Irish Examiner View: Let's hope GDP numbers are on the money

Covid-19 not death knell for economy

Revised Department of Finance figures suggest the economy will only shrink 2.5% this year, despite the Covid-19 pandemic.

One of the most unsettling things about this pandemic, apart obviously from the tragic deaths - over 1m worldwide now - are the great, crushing known unknowns. Several industries, especially the travel and entertainment sectors are in a very difficult situation. They, their employees, suppliers, and customers can only wonder when they might return to something like business as usual.

Some months ago, and again today as a new round of restrictions looms in parts of the country, the prognosis was grim. In April, the Department of Finance made the shuddering prediction that GDP would shrink by 10.5%. Yesterday, in a revision that would have cheered Lazarus, the Department published revised figures suggesting the economy will shrink only by 2.5% this year.