Pearse Doherty (Donegal South West, Sinn Fein)
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Question 64: To ask the Minister for Finance the changes to table 2.1 from the mid term fiscal review November 2011 as a result of the downgrading by him of our growth rates as stated on budget day 2011; and if he will make a statement on the matter. [40475/11]

Michael Noonan (Limerick City, Fine Gael)
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Table 2.1 of the Medium-Term Fiscal Statement (MTFS) set out the overall levels of consolidation that it is estimated are required to adhere to the General Government deficit targets for each of the years 2012-2015 as set by the ECOFIN Council in December 2010. While the real GDP growth forecast for 2012 was marginally revised downwards in Budget 2012 relative to the MTFS, to 1.3 per cent from 1.6 per cent, the GDP deflator was revised up (on foot of the increase in VAT and a minor improvement in the terms-of-trade). As a result, the nominal level of GDP in 2012 is broadly unchanged. The real GDP growth forecasts for each of the years 2013-2015 in Budget 2012 are unchanged from the MTFS.

The levels of consolidation for each of the years 2012-2015 as outlined in the MTFS are still viewed as being sufficient to adhere to the General Government deficit targets for those years as set by the ECOFIN Council in December 2010. Given the difficulties in forecasting in the current uncertain environment, these estimates will continue to be assessed over the coming months and years in light of more up-to-date information that becomes available.