Dáil Éireann debate -
Thursday, 1 May 1997

Vol. 478 No. 6

Written Answers. - Economic Projections.

Rory O'Hanlon

Question:

19 Dr. O'Hanlon asked the Minister for Finance if he intends to update the projections for 1998-9 which were circulated at budget 1997; the developments during the past three months which are likely to be statistically significant in any such updating; and if he will make a statement on the matter. [11623/97]

Minister for Finance (Mr. Quinn)

The projections for 1998-9 which were published with the budget in January are subject to continuous review by my Department. I intend to publish updated multi-annual projections in my 1998 budget which I expect will be published on October 29.

In revising projections, it is normal to take into account all the relevant information which has come to light since the previous projection was prepared.

The economic projections on which the budget was based represented a realistic and prudent assessment of our prospects. They show continued strong growth, moderating from the exceptionally high rates of recent years. The budget projections show that fiscal discipline is being maintained with a target for the general Government of no more than 1.5 per cent of GDP for 1998 and 1999. Any revisions to the forecasts, based on developments during the last three months, would not significantly change this outlook.