Good afternoon, it is February 12th 2021 and here is your economic and market update from BlackBee.
- Ireland the only EU economy to grow last year.
- 89% of Irish Exporters see new opportunities in UK market.
Figures released in the European Commission’s Winter 2021 Economic Forecast show that Ireland was the only EU economy to grow last year. According to these figures, the Irish economy grew by 3% despite the onset of the pandemic. The average rate of contraction across the EU stood at -6.8%. Spain (-11%) and Greece (-10%) were among the worst hit countries in the EU. The next best performing countries after Ireland were Lithuania (-0.9%), Poland (-2.8%), Estonia (-2.9%) and Sweden (-2.9%). The European Commission stated that the Irish economy was particularly supported by “exports from multinational groups specialising in medical equipment, pharmaceuticals and computer services”. The figures released also showed that Irelands GDP is expected to grow by 3.4% in 2021 and 3.5% in 2022. All EU members were forecast to return to growth this year however a high degree of uncertainty remains dependent on the path the virus takes and the rollout of vaccines. (Source: Irish Times).
According to research from Enterprise Ireland, 89% of Irish Exporters see new opportunities in the UK market. Although the new EU UK trade and cooperation agreement resulted in changes to business operations in the UK, the UK remains Irelands single largest trading partner. Surveying 427 Irish exporters, 83% said they plan to grow exports to the UK while 15% said they will sustain exports. The “Evolve Strategic Planning Grant” is another initiative that launched yesterday in the form of a €5,000 grant from Enterprise Ireland designed to help companies adapt their approach to the UK market to secure and grow their sales. (Source: RTÉ).
Best & Worst Performers of Large Cap US Stocks on Thursday
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Global Market Update
(as at close of markets 11/02/2021)