Caoimhghín Ó Caoláin
Question:88 Caoimhghín Ó Caoláin asked the Minister for Finance if he has received the Spring Quarterly Bulletin of the Central Bank; and if he will make a statement on the matter. [9748/03]
Written Answers - Economic Forecasts.
I can confirm to the Deputy that I have received the Spring Quarterly Bulletin of the Central Bank and have taken note of its contents.
The Central Bank is forecasting GDP and GNP growth of 3.25% and 1.75% respectively this year. These forecasts are lower than my own Department's budget day forecasts last December of 3.5% and 2.25%, for GDP and GNP respectively this year.
On budget day my Department forecast CPI inflation of 4.8% this year. Since then interest rates have been reduced. The bank's forecast of 3.75% reflects these rate cuts. I very much welcome this improvement in the inflation outlook.
Willie Penrose
Question:89 Mr. Penrose asked the Minister for Finance the latest figures available to his Department on the level of economic growth for 2003 and the projected level for same; and if he will make a statement on the matter. [9732/03]
On budget day my Department forecast real gross domestic product growth and gross national product growth of 3.5 per cent and 2.2 per cent respectively in 2003.
As is customary my Department will review these forecasts in the "Economic Review and Outlook" which will be published in the summer.
As to actual economic growth in 2003, the Central Statistics Office will not publish its preliminary economic growth estimates for the first quarter of 2003 until July.