General Industry News

Irish GDP to fall by 10.5% this year due to Covid-19

RTE Business – 21.04.2020

The Minister for Finance and for Public Expenditure and Reform has said that both the Irish and global economic landscape have fundamentally changed due to the outbreak of Covid-19. Paschal Donohoe said that Irish GDP is set to fall by 10.5% this year with the labour market bearing the brunt of the economic shock of the coronavirus outbreak. He said the country will go from a state of near full employment to a peak unemployment rate of 22% in the second quarter, before averaging out at 13.9% for the year. Approximately 220,000 jobs will be lost. Mr Donohoe published the Government's Stability Programme Update 2020 (SPU) This sets out a macroeconomic and fiscal scenario for 2020 and 2021 and which now incorporates the impact of the Covid-19 pandemic.

Coronavirus: Gatherings of over 5,000 people to be banned until September

The Irish Times – 21.04.2020

Government sources said local authorities will be told not to grant licences for large events in this period due to the coronavirus crisis. It is understood the decision was taken by Ministers at a Cabinet meeting on Tuesday morning. The decision will mean major concerts and other events will have to be cancelled or rearranged. Although sporting events are not covered by licences they are also likely to be cancelled in the coming weeks. Separately Taoiseach Leo Varadkar has said he hopes to be able to announce the lifting of some restrictions on May 5th. However, he said he did not want to give false assurances and it would depend on the rate of virus, capacity in hospitals and testing and tracing. Mr Varadkar said the Government wanted to open up areas of the most benefit to the economy and society, but the least risk.