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13/03/2014
Lack Of Growth In GDP 'Huge Concern'
The government's failure to grow Ireland's GDP has been described as " a real concern for future economic prospects".
While welcoming the news of an increase in the State's GNP, Sinn Féin Finance spokesperson Pearse Doherty said he was left with "mixed feelings".
"On the one hand, we’re back borrowing in the bond markets at sustainable rates – on the other we are carrying unsustainable debt," Deputy Doherty said.
Adding: "The growth in GNP is to be welcomed. However, the contraction in GDP is a huge concern. Government has signed us up to a number of targets, including deficit adjustment, which rely on GDP growth.
"The Government talks a good talk on growth, in the same way they talk a good talk on stimulus and using the EIB. But the facts remain – they predicted a 0.2% growth in 2013 GDP, but achieved a 0.3% contraction. They have accessed the EIB less in the last three years than it was accessed in the three years previous to that. And the legacy of their 'jobs plans' is continuing high unemployment, shredded capital spend and emigration.
"The Government is clapping itself on the back today for being able to borrow more money, but these figures indicate a worrying trend –a shrinking economy, a Government wedded to austerity and an uncertain future. Sinn Féin has advocated a path that pursues growth from the start and we will continue to present this alternative to Government, and to the people of Ireland."
(MH/IT)
While welcoming the news of an increase in the State's GNP, Sinn Féin Finance spokesperson Pearse Doherty said he was left with "mixed feelings".
"On the one hand, we’re back borrowing in the bond markets at sustainable rates – on the other we are carrying unsustainable debt," Deputy Doherty said.
Adding: "The growth in GNP is to be welcomed. However, the contraction in GDP is a huge concern. Government has signed us up to a number of targets, including deficit adjustment, which rely on GDP growth.
"The Government talks a good talk on growth, in the same way they talk a good talk on stimulus and using the EIB. But the facts remain – they predicted a 0.2% growth in 2013 GDP, but achieved a 0.3% contraction. They have accessed the EIB less in the last three years than it was accessed in the three years previous to that. And the legacy of their 'jobs plans' is continuing high unemployment, shredded capital spend and emigration.
"The Government is clapping itself on the back today for being able to borrow more money, but these figures indicate a worrying trend –a shrinking economy, a Government wedded to austerity and an uncertain future. Sinn Féin has advocated a path that pursues growth from the start and we will continue to present this alternative to Government, and to the people of Ireland."
(MH/IT)
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Ireland WeatherToday:A cloudy morning with a few showers at times. Becoming dry in the afternoon and staying mainly cloudy, but some sunshine breaking through particularly in the east. Maximum temperature 16 °C.Tonight:Quite cloudy across all counties at first but clear spells most likely towards Down and Antrim, becoming widespread through the evening and overnight. Minimum temperature 5 °C.
