Government's fiscal plan - main points

Minister for Finance Michael Noonan answers a question during this afternoon's press conference at Government Buildings in Dublin.

The Government today published it medium-term fiscal statement. Below are the main points:

- A financial adjustment totalling €3.8 billion is planned for 2012.

- Further measures totalling €12.4 billion are planned for the four years between 2012 and 2015

- It is intended €7.75 billion will be in expenditure cuts and €4.65 billion revenue-raising measures.

- Minister for Finance Michael Noonan says "considerable progress" made toward stabilising the public finances but warns progress has to be seen in the context of "evolving situation" in Europe.

- Noonan says "significant challenges" remain for Ireland and a large gap that still exists between Government spending and revenue must be closed.

- This year's general Government deficit is expected to be 10.3 per cent of GDP, compared to 11.5 per cent of GDP outturn for the underlying deficit in 2010.

- Government will retain a degree of front-loading in financial adjustments

- Real GDP is expected to increase by 1 per cent this year amid "relatively strong" export growth

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