Willie O'Dea (Limerick City, Fianna Fail)
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Question 60: To ask the Minister for Public Expenditure and Reform his views on the most recent Exchequer figures; the expectation that GDP will grow by 1.8% next year; the impact it will have on the projected public expenditure budget adjustment; and if he will make a statement on the matter. [28532/11]

Brendan Howlin (Wexford, Labour)
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I presume that the Deputy is referring to the Central Bank's recent autumn quarterly bulletin, where the Bank marginally revised down its GDP growth forecast for 2012 to 1.8 per cent. This was not unexpected given the signs of slowing activity in our main trading partners in recent months and a worsening global outlook more generally. The most recent Exchequer figures covering the period to end-September were published on 4 October. Excluding the very significant impact of banking related expenditure, the Exchequer deficit in the period to end-September, is over €3 billion lower than it was in the same period last year. This shows that real progress is being made in returning our public finances to a more sustainable position. The Exchequer Primary Balance target set for end-September as part of the Joint EU/IMF Programme of Financial Support was also met, which is to be welcomed.

Both my own Department and the Department of Finance are currently in the process of assessing what implications the latest budgetary and economic data might have for 2012 and beyond. Such assessment will, along with later data, inform Government in the context of its budgetary preparations over the coming months. The two Departments are in the process of putting together the Pre-Budget Outlook which will include macroeconomic forecasts for the period 2011-2015 and the most up to date developments will be taken into account in these forecasts. It is expected that the Pre-Budget Outlook will be published before the end of this month.