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22/06/2016
Summer Economic Statement For 2016 Published
The new Summer Economic Statement for 2016, which forms the basis for political discussions on the revised budgetary process for Budget 2017, has been published by Minister for Finance Michael Noonan, and Minister for Public Expenditure and Reform Paschal Donohoe.
Speaking at the publication of Statement Minister Noonan said: "The Summer Economic Statement shows that the budgetary position is set on a safe and sustainable path and Ireland has now formally exited the Excessive Deficit Procedure. The Fiscal Space for 2017 will be just shy of €1 billion. It is projected that Ireland will have a balanced budget in 2018. A new element in providing for key services for our citizens will be the introduction of a rainy day fund from 2019 following the achievement of a balanced budget.
"This is a prudent approach which reflects the lessons learned from the past. As the Irish economy tends to be more variable than elsewhere it is appropriate to set aside a certain amount each year. This can be used to support activity and employment if necessary. This counter-cyclical planning is now becoming available to us as our economy is growing strongly even though we have been conscious of the theory and its benefits before now."
(MH/CD)
Speaking at the publication of Statement Minister Noonan said: "The Summer Economic Statement shows that the budgetary position is set on a safe and sustainable path and Ireland has now formally exited the Excessive Deficit Procedure. The Fiscal Space for 2017 will be just shy of €1 billion. It is projected that Ireland will have a balanced budget in 2018. A new element in providing for key services for our citizens will be the introduction of a rainy day fund from 2019 following the achievement of a balanced budget.
"This is a prudent approach which reflects the lessons learned from the past. As the Irish economy tends to be more variable than elsewhere it is appropriate to set aside a certain amount each year. This can be used to support activity and employment if necessary. This counter-cyclical planning is now becoming available to us as our economy is growing strongly even though we have been conscious of the theory and its benefits before now."
(MH/CD)
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