Oireachtas Joint and Select Committees

Wednesday, 6 December 2017

Committee on Budgetary Oversight

Fiscal Assessment Report: Irish Fiscal Advisory Council

2:00 pm

Mr. Seamus Coffey:

We would prefer if the Department stuck to the previous approach where its forecasting period was extended by one year relative to what is in the budget. The budget document stops at 2021. If it had adhered to the previous approach, it would have gone as far as 2022. When it comes to specific measures such as fiscal space per sethe actual number itself, just like the growth forecast, is not extremely important. However, we would like to see an approach taken that reaches that number. We would like the one-year extension for growth forecasts to be applied again. We would like the components of economic growth, the fiscal forecast and the Government balance extended by an extra year, as was the case with the previous stability programme updates and budgets. We would like the additional year to be applied not only to estimates of fiscal space but to all measures in the budget documents.

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