⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Brexit and GDP

Ireland’s GDP Growth Expected to be Higher as Brexit Gets Delayed: Finance Minister

Posted Wednesday, November 13, 2019 by
Arslan Butt • 1 min read

Looks like the Irish have found themselves a silver lining in a dark cloud. According to its finance minister, the latest decision to delay Brexit until January 31, 2020 is likely to boost Ireland’s economic growth.

Finance Minister Paschal Donohoe stated when appearing before a parliamentary committee, “The risk of the UK departing the EU without a deal has been averted for now. However, the ultimate outcome is still uncertain and a disorderly Brexit is still possible.”

In its 2020 budget presentation last month, Ireland had lowered its growth forecasts from 5.5% in 2019 to a mere 0.7% in 2020 under the assumption of a no-deal Brexit. However, the current delay has diminished the possibility of such a disruptive Brexit, which raises the likelihood of better economic growth in Ireland as well.

According to Donohoe, Irish GDP could rise by 3.1% in 2020, which would enable his government to deliver a 0.5% surplus in the budget in case Britain leaves the EU with a deal in place. While this latest figure is still lower than a previous forecast from April 2019 when GDP estimate was pegged at 3.3%, it still beats the 0.7% forecast in next year’s budget.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments