asked the Minister for Finance if he is seriously concerned with the decline in investment over the last two years; and the steps the Government are taking to reverse this trend.

Given, on the one hand, the severity of the international recession and, on the other, the completion of a number of productive infrastructural projects in the public sector, the decline in investment in recent years was not unexpected. However, the Deputy will be aware that there was only a marginal fall in real fixed investment in 1984, which represented a significant improvement on the 1983 performance. Most commentators agree that a further recovery will occur in 1985.

This year's budget, which was an important step in implementing the policies in the national plan, was designed to improve the economic climate and stimulate growth. I am confident that the objectives in the plan of improving competitiveness and remedying the imbalances in the economy will encourage capital spending over the period to 1987.

A 39 per cent profit from manufacturing industry.

We had the highest GNP of any country in the EC.