The Finance Minister says recession is a risk, as the growth of the economy begins to slow.
However Paschal Donohue says it's difficult to forecast at the moment, and will depend on the performance of the global economy in the next year.
CSO figures published last week show GDP grew by over 6 per cent in the first three months of the year down from the 10.8 per cent originally estimated.
Minister Donohue says he wouldn't rule out the risk of recession due to the fall in growth.
"If I look at where we are with our growth forecasts, and the performance in the economy at the moment, all of those would point to a significantly lower level of growth with the risks that have occurred, rather than a recession.
"However, a recession is a risk."
