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Update: 12 March 2015
Economic Overview We have Restored the Economy 90,000 jobs have been created since the launch of the Action Plan for Jobs in 2012; and 29,100 jobs in 2014. Jobs
Unemployment rate is down to 10.1% from a peak of 15.1% in Feb 2012 Employment has grown in all 8 regions since the Action Plan for Jobs.
Growth
GDP rose by 4.8% in 2014, making us the fastest growing economy in Europe.
Domestic demand grew in 2014 for the first time since 2007.
International confidence is restored. We sold a 10 year bond in October Bond Yields
for a 1.63% yield, compared to 15% yields in July 2011. Regained investment-grade status with all 3 main ratings agencies.
We are Repairing the Damage The deficit has fallen from €22bn in 2010 to a forecast €5bn in 2015. Deficit
We did not increase income tax and have now started reducing it & USC The number of primary home mortgages in arrears has decreased by 22.7% since June 2013. This is 6 consecutive quarters of decline.
Mortgage Arrears
This is after the Personal Insolvency Bill in December 2012, the launch of the Insolvency Service of Ireland in March 2013, and the Central Bank’s mortgage arrears targets for the main banks in March 2013. FG in government only put €17.8bn into the pillar banks and we will get all this back in time; we put nothing into the dead banks of Anglo / INBS.
Banking Cost
It was FF who bailed out Anglo and we will not get all this money back, although FG have reduced this cost by getting rid of the prom notes. Only 20% of our national debt is from the banks. The majority is due to the deficit created by FF, borrowing to fund Social Welfare, Health etc. Only approx €800m of our €7.5bn in interest costs is banking related.