Irish economy watch: Budget deficit 'at least 10%' this year

Ireland's budget deficit will be "at least" 10% of the modified and more accurate measure of annual output, equivalent to at least €20bn, according to Dermot O'Leary at broker Goodbody.

S&P Global Ratings said the hit to the world economy from the Covid-19 crisis will be "longer and more intense than thought". File picture.

Ireland’’s budget deficit will be "at least" 10% of the modified and more accurate measure of annual output, equivalent to at least €20bn, according to Dermot O’Leary at the broker Goodbody.

The chief economist said that he hadn’t formally set his budget deficit estimates but that "using a more appropriate gauge of activity of GNI*, the deficit will, in reality, be above 10% while debt will rise to above 100% once again" when the costs of the Covid-19 crisis are all accounted for.