Q3 2021 AIB Group plc Trading Statement Call Transcript
Good morning, ladies and gentlemen, and Colin Hunt here, CEO of AIB, and welcome to our Q3 trading update.
90% of the population of Republic of Ireland of 12 years and over are now fully vaccinated. And the Irish economy practically fully reopened, we are seeing a strong rebound in economic activity. We're now expecting GMP to grow by 8% in real terms this year, with 5% expected real growth penciled in for 2022. We're seeing a significant improvement across all the key indicators, both real and survey based, with key PMIs remaining above 60%, albeit off the highest seen during the summer.
Critically, the construction sector is now expected to deliver 21,000 completions in 2021, in line with the pre-COVID performance, notwithstanding the Q1 lockdown of this year. And we're now expecting 24,000 completions in 2022. That improved economic backdrop has been reflected in our own business performance and in the confidence of our outlook.
Our business is performing well across mortgages and business lending, and we are
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