asked the Minister for Finance the annual target of growth projections now forecast for the remaining years up to 1970.
Ceisteanna—Questions. Oral Answers. - Economic Growth Targets.
34.
I would refer the Deputy to the reply made on my behalf by the Minister for Justice on 9th February, 1967, to Parliamentary Questions regarding the mid-term review of the Second Programme for Economic Expansion which is now in hands. As stated in the reply, it is unlikely that the review will be published before the middle of this year. Until the review is completed it will not be possible to state what revision of the growth projections may be necessary for the remaining years of the programme up to 1970.
Is it true to say, from the figures for the past two years, that our growth projections will be considerably less than originally envisaged in 1962, for the years up to 1970?
The growth for the first year, 1964, was four per cent; for 1965 it was less than that; possibly about two per cent and for 1966 it is doubtful if it was more than one per cent. Therefore, naturally, these growth rates necessitate a complete review of the whole position.
A review would suggest that our expectations, conservative as they were under the Second Programme, must be even more conservative for the years ahead?
Not necessarily.