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Updated, 14:16
THE GOVERNMENT is set to publish revised estimates for economic growth next Monday – and disclose whether it may need a mini-Budget later in the year in order to meet its deficit targets.
The Department of Finance will publish the latest edition of the Stability Programme Update next week, in which it will reappraise its earlier projections for how much the Irish economy might grow by this year.
The 2012 Budget announced four months ago was based on projections that the economy would grow by 1.3 per cent this year – a figure which has since been undercut by estimates from the European Commission and IMF, who expect growth of 0.5 per cent.
The OECD, meanwhile, has anticipated growth of 1.0 per cent, while the ESRI believes the economy will grow by 0.9 per cent.
The possibility of further Budget measures was somewhat alleviated by figures this week from Eurostat, which noted that Ireland’s budget deficit for 2011 if the costs of the banking bailout were removed – was 9.4 per cent of GDP, well ahead of the 10.6 per cent target set by the bailout.
This gives the government some wriggle room, and could allow the government to absorb any shortfall in this year’s Budget estimates.
In response to a parliamentary question tabled last week by Gerry Adams, Noonan said he remained “confident that we will meet our budgetary targets for the year”.
“The end-March Returns show that taxes have made a good start to the year, performing better than expected in the first quarter and close to 4.5 per cent ahead of profile on an underlying basis,” Noonan said.
“While voted expenditure showed some pressures, I am confident that it will be actively managed within agreed limits”.
A report published at the beginning of the month by the national budgetary think-tank, the Irish Fiscal Advisory Council, raised the possibility of a shortfall of up to €400 million in this year’s Budget forecasts because of a slower economic recovery, which would mean fewer taxes.
The IFAC added that because higher expectations for growth lead to an overstatement in tax incomes, Ireland should introduce an extra €2.8 billion in budget adjustments over the next three years, in order to make sure it reaches its deficit target of 3 per cent of GDP by the 2015 deadline.
Last year’s Stability Programme Update reduced the expectation for growth in 2011 from 1.7 per cent, as outlined in the Budget of December 2010, to 0.75 per cent. CSO figures showed that growth ultimately reached 0.7 per cent for the year.
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RIP little one. How heartbreaking. The poor little mite. Thoughts go out to his poor parents & that they find the strength to cope some how.
Such a sad story, if the HSE had concerns in the past why did they not act sooner? Such a waste of a life and the HSE have a lot to answer for
Without knowing the specifics of this case, it sounds like the boy may have died in his sleep, (IE: cardiac issues). Can we please hold the HSE bashing until after p/m results are released?
RIP Little Man, RIP.
Ya Tom. Serious assertions there based on what exactly?
Blaming James o Reilly is pathetic. Using this tragedy as a little political football is disgusting. The family, regardless of circumstance deserve more.
Only going on hearsay but it looks like there may be mental health problems involved and if so then I’m not surprised that the HSE’s systems have failed, we’ve seen it happen time and again. Such a tragedy.
Hearsay is a dangerous thing Fon. Imagine it were untrue? Heaping more pain on this family at a time of immense tragedy. Necessary???
Comments based on press release from the HSE stating they are familiar with the family as they have been monitoring them ….. Obviously not week enough I think
It’s a standard procedure in the case of infant death outside of a hospital setting.
of course it’s ultimately his job,he takes the huge salary and benefits to run the health service,if theres failings collectively or individually within the hse it ultimately falls in his lap in my opinion,he’s as bad as Harney and she was dreadful
Terrible thing to happen. Hope the family get the support they need. x
Comments based on press release from the HSE stating they are familiar with the family as they have been monitoring them ….. Obviously not week enough I think
I don’t know the specifics of this tragic incident and face it, neither does anyone else commenting on this page. Reading between the lines, yes mental health issues may well have been a factor. However, we don’t know what the HSE involvement with the family was before the death of the child and what other factors were at play.
It may well be the case that there was a failure of HSE systems or it could be the case that the standard of care was high and it was an unpreventable tragic outcome.
To suggest otherwise is unfair on all those concerned.
I think all managers should be responsible for employees in their company, otherwise why have them? If they can’t do the job, there’s plenty out there that can.
tragic,the poor little lad,if the hse are found to be at fault then James Reilly has blood on his hands
Really? Is James Reilly supposed to be personally monitoring EVERY employee in the HSE to see they do their jobs right? I’m no fan of his but you can’t seriously expect him to be held responsible for everything that goes on.
I read that he died of asphyxiation.
Front page of some newspaper this morning said the police are treating the death as suspicious. It always makes it so much more horrendous and heartbreaking. God love his little soul x
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