Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Those results from the CSO are welcome in relation to some of the other measurements we have seen in recent times, in particular, the Commission's forecasting, which I am addressing in this question. We all know the growth rate in the domestic economy, which was always going to ease from its post-pandemic surge, is expected to slow further as we have capacity constraints that have become a wee bit more binding than people would have expected. We have also seen a 1.8% decline in GDP in the most recent quarter, with the European Commission now projecting a 0.9% fall in GDP for this year. As the Minister stated, the best measurement of the performance of the domestic economy is modified domestic demand. This has increased and is projected to rise by 2.2% this year and next. Despite this, we need to closely consider the forecast of the Commission. We know that the dominant reason for the fall in GDP is the reduction in export growth from the multinational sector. This is somewhat to be expected given the post-pandemic surge, particularly in the multinational and pharma sectors. Will the Minister outline an assessment of the revised GDP forecast and the impact that may have on corporation tax receipts next year and in the time ahead? Are there any needs or concerns within the Department at this stage regarding the forecasts that underpin budget projections for next year?

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