Dáil Éireann Debate, Thursday - 20 February 2014
66. Deputy Bernard J. Durkan asked the Minister for Finance the degree to which any increase in economic growth over the next two years might become a factor; the extent to which ongoing budgetary cuts need to be achieved to bring borrowing into line with the 3% of GDP target; and if he will make a statement on the matter. [8811/14]
View answerWhile the Government remains committed to achieving the target deficit of less than 3% of GDP by 2015, Government policy on any such measures deemed necessary will be finalised closer to Budget 2015, when the most up to date economic and fiscal information is available. Any measures announced will continue to be implemented in as fair and equitable way as possible while fostering economic growth.
The macroeconomic narrative accompanying the Budget and SPU routinely includes quantitative sensitivity analysis of the impact on economic growth above or below the baseline on fiscal variables such as deficit and debt. The most recent iteration is included in Budget 14 (Table 12, page C.25). The Department takes these likely impacts into consideration when framing fiscal policy at Budget time.
