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

The figure the Deputy mentioned is not correct. For the latter half of the plan, the assumption underpinning the national development plan is 2% growth per year. We deliberately reduced our growth forecast for the second half of the ten-year plan in recognition of the fact that it was more difficult to forecast that far ahead into the future in view of the many risks, of which the Deputy is aware.

Regarding engagement with the Irish Fiscal Advisory Council, IFAC, the council assesses macroeconomic and budgetary forecasts published by the Department of Finance twice a year - in the stability programme update and the budget. While the Department of Public Expenditure and Reform was not required to consult the IFAC on the national development plan, the council stated in its fiscal assessment report of November 2017:

Public investment levels are expected to ramp up quite rapidly again, rising to levels that are among the highest in the EU under current plans ... Across all measures, this would be higher than present levels for countries such as France, the Netherlands, Germany and the UK as well as for the EU and euro area aggregates. Importantly, this is possible while still complying with the fiscal rules in later years.

It went on to state:

A commitment to stick to a specified level of public investment as a share of GNI* would be a sensible basis for fiscal policy over the medium term.  If adhered to, this approach could help to prevent forced cuts to public investment in downturns and excessive expansions in investment during booms.

We consult the Irish Fiscal Advisory Council when we are required to do so and it has offered a broad understanding of what we are seeking to do with the increase in investment levels in the economy. It is good to hear this being welcomed by the Deputy.

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