despite this recovery, our forecasts imply GDP
will be 10% below its pre-COVID-19 level at end-2020 and 5% below by end-
2021. We expect the Irish unemployment rate will rise to 25% in Q2 2020, falling
thereafter but remaining in double-digit territory through 2020 and 2021.
Economic hit will be focused on domestic demand
Our forecast is for consumer spending to contract by 12.5% in 2020, rebounding
by 7.3% in 2021. Investment spending will fall sharply, in part due to homebuilding
declining to 13,800 units, accompanied by a 5% drop in house prices. Ireland’s
defensive export sector should perform better but we still expect a 7% contraction,
with world trade set for a double-digit decline. We forecast a government deficit of
9.2% of GDP in 2020 and 5.3% in 2021.
Enormous risks around our forecasts
There is clearly enormous uncertainty around our forecasts. There is still limited
information on the size of the initial hit to the economy. We assume the economy See the end of this report for important
re-opens through Q3 2020 along the lines of the Irish government’s roadmap. disclosures and analyst certification. All
authors are Research Analysts unless
Clearly, another COVID-19 outbreak with associated business and travel
otherwise stated.
restrictions could derail this recovery. We also assume the UK does not opt for a
‘cliff-edge’ exit from the EU single market, with an extension of the transition
period still the most likely outcome.May 27 2020 06:30 IST/BST
Ireland and COVID-19
Our new forecasts are for a deep and lingering impact of COVID-19 on the Irish
economy. We expect Irish GDP to initially contract by 20% in Q2 2020, rebounding
slowly, with the level still 10% below pre-COVID-19 levels by end-2020 and 5%
below by end-2021. This means the unemployment rate will average 16% in 2020
and 12% in 2021 with the government deficit equal to 9% of GDP in 2020 and 5% in
2021.
However, the outlook is very uncertain. There is still a lack of data to gauge the
immediate impact of COVID-19 business and travel restrictions on GDP. Ireland’s
We expect Irish GDP to initially
contract by 20% in Q2 2020, PMI surveys are consistent with a 15% reduction but do not capture the impact of the
rebounding slowly so that the shutdown in activity in many sectors. Exports and industrial production held up well in
level is still 10% below pre-COVID- March, tentative evidence that the defensive nature of Irish trade will provide some
19 levels by end-2020 and 5%
protection. However, Ireland’s labour market data, showing an unemployment rate of
below by end-2021
28% in April, are far worse than in other countries.
We assume the economy re-opens consistent with the Irish government’s roadmap,
starting on May 18th, with the final phase beginning on August 10th. Nonetheless,
social distancing restrictions are likely to hinder activity in many sectors well beyond
these dates. The Department of Business, Enterprise and Innovation’s ‘Economic
Considerations for Reinstating Economic Activity’ concedes that Ireland’s lockdown
has been longer and more severe than in other EU countries with a more
conservative plan to re-open the economy.
Figure 1: PUP and TWSS claimants as percentage of employment by sector
Accomodation and Food Services
Construction
Administrative and Support Services
Wholesale & Retail
Other Nace activities
Professional and Scientific
Total
Transport and Storage
Industry
Financial, Insurance and Real Estate
Education
Information and Communications
Health
Public Administration
Agriculture
0% 20% 40% 60% 80% 100%
Source: Central Statistics Office; Department of Social Protection; Irish Revenue
Ireland’s labour market data look far worse than in the UK. The Central Statistics
Office (CSO) reported a 28% unemployment rate in April. Currently, there are
585,000 claimants of the €350 per week Pandemic Unemployment Payment (PUP),
of which 38% had incomes less than €300 per week prior to the COVID-19 outbreak.
This incentive problem may have persuaded many workers not to participate in the
Temporary Wage Subsidy Scheme (TWSS).
Nonetheless, Figure 1 illustrates that the hit to activity has been concentrated in
accommodation & food services, construction, admin & support services and
wholesale & retail (sectors in which almost all activity has been shut down until now),
where the combined total of PUP and TWSS claimants exceeds 60%.
