Vol. 316 No. 2
asked the Minister for Finance if any revised estimate of the growth rate of the Irish economy to mid-1980 is currently available in the light of the revised estimate by OECD of a growth rate of 1 per cent from mid-1979 to mid-1980 for OECD member countries.
7.
asked the Minister for Finance the revised annual growth rate for the current year in view of the recent OECD report.
With the permission of the Ceann Comhairle, I propose to take Questions Nos. 6 and 7 together.
Since Irish national accounts are not complied for sub-annual periods, macroeconomic forecasts are prepared only on a calendar year basis. Consequently, there is no official projection of the growth rate of the economy to mid-1980. Deputy Desmond is incorrect in suggesting that the latest estimate by the OECD is for a growth rate of 1 per cent from mid-1979 to mid-1980. The figure should be 2 per cent.
Given the unfavourable international and domestic developments this year, the Government's target of an annual growth rate of 6½ per cent is not likely to be achieved. Growth is likely to be of the order of 4 per cent.
Would the Minister not agree that many of the working papers of mid-summer at OECD level forecast a growth rate of 1 per cent and that the Irish Government were extremely preoccupied about ensuring that that should be classified as 2 per cent?
I think the Deputy is referring to the overall average figure for OECD countries as a whole.
That is what the question refers to.
The revised figure published by the OECD was 2 per cent, not 1 per cent.
How recent was the revision?
Shortly before the publication of the last OECD report. There are, of course, revisions going on all the time, as the Deputy will be aware, particularly having regard to the continuing increase in oil prices and the effect that would have.
