Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

At the budget time the forecast for growth in the Irish economy was 3.5%. We are maintaining that as the forecast even though there are some signs of variations on it. In January, the Central Bank marked the forecast down to 3.3% while Davy's Stockbrokers marked it up to 5% on the basis of recent data showing that domestic demand continues to be strong. I think there would be agreement that the adverse affects of Brexit that were anticipated, if they existed at all, have worked themselves through at this stage. We mark down growth rates by 0.5%. The weakness of sterling is coming into the equation but it looks now as if our position is pretty strong. We will monitor the forecast as the year passes and we will revisit it in the context of the summer economic forecast.

Growth rates in Europe have risen. The current forecast is 1.7% to 1.8% across the Community but there are regional variations on that. All European countries across the 28 member states are showing positive growth now.