Ireland: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 370

Publication date: October 2005

ISBN: 9781451818826

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Labor , Economics- Macroeconomics , Public Finance , Demography , ISCR , CR , Ireland , rate , labor market , revenue , saving rate , replacement rate , median saving ratio , growth prospect , household savings , mean error , incentive account , Macroeconomic and fiscal forecasts , Income , Unemployment , Aging , Budget planning and preparation , Europe , Australia and New Zealand , Global

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Summary

This Selected Issues paper for Ireland highlights that fiscal consolidation resulted in a tremendous reduction in public debt from nearly 100 percent of GDP in 1991 to about 30 percent in 2004. This has reflected a combination of policy decisions and economic circumstances. Excluding 2001, when the economy has been affected by the global economic slowdown, Ireland has in general consistently enjoyed favorable surprises in its public finances. Indeed, during this period, the actual fiscal outturns have exceeded budget forecasts on average by 0.3 percent of GDP a year.