Bernard Durkan (Kildare North, Fine Gael)
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181. To ask the Minister for Enterprise, Trade and Employment the extent to which he continues to monitor each trade and industry to identify how they are impacted by Covid-19 and Brexit; if he remains satisfied that adequate steps can be taken to address such issues in the short and medium-term; and if he will make a statement on the matter. [44174/21]

Leo Varadkar (Dublin West, Fine Gael)
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The officials in my Department continuously monitor Ireland's latest economic data to assess the state of the Irish economy in conjunction with other relevant information such as PUP and EWSS numbers, which includes the impact that COVID-19 and Brexit have had, and continue to have, on the Irish economy.

The Government has taken steps to ensure Irish businesses are supported while dealing with the changes being imposed due to both Brexit and the pandemic. These steps have included measures that dealt with immediate issues facing businesses such as large falls in turnover and also medium term issues such as how to manage the new custom situation that exists between trade between Ireland and Great Britain. 

In response to COVID-19 and the impact it has had on different businesses and sectors, the Government has intervened at unparalleled levels throughout all stages to help and support our people and businesses, as well as to limit the permanent effects of the pandemic. 

Across 2020 and 2021, €38 billion has been provided for COVID-19 related supports. This includes last year's €7.4 billion July Jobs Stimulus, and an additional €12 billion in Budget 2021. These have been vital in sustaining workers and businesses through the pandemic.

These supports include loans, grants and voucher schemes including:

- The COVID-19 Credit Guarantee Scheme that facilitates up to €2 billion in lending to eligible businesses.

- COVID-19 Business Loans made available through Microfinance Ireland that can range from €5,000 to €25,000.

- COVID-19 Working Capital Scheme that supports loans from €25,000 up to €1.5 million.

- The COVID Restrictions Support Scheme (CRSS) that offers support to businesses forced to close or trade at significantly reduced levels of restrictions imposed on them in response to COVID-19.

Now, with the continued re-opening of the Irish economy, we are entering a new phase of supports and policies as set out in the Economic Recovery Plan.

In this new phase, Government supports will: invest in businesses and workers; help people get back into work, training or education; provide enhanced and more targeted support for sectors that may lag behind; and, invest in infrastructure and reforms that enhance our capability and long-term capacity for growth.

It has been a similar situation for the impact the decision of the United Kingdom to leave the European Union has had on Irish businesses.

The Government has provided a range of measures to help businesses prepare and manage Brexit. This has included the Brexit Loan scheme, Microfinance Ireland Brexit Business Loan and a range of schemes being offered via Enterprise Ireland and Local Enterprise Offices.

In addition the Government has put in place a range of scheme to upskill staff in businesses to manage the challenges of Brexit which includes dealing with new custom procedures on trade between Ireland and Great Britain.  

Bernard Durkan (Kildare North, Fine Gael)
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182. To ask the Minister for Enterprise, Trade and Employment the extent to which investment in employment-creating sectors continues notwithstanding the impact of Covid-19 and Brexit; if he is satisfied that industry can look to the future with optimism; and if he will make a statement on the matter. [44175/21]

Leo Varadkar (Dublin West, Fine Gael)
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In 2020 the domestic economy, as measured by Modified Domestic Demand (MDD) which includes investment, fell by 4.9%, while in GDP terms the economy grew by 5.9%. The strong growth recorded in GDP terms was due to the impact of the multinational sector, with both pharma and ICT performing well.

As more of the economy has re-opened in recent months the domestic economy has now started to grow again.  The latest available data shows that MDD grew by 8.4% in Q2 2021, which was helped by an increase in investment. This was the second highest quarterly growth rate on record, second only to the third quarter of last year, when the economy bounced-back after the first lockdown. As a result, MDD has now surpassed its pre-pandemic level. 

This growth was broad based, with almost every sector in the domestic economy recording strong growth, with the information and communication sector (6.2%) and the construction sector (22.9%) recording particularly strong growth.

Looking forward, the Department of Finance have forecast that MDD will continue to record robust growth into 2022, and expect it to increase by 7.4 percent next year.

The Economic Recovery Plan sets out through its four pillars how the Government will navigate the immediate recovery, and also the fundamental and accelerating challenges and opportunities the country faces. The plan will help build resilient, productive and profitable businesses that will attractive investment and create employment. 

The steps taken by the Government in recent months and the measures outlined in the Economic Recovery Plan means we can be optimistic about building a more inclusive society and a more resilient, sustainable economy.