knowledge | 3 October 2018

The 4 Big B’s of Budget 2019

On Tuesday 9th of October 2018, Minister for Finance Mr. Paschal Donohoe TD will deliver his second Budget. Ten years on from the economic crash of 2008 the Irish economy has rebounded and for the fourth year running we have the fastest growing economy in the EU.

 As recently as last week, the Economic and Social Research Institute (ESRI) forecast growth of 8.9% for 2018, followed by growth of 4.5% for 2019. The ESRI revised their earlier predicted growth forecast due to two main factors. First, domestic consumption and consumer spending has increased at a faster pace than previously expected. And second, a decline in imports of research and technology based services amongst multinational firms has led to considerable volatility and an improvement in the trade balance. 

However, the ESRI has warned that these amended forecasts are based on the assumption that a European Economic Agreement will exist between the EU and the UK after March 2019. In this article we focus on the 4 core pillars which we believe the Minister will focus on when framing the terms of the Budget.

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This document has been prepared by McCann FitzGerald LLP for general guidance only and should not be regarded as a substitute for professional advice. Such advice should always be taken before acting on any of the matters discussed.

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