Paul Nicholas Gogarty
Question:66 Mr. Gogarty asked the Minister for Finance his views on the recent ESRI quarterly economic survey. [2591/05]
View answerTuesday, 1 February 2005
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The ESRI published its most recent quarterly economic commentary on 21 December 2004. The ESRI is forecasting economic growth this year of 5.0% in GDP terms, and 4.6% in GNP terms. It is forecasting employment growth of 2.0% and an unemployment rate of 4.3%. These forecasts are in line with my own Department's forecasts for 2005, which were published at budget time.
On budget day, my Department forecast CPI inflation of 2.5% in 2005. I note that the ESRI forecast is somewhat lower at 2.1%. I am pleased to see, and obviously agree with the ESRI assessment, that the budget was progressive in terms of the direction of tax and social welfare measures in favour of those on lower incomes — it was a key objective of the budget.