GDP could decline by 8.3%

GDP could decline by 8.3% this year due to the impact of the Covid-19 restrictions

The Central Bank has made the estimate, but says it's highly conditional. 

It's based on strong growth in the first two months of the year, a sharp decline in the second quarter, followed by a gradual recovery in the third quarter. 

The Central Bank's Mark Kinsella says if restrictions on businesses are extended beyond June, GDP could decline by 15 per cent.