Oireachtas Joint and Select Committees

Thursday, 15 July 2021

Committee on Budgetary Oversight

Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I will do that briefly. The Minister, Deputy McGrath, has thoroughly covered everything else. I believe the fiscal rules will be reapplied in 2023. To have the general escape clause activated all the way up to the end of next year is helpful for our planning. It is also important that we plan for the reactivation the year after that. Deputy Moynihan will be familiar with the different figures, especially the 3% deficit figure, which is enshrined in the treaties of the European Union. We believe we will be significantly below it in 2023 from the perspective of GDP. That is what I expect will happen.

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