While many of the leading Irish companies in the EIRL basket have an international footprint, the upward slope of the ETF
from 2012 to June 2016 (if we leave out the excessive exuberance of 2014) closely matches the growth of the Irish economy in that period. Anxiety over the BREXIT referendum flattened the top of the chart in the months leading up to the referendum, and the shock of the result caussed a severe slump in prices, which have been recovering since. The Irish economy continues to grow strongly. Official estimates for the growth of the economy over the next five years at three per cent per annum, in line with with the projected growth in population, somewhat restrained because of fears of the effect of Great Britain leaving the EU, indicate that the tentative upward slope of the share prices will continue and we will soon see a break-out from the BREXIT inspired downtrend.