The document summarizes an annual conference on Ireland's economic development and challenges. It discusses factors that contributed to Ireland's economic boom, the current financial crisis, and projections showing Ireland's growing budget deficit and declining tax revenue. Public spending is increasing while tax revenue falls sharply due to the economic downturn.

1. CSCA – Annual Practice Day Conference “Ireland – From Poorest of the Rich to Europe’s Shining Light – But What’s Next?” Seamus Coffey, Dept of Economics, UCC

5. Are we all out of luck?

9. Iceland and Ireland

10. Country Vulnerability Scorecard Source: Credit Suisse Global Equity Strategy Government Debt/GDP Private Sector Debt/GDP Bank Loans/ Deposits Banking Assets/ GDP Credit Rating 1. Iceland 122% 435% 204% 1002% BBB- 9. UK 64% 187% 187% 400% AAA 10. US 78% 227% 227% 161% AAA 11. Ireland 41% 186% 186% 266% AAA 37. China 19% 123% 60% 126% A+

12. The Public Finances Source: Dept of Finance

13. The Public Finances Source: www.irisheconomy.ie

14. Built on Construction Source: Goodbody Stockbrokers

15. Source: Goodbody Stockbrokers

17. Tax Revenue Source: Dept of Finance Jan-Dec 2007 Jan-Dec 2008 Value Added Tax Income Tax Excise Stamps Corporation Tax Capital Gains Tax Customs Training & Employment Levy Unallocated 14,496,588 13,572,410 5,837,878 3,185,602 6,390,625 3,105,495 265,904 2,501 0 13,429,602 13,176,857 5,443,338 1,650,792 5,065,894 1,430,080 248,001 1,032 0 Total 47,249,352 40,777,196

18. Expenditure Source: Dept of Finance Vote or Group of Votes 2007 2008 Health & Children 12,448,835 13,745,317 Social & Family Affairs 8,180,934 9,399,098 Education & Science 8,443,974 9,031,516 Other 15,534,992 17,136,863 Total 44,608,735 49,312,794

21. Exchequer Statement for Period Ended 31 December 2008, €000 Source: Dept of Finance Jan&Feb08 Jan&Feb09 Receipts Tax Revenue Non-Tax Revenue Sinking Fund Other Capital Receipts Total 7,561,700 25,102 449,360 802,612 8,838,774 5,758,841 60,431 0 757,802 6,577,074 Expenditure Voted Sinking Fund Non-Voted Current Expenditure Non-Voted Capital Expenditure Total 7,878,440 449,360 635,663 66 8,963,529 8,008,614 0 634,680 18,540 8,661,834 Exchequer Surplus (Deficit) (124,755) (2,084,760)

22. Tax Revenue for Period Jan&Feb 2009, €000 Source: Dept of Finance Jan-Dec 2007 Jan-Dec 2008 Value Added Tax Income Tax Excise Stamps Corporation Tax Capital Gains Tax Customs Training & Employment Levy Unallocated 2,698,714 2,245,397 922,649 372,077 651,752 515,689 46,366 218 46,934 2,246,771 2,080,153 619,622 153,505 410,795 141,135 37,510 145 26,892 Total 7,561,700 5,758,941

23. Any Good News? Source: Central Bank of Ireland