Stephen Donnelly (Wicklow, Independent)
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183. To ask the Minister for Finance following the revision to the basis on which the national accounts are prepared, and the release of GDP and GNP figures by the Central Statistics Office for the first three months of 2014, if he will confirm the current best estimate budgetary adjustment required, in percentage and real terms, in 2015 to meet the agreed target as a result of GDP recalculation and revision; and if he will make a statement on the matter. [31065/14]

Michael Noonan (Limerick City, Fine Gael)
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The most recent fiscal forecasts were contained in the Stability Programme Update published in April.  The forecast for 2015 is predicated on a consolidation package of €2.0bn which has been well flagged over recent years and represents no change in stated Government policy.  This is estimated to deliver a general government deficit of 2.9% of GDP.

However, as the Deputy notes, this forecast doesn't take into account the recently revised estimates of GDP by the Central Statistics Office. This will be taken into account along with the most up-to-date macroeconomic and fiscal data when deciding on the adjustment package necessary closer to Budget time.

Furthermore, it is the standard practice for the Minister for Finance to review all taxation policy in the run up to the annual Budget. During this review, proposed budget measures and any potential secondary impacts on the economy will be examined. The combination of this review of taxation policy and the latest fiscal and macroeconomic data will provide the framework for budgetary decisions with the objective of implementing measures that encourage economic growth while correcting the excessive deficit.

I am not prepared to be drawn into speculation on budgetary matters at this time, whether related to the size of the budgetary adjustment required or individual measures that may make up part of the budgetary package.