asked the Minister for Finance his forecast of the inflation rate for 1985 for Ireland and for our main trading partners; and his estimate of the growth rate in the economy in 1985.
Ceisteanna—Questions. Oral Answers. - Inflation Rate.
13.
As I indicated in my budget speech, it is expected that the rate of increase in consumer prices in Ireland will fall to 6 per cent, or below, this year. The latest forecasts by the European Commission of consumer prices in the European Community indicate an increase of 4¼ per cent while the OECD Secretariat's Economic Outlook, published in December, predicts a rise of 5½ per cent for the EC. For the OECD area as a whole, the Secretariat predicts a rise of 4¾ per cent.
In regard to growth, the latest indications are that the growth rate of real GDP will exceed the projection of about 2¼ per cent contained in the plan.
Do the figures which the Minister has just indicated to the House take account of the recent meteoric rise in the value of the dollar and would any of the projections made need to be revised in that context?
The figures which I have just given the House are, as far as my own forecasts are concerned, the latest forecasts available drawn up on the basis of information available up to last week. The other matters to which the Deputy has referred will not necessarily have a direct influence on the forecast. As far the other forecasts are concerned, that is, comparison with the EC countries and other member states of the OECD, as I have said, the forecasts which I have given date back in the case of OECD to last December.