Moreover, we are now facing a new reality in which we could no longer expect exclusive dependence on the energy sector, now facing a situation in which growth and employment generation will have to depend increasingly on a diversified and competitive non-energy sector. Let me give a brief summary of our current economic position.
You would recall that, after strong growth in the period 2002–2008, real GDP declined by 3 per cent in 2009 and stagnated in 2010. Projections made by the CSO point to a further GDP decline of 1.4 per cent in 2011.