Fiscal Data

Dáil Éireann Debate, Tuesday - 17 April 2018

Tuesday, 17 April 2018

Questions (213)

Barry Cowen

Question:

213. Deputy Barry Cowen asked the Minister for Finance further to Parliamentary Question No. 74 of 30 November 2017 and Table 4 in the summer economic statement in 2017, if the planned investment in the rainy day fund needs to be deducted from the net fiscal space figures of €3.2 billion in 2019, €3.5 billion in 2020 and €3.6 billion in 2021; if the remaining net fiscal space after the rainy day fund contributions have been deducted is €2.7 billion in 2019, €3 billion in 2020 and €3.1 billion in 2021; and if he will make a statement on the matter. [16619/18]

Written answers

Minister for Finance

The estimates of fiscal space at the time, as shown in Table 4 of the Summer Economic Statement 2017, include annual contributions of €0.5 billion to the rainy day fund for 2019 - 2021.  These are in row d.

These estimates of fiscal space will be updated in the Summer Economic Statement 2018, following the publication of the European Commission's Spring forecasts, when we will have all the relevant metrics to be used in the calculation for 2019. 

Finally, I would stress the importance of the fiscal stance rather than the fiscal space. The Government will formulate budget policy based on what is right for the economy, and will not adopt pro-cyclical policies that jeopardise the sustainability of our public finances and our future living standards.