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