• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Ireland doubles 2021 economic growth forecast, budget plans unchanged

September 30, 2021 by David Barret Leave a Comment

September 30, 2021

By Padraic Halpin

DUBLIN (Reuters) -Ireland on Thursday doubled its forecast for economic growth this year but will not increase its budget package for 2021 as it aims to get the public finances in “far safer” shape than previously expected, Finance Minister Paschal Donohoe said on Thursday.

Finance ministry chief economist John McCarthy said he would not read too much into forecast gross domestic product growth of 15.6% this year due to the ways multinationals can distort Irish GDP. He said he would instead focus on the expected 5.2% growth in modified domestic demand.

GDP jumped 21.6% year-on-year in the second quarter as Ireland emerged from one of Europe’s strictest lockdown, while modified domestic demand – which strips out some of the ways multinationals can distort the data – grew by 15% over the same period.

The finance ministry also expects unemployment to be around one percentage point lower for each of the next three years, falling to 7.2% in 2022 and 5.3% in 2024.

Inflation is expected to peak above 4% in the final quarter of the year before falling back below 2% in the third quarter of 2022, the forecasts showed.

The government decided in July to narrow its budget deficit more gradually than planned in order to increase capital spending in particular on housing and climate change.

Donohoe said he would not use the better than expected growth to further increase the amount of money available for spending hikes and tax cuts in the Oct. 12 announcement of the budget for 2022.

Public Expenditure Minister Michael McGrath also said government departments are unlikely to spend the record 90.7 billion euros allocated for 2021, raising the prospect of a markedly narrower budget deficit than the 5.1% forecast in July.

Donohoe is due to update the deficit and debt forecasts at or ahead of the budget, taking account of spending and tax figures for September that are due to be published on Monday.

(Reporting by Padraic Halpin; Editing by Edmund Blair and Hugh Lawson)

Source Link Ireland doubles 2021 economic growth forecast, budget plans unchanged

David Barret
David Barret

Related posts:

  1. Best gaming chair 2021: the best PC gaming chairs
  2. Soccer-Italy equal European unbeaten record in draw with Bulgaria
  3. JPMorgan backs emerging market stocks after poor run
  4. Clubhouse hires a head of news from NPR to build out publisher relationships

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • 5 Animals That Have Absolutely No Business Jumping (In Our Very Humble, Definitely Unbiased Opinion)
  • Polar Vortex Patterns Explain Winter Cold Snaps Against Background Warming Trend
  • Scientists Tracked An Olm For 2,569 Days And It Did Not Move An Inch
  • Look Out For “Fireballs”: The Best Meteor Shower Of 2025 Is About To Commence, According To NASA
  • Why Do Many Large Language Models Give The Same Answer To This “Random” Number Query?
  • Adidas Jabulani: The World Cup Football So Bad NASA Decided To Study It
  • Beluga Whales Shake Their Blob-Like Melons To Say Hello And Even Woo A Mate, But How?
  • Gravitational Wave Detected From Largest Black Hole Merger Yet: “It Presents A Real Challenge To Our Understanding Of Black Hole Formation”
  • At Over 100 Years Of Age, The World’s Oldest Elephant Passes Away In India
  • Ancient Human DNA Reveals Earliest Zoonotic Diseases Appeared 6,500 Years Ago
  • Boys Are Better At Math? That Could Be Because School Favors Them Over Girls
  • Looptail G: Most People Can’t Recognize A Letter You Have Seen Millions Of Times
  • 24-Million-Year-Old Protein Fragments Are Oldest Ever Recovered, A Robot Listened To Spoken Instructions And Performed Surgery, And Much More This Week
  • DNA From Greenland Sled Dogs – Maybe The World’s Oldest Breed – Reveals 1,000 Years Of Arctic History
  • Why Doesn’t Moonrise Shift By The Same Amount Each Night?
  • Moa De-Extinction, Fashionable Chimps, And Robot Surgery – No Human Required
  • “Human”: Powerful New Images Mark The Most Scientifically Accurate “Hyper-Real 3D Models Of Human Species Ever”
  • Did We Accidentally Leave Life On The Moon In 2019 – And Could We Revive It?
  • 1.8 Million Years Ago, Two Extinct Humans Had One Of The Gnarliest Deaths In History
  • “Powerful Image” Of One Of The World’s Rarest Tigers Exposes The Real Danger In Taman Negara
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version