Oireachtas Joint and Select Committees

Tuesday, 8 October 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Macroeconomic Forecasting: Discussion with Department of Finance

7:40 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

I am looking back. We are nearly at the end of the year. If Mr. McCarthy can clarify this I will finish. The best estimate from Mr. McCarthy's section of the Department and the other section was what we were going to hit 7.4% in terms of percentage of GDP deficit. Today, however, Mr. McCarthy informs us that GDP growth, based on 1.3% growth, will more than likely be zero. Based on that unless we see a massive upswing in revenue, which we have not seen because we know it is on target, it seems we will not hit the troika target of 7.5%.