2 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
It is difficult to gauge specific dates for sector re-openings from the Irish
government’s roadmap. Construction activity has resumed from May 18 th. However,
retail activities will not fully resume until phases 3, 4 and 5, beginning June 29th
through to August 10th. Cafes and restaurants can begin to re-open from June 29th
and hotels from July 20th. However, in many cases, social distancing restrictions will
mean that many services (e.g. entertainment, cinemas, etc) will not be available or
will continue to be impaired.
Our forecasts for 2020 rest on Our forecasts for 2020 rest on assumptions regarding how quickly activity returns to
assumptions regarding how pre-COVID-19 levels across different sectors. In framing these assumptions, we have
quickly activity returns to pre- contacted a range of industry bodies and drawn on the evidence from the
COVID-19 levels across different
sectors government roadmap and the Department of Business, Enterprise and Innovation’s
analysis of the re-opening of the economy. Figure 2 illustrates how we see the key
sectors’ output recovering (as a percentage of pre-COVID-19 output) in 2020 and
2021.
Figure 2: Forecasts for output by sector (as % of pre-COVID-19 output)
Agri. Industry Construction Distribution Information Financial Real Estate Prof, Admin Public Arts, Ent,
Transport, and Comm. and Activities and Support Admin, Other
Hotels and Restaurants Insurance Services Education Services
Restaurants and Health
2020 96% 94% 68% 61% 94% 94% 66% 88% 99% 55%
2021 100% 96% 92% 83% 97% 93% 90% 92% 101% 78%
Source: Central Statistics Office; Davy
3 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
New Irish economic forecasts
Due to the enormous disruption from the COVID-19 pandemic, we have revised our
forecasts for Irish GDP growth to a 10.3% contraction in 2020 followed by a partial
rebound in 2021, with GDP expanding by 7.1%. Our forecast is for an initial 20% hit
to Irish GDP in Q2 2020, with GDP still 10% below its pre-COVID-9 level by end-
2020 and 5% below by end-2021.
We expect 2020 GDP to initially contract by 20%, rebounding gradually through the
second half of the year. Similarly, we expect employment to initially decline by 23% in
Q2 2020, finishing the year 12% down on pre-COVID-19 levels.
Figure 3: Davy forecasts for the Irish economy
2019 2020 2021
Our new forecast is for the Irish
Consumer spending 2.8 -12.5 7.3
economy to contract by 10.3% in
2020 Government expenditure 5.6 9.1 -4.0
Investment 94.1 -50.3 8.4
Building & construction 6.8 -36.6 20.5
Machinery & equipment (core) 2.7 -40.0 22.5
Exports 11.1 -7.4 7.2
Imports 35.6 -21.0 6.0
GDP 5.5 -10.3 7.1
Government balance, % GDP 0.4 -9.2 -5.3
Government debt, % GDP 58.8 70.4 69.2
Employment growth 2.9 -11.3 4.7
Unemployment rate, % 5.0 15.8 12.4
Source: Central Statistics Office; Davy
Key features of our new Irish economic forecasts
▪ Irish GDP to contract by 10.3% in 2020 and rebound by 7.1% in 2021.
▪ Consumer spending to contract by 12.5% in 2020 and rebound by 7.3% in 2021.
▪ Investment to decline by 50%, reflecting weaker imports of intellectual property,
with building and construction to fall by 37%.
▪ Exports to contract by 7% in 2020, slower than the likely double-digit decline in
world trade.
▪ Government deficit to grow to €29bn, 9% of GDP, in 2020 and fall to €18bn, 5%
of GDP, in 2021.
▪ Unemployment rate to peak at 25% in Q2 2020 but fall back to average 12% in
2021.
4 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
What do we know so far about the COVID-19
impact?
There have been few data so far to gauge the impact of COVID-19. Ireland’s
Composite (17.3), Manufacturing (36.0) and Services (13.9) PMIs have fallen to
unprecedented levels in April. On past form, this points to at least a double-digit
decline in Irish GDP in Q2.
Monthly data on exports and industrial production have held up better – pointing to
some protection from the defensive nature of the sectors. Nominal goods exports
The Irish PMI surveys point to a
large double-digit decline in GDP reached a record high in March at €16bn, including an 81% rise in pharmaceuticals to
in Q2 2020 €10bn. Industrial production was up 39% in March.
