The timing and nature of Brexit remains uncertain. However, it is clear that all forms of Brexit will have a negative impact on the Irish economy, the labour market and the public finances. If the UK leave the EU with no deal, the economic impact will be larger.
The UK is one of Ireland’s most important trading partners. Due to the close economic and trading relationship between Ireland and the UK, Ireland could be impacted more than any other EU country.
Ireland is facing the challenge of Brexit in a strong economic position, with the highest economic growth in Europe and record employment levels. Exports, job creation and inflation are all positive. This strong performance will provide a stable platform for the external challenges that lie ahead.
Since the UK referendum result in 2016, the Government, working with a range of industry stakeholders, has been taking steps to build up the resilience of the economy so that we can deal with negative economic developments. This includes building up our Fiscal Buffers – by balancing our books and reducing our debt burden - and establishing the Rainy Day Fund.
The Government will continue to work to strengthen the resilience of the economy, to maximise opportunities and to prepare our economy for the challenges of Brexit, including through the Ireland Connected Trade and Investment Strategy and the 10 Year National Development Plan.
Since the vote on Brexit was first announced, Government has undertaken detailed research and analysis on the likely impact of Brexit on specific sectors and on the Irish economy and society. This material is updated and new research is published on a regular basis.
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