Vol. 527 No. 2
23 Mr. McGinley asked the Minister for Finance if his attention has been drawn to a prediction in a recent OECD report that the Irish economy has now reached its peak and will slow down gradually over the next few years; his views on this prediction; and if he will make a statement on the matter. [27980/00]
The Deputy is probably referring to the OECD's Economic Outlook which was issued last week. Regarding prospects for the Irish economy, the report states that strong, broad-based economic expansion is likely to continue this year, with real GDP growing by around 11%. According to the report, the rate of economic growth should slow steadily thereafter, to 7.9% in 2001 and 7% in 2002 as labour shortages become more pronounced. This accords with the views outlined in the Economic Review and Outlook which my Department published in August.
This means, of course, that the OECD is forecasting that Ireland's economic growth in 2001 and 2002 will be more than double the pace across the euro area where growth of about 3% is expected over the next two years.
I will publish our own estimate for growth to 2003 on budget day.
