July 23, 2020 / 5:16 PM / 15 days ago

Irish PM expects budget deficit to hit 30 billion euros this year

FILE PHOTO: Ireland's Prime Minister Micheal Martin makes a statement on arrival for an EU summit in Brussels, Belgium, July 20, 2020. Francisco Seco/Pool via REUTERS

DUBLIN (Reuters) - Ireland will run a 30 billion euro deficit this year, equivalent to around 10% of gross domestic product, Prime Minister Micheál Martin said on Thursday after announcing a fresh 5.4 billion euro stimulus package.

Ireland’s finance department estimated earlier this year that the country would run a budget deficit of 23 to 30 billion euros (27.33= billion pounds) this year or 7.4% to 10% of GDP.

“This package of measures takes us to a 30 billion euro deficit by the end of the year and obviously we then would like the trajectory around that deficit to be on a downward trend in 2021,” Martin told a news conference.

Reporting by Padraic Halpin and Graham Fahy; Editing by Hugh Lawson

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