SES Infographic Draft 7 - Budgetbudget.gov.ie/Budgets/2015/Documents/Spring... · real annual gdp...
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SPRING ECONOMIC STATEMENT www.budget.gov.ie #SES PERFORMANCE ABOVE TARGET ACROSS ALL MAJOR TAX HEADS DRIVEN BY UNDERLYING ECONOMIC ACTIVITY SEPT AUG JULY JUNE MAY APR MAR FEB JAN DEC NOV OCT Annual Growth Survey (AGS) & Alert Mechanism Report (ARM) published by Commission Finance Ministers discuss Commission’s opinion on Draft Budgetary Plans (DBP) IRELAND’S BUDGET PROCESS EUROPEAN COMMISSION MEMBER STATES EUROPEAN COUNCIL EUROPEAN SEMESTER IRELAND’S SEMESTER 95,000 JOBS SINCE THE LOW-POINT IN 2012 TAX REVENUE 9% IN 2014 SET TO EXIT THE EXCESSIVE DEFICIT PROCEDURE IN 2015 2015 DEFICIT WILL BE WELL WITHIN 3% EDP CEILING OVER-PERFORMANCE ON DEFICIT REDUCTION EVERY YEAR FISCAL TARGETS EXCEEDED AGAIN GROSS DEBT PEAKED OF GDP IN 2013 123% OF GDP IN 2015 105% RECOVERY CONTINUES FASTEST GROWING ECONOMY IN THE EU IN 2014 ONCE AGAIN IN 2015 ESTIMATED GDP GROWTH FOR 2015 4% REAL ANNUAL GDP SET TO EXCEED PRE-CRISIS PEAK IN 2015 POSITIVE CONTRIBUTION EXPECTED FOR THE SECOND SUCCESSIVE YEAR IN 2015 2014 2015 10% UNEMPLOYMENT RATE FROM 15.1% IN EARLY 2012 2.1MILLION TO BE EMPLOYED BY END-2018 LABOUR MARKET RECOVERY 9 EMPLOYMENT GROWTH SUCCESSIVE QUARTERS OF Finance Bill Spring Economic Statement and Stability Programme Update (SPU) National Economic Dialogue Pre-Budget submissions received Budget Commission publishes Country Report per Member State Member States present their SPUs & National Reform Programme Commission proposes country-specific recommendations (CSRs) for budgetary, economic and social policies Submission of DBP by Member States to Commission 2011 12 MMA, % Y-O-Y CHANGE 2015 2012 2013 2014 -8 -6 -4 -2 0 2 4 6 8 10 TAX RECEIPTS STRONG IN 2014 & 2015 EXCHEQUER RECEIPTS OF GDP IN 2016 100% DEBT RATIO ON A FIRM DOWNWARD TRAJECTORY PRIMARY SURPLUS THIS YEAR BUDGET SURPLUS BY 2019 POSITIVE CONTRIBUTION FROM DOMESTIC DEMAND IN 2014 1 st TIME SINCE THE CRISIS BEGAN 0 1 2 3 4 5 6 2014 2015 2016 2017 2018 2019 2020 CONTRIBUTIONS TO GROWTH DOMESTIC DEMAND NET EXPORTS GDP NET DEBT OF GDP IN 2015 87% ECONOMIC AND FISCAL CALENDAR Council of the EU agree the CSRs Formal adoption by the European Council of CSRs 0 20 40 60 80 100 120 140 % OF GDP 11 12 13 14 15 16 17 18 19 20 DEBT TO GDP RATIO
Transcript of SES Infographic Draft 7 - Budgetbudget.gov.ie/Budgets/2015/Documents/Spring... · real annual gdp...
SPRING ECONOMIC STATEMENTwww.budget.gov.ie#SES
PERFORMANCEABOVE TARGET ACROSS ALL MAJOR TAX HEADS
DRIVEN BY UNDERLYING ECONOMIC ACTIVITY
SEPTAU
GJU
LYJU
NE
MAY
APRM
ARFEB
JAND
ECN
OV
OC
T
Annual Growth Survey (AGS) & Alert Mechanism Report (ARM)published by Commission
Finance Ministers discuss Commission’sopinion on Draft Budgetary Plans (DBP)
IRELAND
’S BUD
GET PRO
CESS
EURO
PEAN C
OM
MISSIO
NM
EMBER STATES
EURO
PEAN C
OU
NC
IL
EUROPEAN SEMESTERIRELAND’S SEMESTER
95,000JOBS SINCE THE LOW-POINT IN 2012
TAX REVENUE
9%IN 2014
SET TO EXIT THE EXCESSIVE DEFICIT PROCEDURE IN 2015
2015 DEFICIT WILL BE WELL WITHIN 3% EDP CEILING
OVER-PERFORMANCE ON DEFICIT REDUCTION EVERY YEAR
FISCAL TARGETSEXCEEDEDAGAIN
GROSS DEBT PEAKED
OF GDP IN 2013123%
OF GDP IN 2015105%
RECOVERY CONTINUES
FASTEST GROWING ECONOMY IN THE EU IN 2014 ONCE AGAIN IN 2015
ESTIMATED GDP GROWTH FOR 2015
4%REAL ANNUAL GDP SET TO EXCEED PRE-CRISIS PEAK IN 2015
POSITIVE CONTRIBUTION EXPECTED FOR THE SECOND SUCCESSIVE YEAR IN 20152014 2015
10%UNEMPLOYMENT RATE FROM 15.1% IN EARLY 2012
2.1MILLIONTO BE EMPLOYED BY END-2018
LABOUR MARKET RECOVERY
9EMPLOYMENT GROWTH
SUCCESSIVE QUARTERS OF
Finance Bill
Spring Economic Statement and Stability Programme Update (SPU)
National Economic Dialogue
Pre-Budget submissions received
Budget
Commission publishes Country Report per Member State
Member States present their SPUs & National Reform Programme
Commission proposes country-specific recommendations (CSRs) for budgetary, economic and social policies
Submission of DBP by Member States to Commission
2011
12 M
MA,
% Y
-O-Y
CH
ANG
E
20152012 2013 2014
-8
-6
-4
-2
0
2
4
6
8
10
TAX RECEIPTS STRONGIN 2014 & 2015
EXCHEQUER RECEIPTS
OF GDP IN 2016100%DEBT RATIO ON A FIRM
DOWNWARDTRAJECTORY
PRIMARY SURPLUSTHIS YEAR
BUDGET SURPLUSBY 2019
POSITIVE CONTRIBUTION FROM DOMESTIC DEMAND IN 2014
1 st TIME SINCE
THE CRISIS BEGAN0
1
2
3
4
5
6
2014 2015 2016 2017 2018 2019 2020
CONTRIBUTIONS TO GROWTH
DOMESTIC DEMANDNET EXPORTS
GDP
NET DEBT
OF GDP IN 201587%
ECONOMIC AND FISCAL CALENDAR
Council of the EU agree the CSRsFormal adoption by the European Council of CSRs
0
20
40
60
80
100
120
140
% O
F GD
P
11 12 13 14 15 16 17 18 19 20
DEBT TO GDP RATIO
