Catherine Noone (Fine Gael) | Oireachtas source

I support Senator Hildegarde Naughton in highlighting the recent positive unemployment figures. Additionally, the ESRI has claimed that the economy will grow by 5% both this year and next. It has called for a neutral budget. These are phenomenal growth figures and Ireland is bucking the trend internationally and among our European neighbours. This makes it all the more significant. As a result of this strong growth, the ESRI has stated the budget deficit will fall to just over 2% next year with a neutral budget. A fiscally neutral budget is described by the ESRI as the optimum policy on next week’s budget. In its latest economic commentary the institute states that as growth picked up by much more than expected earlier in the year, a large budget adjustment is no longer needed to meet deficit targets. It has forecast GNP, gross national product, and GDP, gross domestic product, growth of around 5% this year and next and stated the level of unemployment could fall to just over 9.5% next year. It is a very difficult environment in which to get any attention for positive news and statistics, with the media’s constant obsession with more trivial and negative issues, but it is important to highlight such economic news.