Central Bank of Ireland Upgrades Modified Domestic Demand as ISEQ Tech and Financials Climb
Quarterly Economic Bulletin forecasts 2.6% growth in underlying Irish domestic activity, driven by real wage gains, corporate tax receipts, and multinational investment.
By Claire Montgomery, CFP® • Reviewed by Spencer Tate, Series 7, Series 66, CRPC® • Updated November 4, 2026
Primary Source: Central Bank of Ireland
The Central Bank of Ireland upgraded its economic projection for Modified Domestic Demand—the preferred gauge of underlying Irish economic health that strips out multinational aircraft leasing and intellectual property distortions.
Macro Fundamentals & Euronext Dublin
- Underlying Activity Acceleration: Modified domestic demand is projected to expand by 2.6% in 2026, supported by robust private consumer spending and full employment.
- Fiscal Reserves: Sovereign wealth funds, including the Future Ireland Fund, continued accumulating surplus corporation tax receipts from multinational technology and pharmaceutical campuses.
- ISEQ All-Share Performance: The Dublin market rose 0.9%, lifted by building materials giant CRH, Ryanair, and commercial lenders AIB and Bank of Ireland.
Central Bank Governor Gabriel Makhlouf underscored that prudent fiscal stewardship and targeted infrastructure capital allocations are key to maintaining competitiveness amid external trade shifts.
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