Economic outlook contingent upon weather, budget document warns

Public Expenditure Minister Michael McGrath and Finance Minister Paschal Donohoe arriving at Government Buildings, Dublin, to unveil the Government’s Budget for 2023. Picture: Damien Storan/PA Wire

A cold snap across Europe this winter would have a significantly negative impact on Ireland's economic outlook as the country teeters on the brink of recession, the Government has warned.

In a budget document, the Department of Finance has stressed that "the key question is whether the economy is in line for a period of weaker growth or whether an outright recession is in prospect".