asked the Minister for Finance the plans he has in hand to achieve some reduction in the balance of payments deficit.
Ceisteanna—Questions. Oral Answers. - Balance of Payments.
23.
It appears likely from the most recent indicators that the balance of payments deficit in 1975 will be less than £100 million compared with £300 million in 1974.
In its White Paper, A National Partnership, published in November, 1974, the Government set out their strategy for reducing the balance of payments deficit to manageable proportions over a period of years. This strategy continues to be pursued.
Does it take into account Government borrowings abroad?
(Dublin Central): The Minister stated that last year it was £300 million and this year the deficit will be roughly £100 million.
I said it was less than £100 million. It could be £70 million.
(Dublin Central): The Minister knows perfectly well that this does not indicate a growth in the economy. The reason for this is——
The Deputy is embarking on speeches. This is not in order at Question Time.
(Dublin Central): Would the Minister agree that the increase in the value of dairy products exports, which the Parliamentary Secretary referred to in answer to the first question, from £63 million to £100 million was part of the reason for the closing of the gap? Would he further agree that the importation of plant and machinery has been practically static since the start of the year and this has contributed substantially to the closing of the gap in the balance of payments? This indicates that the economy is in a state of complete stagnation.
Brief relevant questions please.
These are among the reasons.
(Dublin Central): They are the primary reasons.