Dáil Éireann Debate, Tuesday - 21 September 2021
222. Deputy Peadar Tóibín asked the Minister for Finance the study he or his Department undertook before he concluded that Ireland’s employment levels will be back to pre-pandemic levels by 2023; and if he will make a statement on the matter. [45260/21]
View answerMy Department conducted a macroeconomic analysis of the labour market in April, as part of the Stability Programme Update (SPU) forecasting round. The labour market estimates as published in the SPU in April this year indicate that employment is estimated to return to its pre-pandemic levels during 2023.
My Department’s approach to forecasting employment growth entails the application of statistical models and other best practice analytical methods. It is important to note that the forecasts published with the SPU are subject to a statutory and independent endorsement process undertaken by the Irish Fiscal Advisory Council. The employment projections as published in SPU this year were endorsed by the Fiscal Council.
Updated projections – taking account of the most recent developments in the macro economy – will be published with Budget 2022 on October 12th following an endorsement process with the Fiscal Council.
