Oireachtas Joint and Select Committees

Tuesday, 1 December 2015

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Forthcoming ECOFIN Council: Minister for Finance

5:15 pm

Photo of Peadar TóibínPeadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

The Minister mentioned the recovery is broadly based and there is no doubt but that the recovery has seeped into more sectors. However, it seems we still have a huge imbalance in the economy. For example, some 90% of our exports are through the FDI sector. The focus is on that imbalance when we look at some of the figures coming through. I believe the Exchequer figures to be published tomorrow will be very much ahead of expectations, yet employment figures for this year and last month are flat. While unemployment has reduced, it has reduced quite slowly in comparison to the level of Exchequer increases. This leads one to believe that most of the Exchequer increases are coming from the FDI sector, which has a huge capacity to increase exports without bringing on much extra employment. An imbalanced economy like that leads to exposure, because economic shocks in imbalanced export economies such as ours can create great damage. Is that not a concern for the Minister?

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