Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

It is important that none of us become complacent. We understand the likely fall-off in GDP and GDP projections is in large part due to the reduction in pharmaceutical exports since the pandemic. Obviously, we had a surge and a bonanza during the pandemic as regards that sector and it played into our receipts. That was obviously going to drop off and return to a more normal level. We have also seen volatility in the tech and ICT sectors. Foreign direct investment will continue to play a vital role in our economy both in terms of employment spillover effects and tax revenue. Sinn Féin is committed to supporting and seeing that investment continue and grow.

What is the Minister's assessment of the labour market in the time ahead given what is happening? He mentioned the reasons we are seeing some contraction and fiscal tightening, such as geopolitical issues, conflict and the level of uncertainty that is now gripping different parts of the world. Where does he see employment being next year? Obviously, the CSO figures are robust and that is to be welcomed. Employment has remained robust throughout, despite the pandemic and recent challenges. Is it the Minister's view that GDP projections are no longer a suitable anchor for assessing the labour market and that we should be looking more at modified domestic demand in that regard?

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