Jack Wall (Kildare South, Labour)
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Question 55: To ask the Minister for Finance when he will set out his forecast GDP growth for 2011, 2012, 2013 and 2014; and if he will make a statement on the matter. [41643/10]

Bernard Durkan (Kildare North, Fine Gael)
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Question 156: To ask the Minister for Finance if it is possible to achieve economic growth over the next three years; and if he will make a statement on the matter. [42037/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I propose to take Question Nos. 55 and 156 together.

As the Deputy will be aware, I have set out the Department of Finance's latest GDP growth forecasts in the Information Note on the Economic and Budgetary Outlook which was published on 4 November.

In relation to the short term economic outlook, growth has stabilised in 2010 following two years of sharp declines and this provides the basis for economic growth into 2011. Of particular importance has been the continued robust performance of exports which exhibited real growth of 7% in the first half of 2010.

Looking to the later years of the forecast, after a temporary slowdown in 2011, world economic growth particularly in the advanced economies with whom we predominantly trade, is expected to accelerate. Against this, domestic demand will make a weak contribution to economic growth as consumption is forecast to remain muted because of households repairing their balance sheets. Consumption is, however, expected to recover when economic growth is seen to have taken hold, with some reductions in the savings ratio assumed over the forecast.

In order to ensure that we capitalise on the rebound of global growth it is imperative that we continue to regain competitiveness. To this end, the Four-Year Plan to be published later this month, will outline a programme of structural reforms which will help to further restore competitiveness and support sustainable economic growth.

The Real GDP growth projections which are based on a correction in the Budget of €15bn over the next four years are as follows: for next year my Department has forecast GDP growth of 13⁄4%, 31⁄4% for 2012, 3% for 2013 and 23⁄4% for 2014.