The Department of Finance has significantly revised upwards its outlook for the economy this year. In a statement published this afternoon, the Department has forecast that the economy - as measured by GDP - will shrink by 2.5% this year.
But that compares to a forecast by the Department in April which projected that GDP would shrink by 10.5%. Modified Domestic Demand, which strips out the impact of multinationals on the economy, is forecast to shrink by 6.5% in 2020.
This compares to the forecast reduction in MDD in April of 15.1%. However, the prospect of a no-trade deal Brexit has led to a forecast in GDP growth next year of 1.4%.