Austerity policy still strangling domestic economy - Doherty
Sinn Féin Finance Spokesperson Pearse Doherty TD has said today’s growth figures from the CSO show why austerity must be dumped in this year’s budget. Doherty said the Government had been steadily reducing its growth projections to factor in the negative impact austerity is having on the economy.
Deputy Doherty said:
“When this Government came to power it predicted a 3% growth rate for this year. It has lowered that each year to factor in the negative impact their austerity policies are having on the economy. The figures today show a decline in GNP and a nominal increase in GDP. That increase is nowhere near sufficient to meet the Government targets this year. The decline in GNP shows the austerity policy is still strangling the domestic economy.
“These figures should be a wake-up call for Government that next month’s budget to ease off on austerity in next month’s budget. €3.1 billion in cuts and taxes will put to bed any hope of real growth.
“With or without the Troika, we are facing a period of economic difficulty. We have been in and out of recession for half a decade now and will continue to stagnate unless there is a step-change in Government direction.”