Tommy Broughan (Dublin North East, Labour)
Link to this: Individually | In context

Question 95: To ask the Minister for Finance the levels of growth in the years 2008, 2009, 2010 and 2011; the expected levels of growth in quarter 1, quarter 2, quarter 3 and quarter 4 in 2012; the levels of growth at the end of 2013, end of 2014 and at the end of 2015; and if he will make a statement on the matter. [35083/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

As regards the Deputy's request for projections for each quarter in 2012 and at end-2013, 2014 and 2015, quarterly Irish economic data can be very volatile and are subject to non-negligible revisions. This was evident once again in the latest Quarterly National Accounts release, which revealed that, on a seasonally adjusted basis, real GDP grew by 1.6 per cent quarter on quarter in Q2 2011 following positive growth of 1.9 per cent in Q1 2011. The previous estimate for the first quarter of 2011 was 1.3 per cent growth. Given this volatility, my Department's growth forecasts are based on annual rather than quarterly figures. This is in line with the approach of others, including the Central Bank and ESRI. The table below sets out the information the Deputy requests, showing real annual GDP growth in each of the years 2008 to 2010. My Department's projections for each of the years 2011 to 2015, as published in the Medium-Term Fiscal Statement, are set out in the following table. Percentage Change in GDP 2008-2010:

Projected Percentage Change in GDP 2011-2015: