GDP expanded 0.7% q/q in Q4, exceeding both our forecast (0.5%) and the RBNZ’s projection (0.3%). Services drove the rebound, growing 0.8% q/q, while construction remained a major drag (-3.1% q/q).

There’s no sign yet of a major downturn in the Northern Ireland jobs market despite concerns among businesses about the impact of next month’s increase in National Insurance employers’ contributions.