Tommy Broughan (Dublin North East, Labour)
Link to this: Individually | In context

Question 148: To ask the Minister for Jobs, Enterprise and Innovation the levels of growth in the years 2008, 2009, 2010 and 2011; the expedited levels of growth for quarter 1, quarter 2, quarter 3 and quarter 4 in the years 2012, 2013, 2014 and 2015; and if he will make a statement on the matter. [35082/11]

Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context

The figures for economic growth for the years 2008 to 2010, and quarterly figures in respect of the first two quarters of 2011, are set out in Table 1 below, showing GDP and GNP at constant market prices.

Quarterly Irish economic data can be very volatile. Reflecting this, the Government's economic forecasts for future years are based on annual averages, rather than quarterly figures.

The Medium Term Fiscal Statement published by the Minister for Finance on 4 November sets out growth projections for the years 2011-2015 on this basis. These figures are provided on Table 2 below.

The figures indicate that, after three years of decline, we will achieve modest growth in 2011 and in 2012, with more significant growth being realised in 2013, 2014 and 2015.

The traded sector is leading this recovery. Safeguarding and expanding the economy's export base will be a critically important objective of our overall economic strategy. The Government will continue to develop and implement policies designed to improve the competitiveness of our internationally traded sectors and the economy as a whole and enhance Ireland's attractiveness as a place in which to set up and grow businesses.

Table 1 - Annual Percentage Change in GDP and GNP at Constant Market Prices, 2008-2011

Source: CSO

Table 2 - Projected Annual Percentage Change in GDP and GNP at Constant Market Prices, 2011-2015

Source: Department of Finance, Medium Term Fiscal Statement, November 2011