Bernard Durkan (Kildare North, Fine Gael)
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Question 96: To ask the Tánaiste and Minister for Finance the anticipated rate of economic growth in 2008 and for the next three years; and if he will make a statement on the matter. [15855/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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On Budget day, GDP was projected by my Department to rise by 3.0 per cent this year, before increasing to 3.5 per cent next year and to 4.1 per cent in 2010. The equivalent figures for GNP were for growth of 2.8 per cent this year, followed by 3.3 per cent next year and 3.9 per cent in 2010. The Budget forecasts have not been changed. At the time a number of downside risks to these forecasts were also outlined. These risks included the possibility of a sharper slowdown in the US, the possibility of adverse exchange rate movements, the possibility that financial market difficulties could persist for longer than assumed and the possibility of a sharper contraction in new house building. It now appears that some of these risks have materialised. As a result, the consensus among economic commentators for GDP growth for this year has declined from around 31⁄4 per cent last December to about 21⁄4 per cent at present.