Michael Noonan won’t use 26.3% rate for budget

The Government will not base the upcoming budget on claims Ireland’s economy surged by 26.3% last year, despite insisting that the eye-catching rate is “not wrong”.

Finance Minister Michael Noonan yesterday outlined the situation amid claims from the opposition that the CSO’s updated growth level has undermined Ireland’s international credibility and shown the country is not taking tax avoidance seriously.

Speaking at the launch of the Government’s mid-year expenditure report, Mr Noonan confirmed that the Government is standing by the 26.3% gross domestic product growth rate outlined by the CSO on Tuesday.