Publication of Draft Stability Programme Update 2017

11.04.17

Publication of Draft Stability Programme Update 2017

 

Process

  • The Government will publish its fiscal policy intentions in a Summer Economic Statement – date TBC.
  • Achievement of the medium term objective of a balanced budget in structural terms is expected to be achieved in 2018.
  • The Minister for Finance will present the draft Stability Programme Update to the Dáil Budget Oversight Committee on Thursday 13 April 2017. TDs including the Committee members are receiving copies of the draft Stability Programme Update today.
  • The macroeconomic forecasts underpinning the Stability Programme were endorsed by the Irish Fiscal Advisory Council on 4th April.
  • Submission of the SPU to both the European Commission and the European Council is scheduled to happen on Friday 28 April i.e. before the end-April legal deadline.

 

The 2017 Update

  • Growth forecast for 2017 upgraded to 4.3% and up to 3.7% for 2018
  • The economic recovery is most clearly evident in the labour market with employment growth of 2.9 per cent recorded last year, representing an additional 56,000 jobs. There are now more than 2 million people at work for the first time since 2008. Unemployment is projected to average 6.4% for 2017 and 5.8% for 2018.
  • Our debt position continues to improve, with our general government debt-to-GDP ratio a little better than projected at Budget time at 75½ and 73 per cent for 2016 and 2017 respectively.