[xv] The shift towards a services-based technology sector means a sizeable presence of firms in Ireland such as Google, Apple, Microsoft and Facebook. Foreign investment boosts economic activity both directly and indirectly.
Risks to projected HICP inflation rates in the coming years are seen to be still broadly balanced, with upside risks in the near term mainly stemming from higher than expected oil prices and indirect tax increases. However, downside risks continue to exist owing to weaker than expected developments in economic activity. The monetary analysis indicates that the underlying pace of monetary expansion remains subdued.