Bernard Durkan (Kildare North, Fine Gael)
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239. To ask the Minister for Finance the extent to which he remains satisfied that all previous economic and budgetary projections remain on target; and if he will make a statement on the matter. [41550/16]

Michael Noonan (Limerick City, Fine Gael)
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The most recent economic forecast, published by my Department as part of Budget 2017, projected real GDP growth of 4.2 per cent in 2016 and 3.5 per cent in 2017.

The third quarter national accounts, published by the CSO in early-December, show that GDP grew by 6.9 per cent year-on-year, bringing the average increase in the first three quarters of 2016 to 4.7 per cent.

On the basis of this data and other indicators since the Budget, the GDP forecast remains on track.

The most recent fiscal forecast, published by my Department as part of Budget 2017, projected a general government deficit of 0.9 per cent of GDP for 2016, improving to 0.4 per cent of GDP in 2017.

The end 2016 Exchequer returns were published earlier this month, showing an Exchequer deficit of just over €1 billion. This was over €0.6 billion better than forecast in Budget 2016 and over €0.4 billion better than forecast in Budget 2017.

Looking at individual parts of the Exchequer, tax revenue finished the year 1.4 per cent above the Budget 2016 forecast and showed strong year-on-year growth of 5.0 per cent. While tax revenue of €47,864 million for the year was €164 million below the Budget 2017 forecast, this shortfall was more than offset by both gross voted expenditure and elements of non-voted expenditure finishing the year below the Budget 2017 forecast levels.

However, in terms of the general government deficit targets, while there are still much data to be collected and analysed before an estimate for 2016 can be provided by the Central Statistics Office, the end-year Exchequer data would indicate that the public finances remain on course to record a deficit of 0.9 per cent of GDP for 2016.

An update to both economic and fiscal forecasts will be published by my Department, as part of the Stability and Programme Update, in April this year.