Finance Minister Paschal Donohoe has said the budget deficit this year will now be €23 billion, up approximately €1.25 billion on the figure outlined in last week's Budget.
Speaking at a press conference this afternoon, the Minister said this will still be within the guide range published earlier this year.
The increase reflects the anticipated €2 billion spend over the next six weeks on several income and business support schemes as Level 5 restrictions come into play.
This will mean that GDP is expected to decline this year by 3.5%, a further 1% decline on the forecast released at Budget time.