The long-term future of the economy remains somewhat uncertain according to the Central Bank.
The Irish Fiscal Council has predicted that the recovery from the impact of Covid-19 will take up to three and a half years.
However, the Central Bank has not made a similar estimation.
Deputy Governor of the Central Bank Sharon Donnery says recovery is completely dependent on the virus.
"If there were a re-emergence of the virus later in the year or next year or if there had to be some continuation of the containment measures or some reintroduction of them at some point in the future that would obviously have further negative effects on the economy."