Bernard J. Durkan
Question:110 Mr. Durkan asked the Minister for Finance the degree to which the downturn in the American economy has subsided; the likely benefit to this country; and if he will make a statement on the matter. [19319/01]
Written Answers. - US Economy.
Obviously developments in the US economy are important for Ireland since it is a significant destination for our exports and a source of direct investment. A recovery there would therefore impact positively on our economy.
The recent US economic evidence still points to weakness in the economy. Industrial production fell by 0.8% in May, the eighth straight drop of its kind. This is reflected in a deterioration in labour market conditions and a rise in the unemployment rate to 4.5%, a two year high. Measures of consumer confidence appear more positive with evidence of a more gentle slowdown while annual GDP growth recovered somewhat to 1.3% in the first quarter of 2001.
Questions Nos. 111 and 112 answered with Question No. 96.