The Government has revised its forecast for economic growth for 2012.
The revised figure is 0.7%, down from 1.3% forecast last autumn.
That figure takes account full-year data indicating a weaker economy at home and abroad.
The figures are in line with recent forecasts from the Central Bank and the IMF and also uses the most recent data.
For GNP - which excludes foreign multinationals and better reflects the domestic economy - the forecasts show more contraction at -0.2%.
The Department of Finance says the estimates will not impact on its deficit target for this year of 8.6%, and first quarter exchequer returns show revenues as expected.
The stability update also shows who Ireland owes its €169 billion of debt to. Half of it is due to the bond markets, who the NTMA have not borrowed from since September 2010
€14 billion comes from state savings - that includes prize bonds and other savings from the public.
Just over €28 billion is left on the Anglo promissory note, while the EU/IMF troika is due almost €36 billion. The remaining €6 billion is for short-term borrowing and the housing finance agency.