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Wed 11 Nov 2009Government outlook for economy slightly more optimistic
THE GOVERNMENT’S Pre-Budget Outlook to be published tomorrow will forecast a contraction in the economy of 1.5 per cent next year and for unemployment rates to rise slightly to 13.75 per cent.
The Government also expects that if the intended €4 billion cuts in public sector costs is achieved, the overall budgetary deficit in 2010 will amount to 12 per cent of gross domestic product (GDP). Without the austerity measures being taken, it says that the deficit could rise to some 14.5 per cent of GDP.
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