Dan Boyle (Cork South Central, Green Party)
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Question 133: To ask the Minister for Finance if, in his analysis, oil prices will continue to rise, the way in which they have affected GDP, GNP, inflation and other indicators of economic development in the first ten months of 2005; and if he will make a statement on the matter. [26546/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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My Department does not forecast oil prices. However, the World Economic Outlook published by the IMF in September projected that oil prices would average $61.75 next year, compared to an average of $54.23 this year.

The profile of oil prices this year has been of a gradual increase during the year. A sharp spike in oil prices was recorded in August and September, although this has subsequently been reversed somewhat. Given the gradual nature of these increases, the impact on GDP, GNP and inflation would appear to have been relatively moderate so far. However, a further increase could have an impact on some of these variables in the future.