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Department of Finance says 'No-deal Brexit would not trigger recession'

  • Ireland
  • General

04-02-2019

The Department of Finance has stated that the economy will grow at a much slower pace than anticipated but should not fall into recession in the event of a no-deal Brexit. Projections published state the sectors most likely to be affected are food and agriculture, given the importance of regulatory alignment and agricultural standards to Irish producers selling into the British market. A projection was also included that a no-deal Brexit would result in a reduction in GDP growth to 2.7 per cent in 2019, from an estimated 4.2 per cent outlined in Budget 2019. In the event of a no-deal Brexit, the Minister for Finance noted the decisions made for Budget 2019 would remain unchanged but such a scenario would have a substantial effect on the resources available for the coming budgets.

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