Oireachtas Joint and Select Committees

Tuesday, 13 December 2016

Committee on Budgetary Oversight

Fiscal Assessment Report: Irish Fiscal Advisory Council

5:00 pm

Photo of Eamon RyanEamon Ryan (Dublin Bay South, Green Party) | Oireachtas source

It is a question of emphasis. Is that correct?

Figure 1.1 of the report depicts the changes in several economic indicators. Let us consider graphs B, C and D. We have reason to be somewhat concerned. Perhaps I am naturally too cautious or conservative. One can understand the traditional industrial production figures going down because of Brexit, currency risks, agricultural food industries and so on. However, for domestic demand and personal consumption it is somewhat different. In some ways, it might not be a bad thing because one of the characteristics that got us into trouble was our domestic demand. Personal consumption went completely out of kilter with the economic reality.

How up-to-date are the council's statistics? Some of the figures are internal Irish Fiscal Advisory Council calculations.

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