Figure 4: Short-term indicators on the Irish economy
2018 2019 2020 Date
Composite PMI (50 = no change) 57.1 52.9 17.3 April
Manufacturing 55.8 50.9 36.0 April
Services 58.0 54.6 13.9 April
Construction 58.2 53.0 4.5 April
Industrial production, yoy % 0.1 1.6 22.9 March
Modern sector -0.7 1.2 35.3 March
Traditional sector 2.6 7.4 -4.8 March
Goods exports, yoy % 14.5 8.6 39.2 March
ex-pharma & other transport equipment 2.6 5.6 0.2 March
Retail sales, yoy % 3.7 1.6 -11.2 March
ex-motor trades 3.7 4.4 -0.5 March
Tax revenues, yoy % 9.5 6.8 -8.0 April
Unemployment rate, % 5.8 4.8 28.0* April
Source: Central Statistics Office; Thomson Reuters DataStream
Retail sales (excluding motor trades) held up well in March, down 0.5%; within this,
total food stores sales were up 19% but department stores (-28%), clothing &
footwear (-51%), furniture & lighting (-14%) and books, newspapers & stationery
(-29%) all saw enormous declines. Central Bank data on debit card spending showed
Ireland’s labour market data look a 40% annual contraction in early April.
especially weak, but the apparent
damage may have been
accentuated by design features in Ireland’s labour market data look especially weak. The CSO’s COVID-19 adjusted
the scheme unemployment rate rose to 28% at end-April, reflecting 600,000 claimants of the new
PUP. However, the generosity of the payment (€350 per week) has created a
financial incentive not to participate in the government’s TWSS.
5 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
Defensive Irish exports provide some protection
The European Commission’s Spring 2020 projections were for double-digit declines
in imports for Ireland’s most important trading partners: euro area (-13%), UK (-10%)
and US (-13%). This is clearly a very difficult environment for Irish exporters.
However, Figure 5 illustrates that although Irish export markets contracted by 11% in
Pharmaceuticals and ICT services 2009, Irish export volumes rose 4.5%, albeit after a 3.6% decline in 2008. This
exports should hold up better than defensive nature of Irish exports - specifically, concentration in agri-food,
a likely double-digit decline in
pharmaceuticals, information & communications technology and medical technology -
world trade
makes their performance less sensitive to global trade.
Figure 5: Irish exports and world trade volumes
yoy %
35
30
25
20
15
10
5
0
-5
-10
-15
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Goods Exports Services Exports OECD Export Markets Ireland
Source: Central Statistics Office; OECD
The early data indicate that Irish trade has fared relatively well so far. Nominal goods
exports rose to a record high of €16bn in March, benefiting from an 81% surge in
Nominal goods exports in March pharmaceutical goods exports. Hence, Irish industrial production was also up by 23%
were up 39% on the year to €16bn,
helped by buoyant in March.
pharmaceuticals
Nonetheless, we still expect that COVID-19-related disruption will hurt Irish exports in
2020. Our forecast is for a 7.4% contraction in 2020 followed by a 7.2% rebound in
2021 – still implying that Ireland will outperform the broader slowdown in global trade.
Figure 6: Davy trade forecasts
2018 2019 2020 2021
Exports 10.4 11.1 -7.4 7.2
Irish export markets 3.0 1.4 -12.5 10.5
Source: Central Statistics Office; OECD; Davy
6 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
Labour market
At face value, Ireland’s labour market data look considerably worse than in other
countries. The CSO has published a ‘COVID-19 adjusted unemployment rate’, which
rose to 28.2% in April. In addition, at end-April there were 425,000 employees paid
via the TWSS.
However, the apparent damage to the Irish labour market may have been
At end-April, 1.2m people, or
accentuated by incentivisation problems with the €350 per week PUP payment. The
53.5% of pre-COVID-19
employment, were claiming benefit government now estimates that 38% of PUP claimants were previously paid less than
payments €300 per week. Also, unlike the UK’s scheme, employees paid via the TWSS scheme
may still be at work.
This implies that Irish unemployment benefit claimants could quickly fall as sectors of
the economy are re-opened and as eligibility for the schemes is tightened.
