The Department of Finance has updated its growth forecast for 2020 to take account of the extension to the Brexit timeline. GDP is projected to grow by 3.9 per cent this year, averaging 3 percent per year until 2025. From 2022 implementation of the OECD’s base Erosion and Profit Shifting (BEPS) initiative is expected to reduce corporation tax receipts by an incremental €500 million per year. The overall impact of BEPS is expected to be in the range of €800 million to €2 billion.

According to the statement from the Department of Finance, with a potential disorderly Brexit less likely the growth figures can be updated to more accurately reflect the economic position.

You can read the full statement from the Department of Finance website, the updated medium term fiscal strategy is also available.