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The Irish Economy

The Irish Economy . June 2013. Origins of the Irish Crisis. EU/IMF Programme. €85bn [€67.5bn in multilateral and bilateral loans, €17.5bn from Ireland’s own resources] 190 individual targets under programme fully achieved

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The Irish Economy

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  1. The Irish Economy June 2013

  2. Origins of the Irish Crisis

  3. EU/IMF Programme • €85bn [€67.5bn in multilateral and bilateral loans, €17.5bn from Ireland’s own resources] • 190 individual targets under programme fully achieved • Intend to exit the programme and make full return to markets in 2013

  4. Stabilising the Public FinancesWe are on course to meet our 3% deficit target by 2015 We have implemented measures to yield a budgetary adjustment of €29bn (or about 18% of GDP) since mid-2008 Budget 2013 delivered another €3.5bn of that consolidation • Deficit forecast to be reduced below 3% in 2015 Deficit of 7.6% in 2012

  5. Government Deficit Being Brought Down Steadily and On Target Department of Finance forecasts *Excludes costs of bank recapitalisations Department of Finance

  6. The economy has returned to growth Department of Finance

  7. General Government Debt Will Peak This Year and then Decrease % of GDP Department of Finance forecasts Department of Finance

  8. Exports Have Supported Growth Exports Now Above Pre-Crisis Levels €m • Multinational Sector Critical incl. Pharma, MedTech, ICT, Financial Services • Up over 5% in 2011 and 5.5% in 2012 • at current prices • Balance of Payments in Surplus for third year in a row after 10 years in deficit • Agri-food Exports Up 28% in last 3 years Department of Finance

  9. Consolidation is being implemented in the least growth damaging way possible, with the majority of the adjustment on the spending side • Budget 2013 includes just under €2 billion in spending cuts and over €1.4 billion in tax increases. • Expenditure cuts in 2013 include • - reduction of €10 a month in the rate of child benefit • -the reduction of the duration of job seekers benefit- further reform of public service conditions • Tax measures include- introduction of a property tax- increases in capital gains and capital acquisitions tax- increase in excise duty on alcohol and cigarettes- increase on motor and vehicle taxes • 12.5% Rate of Corporation Tax will remain as a key element supporting inward investment and export-led growth

  10. Restoring the Banks to Health

  11. Continuing Challenges

  12. Our Strengths Sources: World Bank, OECD, IMD Competitiveness Yearbook 2012, Eurostat, E&Y, Economist Intelligence Unit

  13. 2nd highest trade surplus in Europe In global top 20 for quality of scientific research 1st in the Eurozone for ease of doing business 2012 saw highest net job creation in Ireland from Foreign Direct Investment in a decade 1st in the world for highest average value from investment

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