Written answers

Thursday, 25 September 2008

5:00 pm

Photo of Leo VaradkarLeo Varadkar (Dublin West, Fine Gael)
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Question 76: To ask the Minister for Finance his Department's estimates for the standard unemployment rate and live register in each of 2009 and 2010; and if he will make a statement on the matter. [30972/08]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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In view of the changing global economic environment and the slowing domestic construction sector, the prospects for employment have weakened during 2008. Based on the latest information available at the end of June, my Department published a mid-year technical economic update. At that stage, unemployment was forecast to average 5.8% for the year as a whole. Since then, later data has been published and the standardised unemployment rate for August was 6.1%. My Department is updating its economic and fiscal forecasts for the upcoming budget on October 14. Labour market forecasts, including forecasts of those unemployed for 2009 and 2010 will be reviewed in this context. My Department will publish its three-year macroeconomic prospects at that stage.

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