Figure 7: Irish labour market indicators
000s
2500
2000
1500
1000
500
0
Live Register Pandemic Temporary Unemployed 2019
Job Seekers Unemployment Wage Scheme Employment
Payment
March April
Source: Central Statistics Office; Davy
Hence, we are forecasting a very deep cut in employment in Q2 2020 followed by a
sharp recovery in Q3 and Q4. Nonetheless, this still leaves the unemployment rate
averaging 16% in 2020 and 12% in 2021. By end-2021, we expect the level of
employment to still be 5% lower than its pre-COVID-19 outbreak level.
Figure 8: Irish labour market forecasts
2019 2020 2021
Employment growth 2.9 -11.3 4.7
Labour force growth 2.0 0.1 0.6
Unemployment rate 5.0 15.8 12.4
Wages per head 4.7 -2.0 3.0
Source: Central Statistics Office; Davy
7 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
Consumer spending set for large contraction
Retail sales volumes in March actually held up reasonably well, with core sales down
only 0.5% on the year, held up by buoyant food stores but with other sectors seeing
far bigger declines in revenues. However, more timely Central Bank data paint a far
more negative view – pointing to spending being down by circa 40% in April.
This isn’t surprising given the closure of large swathes of the retail sector. We expect
retail spending should rebound in June and July as the sector re-opens.
Central Bank of Ireland data point Nonetheless, consumer spending should see a hit through 2020 given the 10.5%
to spending being down 40% in
early April decline in employment on average through 2020. That said, the PUP has helped to
protect incomes.
Figure 9: Irish consumer spending
%
15
10
5
0
-5
-10
-15
-20
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Source: Central Statistics Office; Davy
Our forecast is that Irish consumer spending will contract by 12.5% in 2020 followed
by a 7.3% rebound in 2021. This forecast rests on a sharp rise in the savings ratio to
12%, up from 6% in 2019, falling back to 7% in 2021.
Figure 10: Davy household income forecasts
2018 2019 2020 2021
Employment 2.9 2.9 -11.3 4.7
Wages per head 2.9 4.7 -2.0 3.0
Household disposable incomes 5.2 7.0 -7.4 2.9
Household savings rate 3.7 5.7 12.0 7.2
Source: Central Statistics Office; Davy
8 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
Investment spending to collapse
Irish investment will undergo a sharp contraction as capital investment projects are
delayed or cancelled and given that construction activity has been depressed by the
shutdown for the best part of three months.
Our forecasts are based on a 35% drop in dwellings investment, or housing
We expect homebuilding to drop completions falling to 13,800 units in 2020. In addition, we assume non-residential
to 13,800 units in 2020 construction activity declines by 36%. In both cases, we assume a partial rebound in
2021 with activity up 22.5%.
Figure 11: Irish housing completions
000s
100
90
80
70
60
50
40
30
20
10
0
2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
Source: Central Statistics Office; Davy
Our forecast for total investment is a 50% contraction in 2020. However, this largely
reflects the close to €100bn of investment in intellectual property assets in 2019 not
Our forecast is for core investment
spending to contract by 38% in being repeated in 2020. We expect core investment spending to decline by 37.6% in
2020 2020 before rebounding by 22.5% in 2021.
Figure 12: Investment spending forecasts
2018 2019 2020 2021
Residential 25.8 2.6 -35.4 21.6
Non-residential construction 6.9 9.1 -36.0 20.0
Core machinery & equipment 14.4 2.7 -40.0 22.5
Other transport equipment 60.6 -36.2 4.0 3.0
Intangible assets -52.6 140.0 -60.0 3.0
Total investment -21.1 94.1 -50.3 8.3
Core investment 13.0 5.9 -37.6 21.0
Source: Central Statistics Office; Davy
9 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
Housing market: price falls now likely
The latest updates of the Irish Property Price Register show normal transaction levels
down 50%, and this looks set to fall further as the impact of business/travel
restrictions is felt. New listings on MyHome in May were down circa 85% on normal
levels.
Housing market transactions will Transactions will only resume gradually as restrictions are lifted through the summer.
effectively cease in May-June
It will also take time for consumer confidence to rebound sufficiently for many
households to follow through on transactions. Hence, we expect mortgage lending to
equal just €5.2bn in 2020, picking up to €8.4bn in 2021.
In this context, price movements may be difficult to measure or unrepresentative,
biased perhaps towards cash purchases and vendors willing to provide a discount in
a very illiquid market. So far, the evidence from MyHome does not point to an
unusually high number of instances of asking prices being cut or transactions at a
discount.
