Dáil Éireann - Volume 641 - 20 November, 2007

Written Answers. - Economic Growth.

Deputy Jan O’Sullivan asked the Tánaiste and Minister for Finance his Department’s forecast for the expected level of economic growth for the full year of 2007; the way this compares with the forecast he gave in his budget 2007 speech; and if he will make a statement on the matter. [29578/07]

  Deputy Brian Cowen:On Budget Day 2007 my Department forecast economic growth of 5.3% for 2007, in both GDP and GNP terms. The Pre-Budget Outlook published last month, which contains forecasts updated to take into account developments up to end September 2007, projected growth rates of 4 % in GDP terms and 4 % in GNP terms for 2007. The revision to growth is as a result of weaker domestic demand, mainly due to developments in the new housing market, where completions are now likely to be lower than initially assumed. As is the norm an updated economic view will be given when I present my Budget to the House on 5th December next.