Economic Competitiveness.

Dáil Éireann Debate, Tuesday - 20 March 2007

Tuesday, 20 March 2007

Questions (88)

Róisín Shortall

Question:

155 Ms Shortall asked the Minister for Finance his views on the recent sharp declines in global stock markets; if his attention has been drawn to the fact that over €7 billion was wiped off the value of Irish held shares during the first week of March 2007; if his Department has conducted an evaluation of the implications of stock market volatility for the Irish economy; and if he will make a statement on the matter. [10234/07]

Written answers

Minister for Finance (Mr. Cowen)

Global stock market movements reflect global developments over which we have no control. While the value of the Irish stock market declined in early March, it remains above the level of this time last year. The outlook for the Irish economy has not changed since Budget Day, and I expect growth of 5.3% this year. My Department will continue to monitor all developments potentially affecting the economy.