Bernard Durkan (Kildare North, Fine Gael)
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Question 256: To ask the Minister for Finance the extent to which this country remains competitive in the context of the EU and globally; and if he will make a statement on the matter. [19541/12]

Michael Noonan (Limerick City, Fine Gael)
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Substantial progress has been made in terms of improving our competitiveness. Relatively lower price inflation over the last number of years means that Irish price levels have fallen relative to our major trading partners. At the same time there has been a significant improvement in our cost competitiveness. On foot of these positive developments, we have seen a recovery in our exports as well as an improvement in inward foreign direct investment, and I am encouraged by this. Having said that, further improvements in competitiveness are clearly needed in order to make significant inroads into the unacceptably high rate of unemployment that we are currently faced with.