Economic Data
Dail Éireann — 2023-11-23
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Michael McGrath (FF), Cork South-Central

I thank both Deputies for their contributions. I will start with Deputy Doherty's questions. We are in a period of lower growth and we are forecasting broadly 2% growth in the domestic economy for next year, which is in line with what the Commission has forecast. When we compare last year's outturn, both in modified domestic demand and GDP which was almost 10%, we will feel the effects of lower growth. It is primarily because of the external environment. Monetary policy is certainly having an impact. Political instability, geopolitical tensions and conflict create an air of uncertainty and instability and make investment decisions more difficult. All of that is having an impact but we are still in a position where we are forecasting growth. I take heart and comfort from the labour force numbers but there are no grounds to be complacent.
On the public finance front, November is a key month in terms of the Exchequer returns. Last year, we collected approximately €13.6 billion in November, including €5 billion in corporation tax. We will learn what the data will be in that respect over the next week or so.
Regarding Deputy Murnane O'Connor, we just had a great example of bringing the macro and translating it into the local and what that means.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2023-11-23/debate/main
Retrieved: 2026-08-14T04:52:26+00:00
Sitting date: 2023-11-23