Figure 13: Ireland residential property price inflation
40
30
20
10
0
-10
-20
-30
-40
2006 2008 2010 2012 2014 2016 2018 2020
National Dublin Ex Dublin
Source: Central Statistics Office
Our contacts suggest that estate agents our now expecting price falls through 2020.
Price falls may be sharper in the near term but dissipate as the housing market re-
opens. Our forecast is for average wages to drop by 2%. We also know Irish banks
Our baseline forecast is for a 5% have been tightening credit standards, particularly for loans exceeding the 3.5x loan-
drop in Irish house prices through
2020 to-income multiple. Hence, our forecast is for a 5% drop in Irish house prices through
2020 followed by a 3.5% rebound in 2021.
Figure 14: Irish house price inflation and mortgage lending forecasts
2019 2020 2021 2022
House price inflation (yoy %) 6.3 0.3 -5.0 3.5
Mortgage lending, €bn 9.5 5.2 8.4 11.1
Source: Central Statistics Office
10 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
Public finances: deficit worth 9% of GDP in 2020
April’s Stability Programme Update forecast was for a deficit of €23.1bn (or 7.4% of
GDP) in 2020, narrowing to €13.8bn (4.1% of GDP) in 2021. This forecast was based
on a 10.5% contraction in Irish GDP in 2020 and a 6% rebound in 2021, with gross
current expenditure expected to grow by 17% in 2021 but tax revenues to decline by
16% from €59.3bn in 2019 to €49.6bn in 2020.
Irish Taoiseach Leo Varadkar has However, since the publication of the Stability Programme Update, Irish Taoiseach
said a deficit close to €30bn in
2020 is now likely, up from €23bn Leo Varadkar has announced that the PUP and TWSS will be extended beyond the
forecast in Ireland’s Stability initial 12-week period. These supports are estimated to cost €4-4.5bn per quarter.
Programme Update Media also widely reported that, within the context of government formation talks,
Minister for Finance Paschal Donohoe had presented an updated forecast for a
deficit of €30bn (10% of GDP) in 2020.
Figure 15: Ireland’s General Government Deficit
% nominal GDP
6
4
2
0
-2
-4
-6
-8
-10
-12
-14
2005
2008
2011
2014
1997
1998
1999
2000
2001
2002
2003
2004
2006
2007
2009
2010
2012
2013
2015
2016
2017
2018
2019
2020
2021
Deficit
Source: Davy; Department of Finance
Exchequer returns for April showed tax revenues of €2.8bn, down 8% on the year,
and €15.6bn in the first four months of 2020, down 0.6%. While clearly showing a
We expect the deficit to equal marked downturn in revenues, these out-turns were actually slightly better than the
€29bn (9% of GDP) in 2020, falling Department of Finance’s revised forecast for €15.5bn of tax revenues in the first four
to €18bn (5% of GDP) in 2021
months. Gross expenditure was €4.2bn in April, up 21% on the year. Our forecast is
for a deficit of €29bn in 2020, or 9.2% of GDP, falling to €18bn, or 5.3% of GDP, in
2021. This means that Ireland’s gross debt/GDP ratio will rise to 70% in 2020 and fall
marginally to 69% in 2021.
