Dáil Éireann Debate, Wednesday - 5 July 2017
62. Deputy Bernard J. Durkan asked the Minister for Finance the degree to which he expects the economy to grow in the context of this and subsequent years notwithstanding the potential threat of Brexit or other external factors; and if he will make a statement on the matter. [31445/17]
View answerMy Department's most recent economic forecasts were published in the 2017 Stability Programme Update. Real GDP growth of 4.3 per cent was projected for this year while growth is forecast to average 3 per cent over the period 2018 – 2021. These forecasts have been endorsed by the Irish Fiscal Advisory Council.
The information flow since the publication of the SPU broadly confirms my Department’s assessment. As a result, the forthcoming Summer Economic Statement will present an unchanged macro-economic outlook.
However, we do face considerable economic challenges, notably Brexit, the change in policy direction by the new US administration and high levels of uncertainty in the global economy. This was explicitly recognised in the Stability Programme Update, which detailed risks to the outlook and noted that these are firmly tilted to the downside.
In conclusion, I should emphasise that the best way to deal with the challenges we face, and to support continued growth, is through continued implementation of competitiveness oriented policies along with prudent management of the public finances. That is what this Government will continue to do.
