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11/11/2009
Government 'Optimistic' Over Economic Outlook
Figures released by the Department of Finance today suggest the government has a growing optimism for next year's economic growth forecast.
In its Pre-Budget estimates, released this morning, the Department forecasts the economy to contract by 7.5% this year and by a further 1.5% next year.
Although the figures predict a continuing decline, they are still an improvement on April's figures when Minister for Finance Brian Lenihan forecast that the economy would contract by some 8% this year.
However, despite the more positive outlook, unemployment is still expected to rise, and it is thought the level may reach around 13.75% in 2010.
Also according to the estimates, the Budget deficit will reach 12% of Gross Domestic Product, but only if the government achieves the savings of €4bn, which it intends to make in the much anticipated December budget.
Next month's budget is expected to be one of the toughest in Irish history, with sweeping changes expected to welfare payments, the minimum wage, and public sector pay.
It is as yet unclear whether the recent improvement in economic outlook will soften the government's hand in next month's economic reforms.
(DW/KMcA)
In its Pre-Budget estimates, released this morning, the Department forecasts the economy to contract by 7.5% this year and by a further 1.5% next year.
Although the figures predict a continuing decline, they are still an improvement on April's figures when Minister for Finance Brian Lenihan forecast that the economy would contract by some 8% this year.
However, despite the more positive outlook, unemployment is still expected to rise, and it is thought the level may reach around 13.75% in 2010.
Also according to the estimates, the Budget deficit will reach 12% of Gross Domestic Product, but only if the government achieves the savings of €4bn, which it intends to make in the much anticipated December budget.
Next month's budget is expected to be one of the toughest in Irish history, with sweeping changes expected to welfare payments, the minimum wage, and public sector pay.
It is as yet unclear whether the recent improvement in economic outlook will soften the government's hand in next month's economic reforms.
(DW/KMcA)
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€47.7m is being allocated to the Local and Community Development Programme (LCDP) in 2014. Community and Local Government Minister Phil Hogan has announced the funding, which is expected to enable 44,000 people to engage in one-to-one interventions to assist in returning to employment and sustain 650 jobs in Local Development Companies.
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