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The Central Bank: Economic effects of Brexit will likely be ‘negative and material’ on Ireland

  • Ireland
  • General

06-02-2017

The Central Bank recently published its quarterly report which emphasised the upcoming uncertainty in respect of Brexit, particularly the vulnerability this brings to the demand and supply sectors of the Irish economy.

The report commented that the impact of Brexit on the Irish economy has mainly been felt through the volatility in the euro/sterling exchange rate and given this uncertainty, the Central Bank has revised its GDP growth forecasts for 2017, making a downward adjustment of 0.6 per cent.

The report states “Assessing the outlook for the economy is further complicated by the outcome of the Brexit referendum in the UK. The close relationship between the Irish and UK economies creates a particular exposure for the Irish economy from Brexit. Both in the short-term and in the longer-term, the economic impact of Brexit on Ireland is set to be negative and material.” Central Bank governor, Philip Lane, has said “it would be important for the Irish economy that trade post-Brexit is as frictionless as possible”. 

A copy of the Central Bank’s quarterly report can be found at: https://www.centralbank.ie/publications/Pages/QuarterlyBulletin.aspx

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