Budget deficit could hit €30bn this year

The Department of Finance has warned that a rapid recovery to pre-pandemic activity levels is highly unlikey

21st April, 2020
Budget deficit could hit €30bn this year
Paschal Donohoe, Minister for Finance, published the latest stability programme update, warning that GDP could fall by 10.5 per cent. Picture: Rollingnews.ie

The public finances could swing into a €30 billion deficit this year as the government grapples with the coronavirus pandemic.

In its latest projections, the Department of Finance warned that the economic recovery may be gradual, depending on how long the lockdown measures to prevent the spread of Covid-19 remain in place.

The department forecasts that the economy, measured by gross domestic product (GDP), will shrink by 10.5 per cent this year before recovering in...

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