Ireland is still dependent on external borrowing

Ireland still dependent on external borrowing

Commenting yesterday on the release of the 2016 End of Year Exchequer Returns, Ian Talbot Chief Executive Chambers Ireland said: “Today’s Exchequer figures provide a timely reminder that in spite of a strong economic recovery, Ireland is still dependent on external borrowing to fund the running of the country.

The Irish economy performed well in 2016, with strong results recorded in all major tax heads and consistent reductions in unemployment levels. Despite this strong economic performance, and the reduced costs of servicing the national debt, Ireland recorded a General Government Deficit of over one billion euro in 2016.”

He continued: “The reality is that Ireland will continue to face challenges in funding public expenditure in the coming years. This is the context that must be considered when significant public sector pay increases are being promoted. Public Sector pay demands must be realistic when faced with domestic realities as well as unprecedented international uncertainties.”