The Positive Effect Casinos Have On The Economy

The Minister for Finance Paschal Donohoe has said the Brexit extension will have a positive impact on Ireland's economic forecast.

Mr Donohoe published Budget 2020 on October 8, prior to the agreed extension of Britain's withdrawal from the EU to January 31 next year.

Speaking at a Budgetary Oversight Committee this afternoon, he said the extension of the Article 50 exit means "there is likely to be some upside" to the Department of Finance's growth estimates.

Growth could improve to 3.1% next year, around 2.5 percentage points higher than expected. There could also be a budget surplus of 0.5%.

The Minister said that while the government is still hopeful that an exit deal can be reached, "the ultimate outcome is still uncertain and a disorderly Brexit is still possible".

In examining Budget 2020 following its publication last month, Mr Donohoe told the parliamentary committee meeting that the government's main priority was to deal with the impact of a disorderly Brexit.

He said that in the event of a crash out Brexit, the government will intervene  by borrowing money to protect impacted sectors and regions. The government will not borrow money for other purposes if there is a deal.

Mr Donohoe said the economy has "performed very well" so far this year, with GDP growth of 5.5% expected for 2019.

Additionally, revenue collected from corporation tax has been "growing strongly", with receipts 10.6% ahead of target in October.

The ten largest firms in the country now account for 45% of all corporation tax receipts.

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