Michael Noonan (Limerick City, Fine Gael)

Based on the domestic and international economic and financial data that was available last October, the Department of Finance prepared macroeconomic and fiscal forecasts which subsequently formed the basis of the budget forecasts published in early December. These forecasts, which at the time identified risks, positive and negative, remain the latest official forecasts.

These estimates are set out in the following table. A forecast for 2015 was not published at that time and is currently being developed.

As part of the new European semester, Ireland, along with all the other EU member states, is required to submit a revised stability programme update, SPU, to the EU Commission in April. The SPU will contain updated macroeconomic forecasts which will take on board the latest available data, domestic and international, and will also set out the Department's latest risk assessments.

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