Professor Alan Barrett:

To answer the question, it has produced a forecast of 1.5% for GDP growth next year. At the time of the budget this was not a crazy forecast. There is no doubt the eurozone developments now raise a question as to whether this can be achieved. All else equal, one would expect a reduction in the forecast in the stability programme update in the coming weeks. In the report we state we expect either a reduction in the forecast or an explanation with regard to developments in the eurozone, and in exchange rates which is another problem area. We have asked the Department to explain the forecast if it stays with it.