Oireachtas Joint and Select Committees

Wednesday, 4 May 2022

Committee on Budgetary Oversight

Stability Programme Update 2022: Minister for Finance

Photo of Mairead FarrellMairead Farrell (Galway West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

Of course, that is the difficulty at present. This time last year we could not have predicted that we would be in this scenario. Indeed, we had other issues that we could not predict at that point that we were living through.

In relation to the upward revision of GDP forecast, I note that it is largely driven by exports and at the same time there is concern in relation to consumer spending falling. The SMEs were badly hit with Covid-19, particularly those that had to remain closed as a result of the pandemic restrictions. It seems that drop in the forecast of consumer spending could hit SMEs. How will that impact SMEs and what are the Minister's view in that regard?