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Update: 5 February 2015
Economic Overview We have Restored the Economy
Over 80,000 jobs have been created since the launch of the Action Plan for Jobs in 2012; and 27,700 jobs in the last 12 months.
Jobs
Unemployment rate is down to 10.5% from a peak of 15.1% in Feb 2012
All 8 regions have shown a Live Register fall over the past 12 months.
GDP rose by 4.9% in the first 9 months of 2014 and the economy is on
Growth
target to meet our Budget 2015 forecast of 4.7% GDP growth in 2014.
Domestic demand has increased in every quarter of 2014.
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 was over €22bn at the start of 2011, but by the end of 2015 Deficit
it will be reduced to less than €5bn. We did not increase income tax and have now started reducing it & USC The number of primary home mortgages in arrears has decreased by 17.5% since June 2013. This is 5 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. The gross banking cost of €64.1bn has been reduced to a net €40.6bn after sales, guarantee income and value of our bank stakes are included.
Banking Cost
FG in government only put €17.8bn into the banks and this was all into the pillar banks, not the dead banks of Anglo / INBS. 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.