Finance Minister Brian Cowen today delivered his first Budget speech in the Dail.
He said its objectives were to protect and increase jobs, to build up and modernise the economy through major capital programmes, to spread the fruits of growth to all the people and to redouble efforts to help those most in need.
Mr Cowen said he was providing for Exchequer borrowing of just under €3 billion, or 2.3% of gross national product, next year.
He said spending on public services would rise by just over 9% next year. The General Government deficit - the measure used by the EU - would be 0.8% of GDP. The ratio of debt to GDP would be 30%.
He forecast that GDP would grow by 5.1% next year, with GNP growth of 4.7%, though he warned there potential risks from high oil prices, exchange rate movements and interest rates.
The Minister said he expected an average unemployment rate of 4.4% for next year, with inflation of around 2.5%, close to the EU average.