Figure 16: Davy forecasts for the public finances
2019 2020 2021
Deficit 1.3 -29.0 -18.0
% GDP 0.4% -9.2% -5.3%
Gross debt 204.0 222.5 236.5
% GDP 58.8% 70.4% 69.2%
% GNI 99.2% 122.9% 119.7%
Source: Central Statistics Office
11 Davy Research: Irish economyMay 27 2020 06:30 IST/BST
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ECONOMIC RESEARCH Kieran Canny kieran.canny@davy.ie +35316724232
Chief Economist
Conall Mac Coille conall.maccoille@davy.ie +35316148770 Patrick Dempsey patrick.dempsey@davy.ie +35316724124
Cian Fanning cian.fanning@davy.ie +35316724249
Siobhan Gaunt siobhan.gaunt@davy.ie +442074488870
EQUITY RESEARCH John Hickey john.hickey@davy.ie +35316148959
Financials Ronan Hurley ronan.hurley@davy.ie +35316724239
Stephen Lyons stephen.lyons@davy.ie +35316148983 Niall Kearns niall.kearns@davy.ie +35316149924
Diarmaid Sheridan diarmaid.sheridan@davy.ie +35316149008 Mannie Larchet mannie.larchet@davy.ie +35316724215
Colin Grant colin.grant@davy.ie +35316148909 Adam O’Maoldomhnaigh adam.omaoldomhnaigh@davy.ie +35316724248
Industrials
EQUITY TRADING
Robert Gardiner robert.gardiner@davy.ie +35316149004
Head of Equity Trading +35316792816
Barry Dixon barry.dixon@davy.ie +35316148922
Andrew Arnott andrew.arnott@davy.ie +35316724231
Florence O’Donoghue florence.odonoghue@davy.ie +35316148741
Colin Sheridan colin.sheridan@davy.ie +35316149936
Stephen Church stephen.church@davy.ie +35316724238
Job Langbroek job.langbroek@davy.ie +35316148914
Fran O’Connor fran.oconnor@davy.ie +35316148961
Transport and logistics
Ivan Cummins ivan.cummins@davy.ie +35316724247
Stephen Furlong stephen.furlong@davy.ie +35316148924 Cathal Kielty cathal.kielty@davy.ie +35316724235
Ross Harvey ross.harvey@davy.ie +35316149145 Edward O’Flynn edward.oflynn@davy.ie +35316792816
Allan Smylie allan.smylie@davy.ie +35316148701
Andrew Young andrew.young@davy.ie +35316148764 EQUITY SALES TRADING
Food Turlough Carolan turlough.carolan@davy.ie +35316724236
Cathal Kenny cathal.kenny@davy.ie +35316149109 Dara Cosgrave dara.cosgrave@davy.ie +35316148969
Roland French roland.french@davy.ie +35316724280 Aidan McSweeney aidan.mcsweeney@davy.ie +35316724230
Geoff McEvoy geoff.mcevoy@davy.ie +35316724218
Katy Hutchinson katy.hutchinson@davy.ie +35316148819
Lionel McCarthy lionel.mccarthy@davy.ie +35316149065
Leisure
Michael Mitchell michael.mitchell@davy.ie +35316724226
FIXED INCOME
Jack O’Halloran jack.ohalloran@davy.ie +35316149942
Head of Fixed Income
RESEARCH OPERATIONS Barry Nangle barry.nangle@davy.ie +35316148982
Research Operations Manager Fixed Income Sales
Jim O’Neill jim.oneill@davy.ie +35316148919 Paul Benson paul.benson@davy.ie +35316148840
Anthony Childs anthony.childs@davy.ie +35316148993
Fiona Howard fiona.howard@davy.ie +35316148986
Jenny Campbell jenny.campbell@davy.ie +35316149153
Barry Murphy barry.murphy@davy.ie +35316148984
Laura Chambers laura.chambers@davy.ie +35316149132 Eamonn Reilly eamonn.reilly@davy.ie +35316148989
Zara Copeland zara.copeland@davy.ie +35316148826 CORPORATE BROKING
Deirdre Dunne deirdre.dunne@davy.ie +35316148766 Head of Corporate Broking
Brid Frain brid.frain@davy.ie +35316148827 Ronan Veale ronan.veale@davy.ie +35316148843
Orla O’Flynn orla.oflynn@davy.ie +35316148820
Orla Cowzer orla.cowzer@davy.ie +35316724233
Aoibhinn O’Reilly aoibhinn.oreilly@davy.ie +35316143383
Sean McKeon sean.mckeon@davy.ie +35316724246
Shane Reilly shane.reilly@davy.ie +35316143389 Oisin Morgan oisin.morgan@davy.ie +35316148712
Tom Tynan tom.tynan@davy.ie +35316148871
Corporate Access and Events
Paula Mulhern paula.mulhern@davy.ie +35316148829
Rita Murphy rita.murphy@davy.ie +35316148740
Amy O’Dwyer amy.odwyer@davy.ie +35316144997
Lynda Rogers lynda.rogers@davy.ie +35316144422
Paula Thornton paula.thornton@davy.ie +35316143373
14 Davy Research: Irish economyYou can also read
