Mr. Sebastian Barnes:

No; we have not done that explicitly. I think some of that will be captured by the cyclical recovery. If one looks at the projections from the Department of Finance, the area where investment picks up is partly because of construction investment.

A deeper point, which relates to something that is said in the report, is that it would be helpful to have a much more developed analysis of potential output and what we think the trend is for the economy. At present, there is not a significant amount of formalised thinking about that. The point the Deputy makes is that the construction industry will not be at the level it was before but it will not be at the level it is now in the future. We must think that through in terms of the structural factors that will drive that growth in terms of population, the need for housing and demographic factors. That is the kind of thing that should be built on in the future so that we can try to have a clearer idea of where the economy is heading by thinking more carefully about how it will work.