The national debt was estimated to be €36.50 billion at 31 December 2001. This was some €10 million below the end-2000 level of €36.51 billion. The likely national debt figure for end-2002 is dependent on a number of factors of which the most important is the Exchequer balance out-turn for 2002. It is currently projected that the Exchequer will be in surplus by €170 million at the end of 2002. However, over the course of 2002, the level of the national debt will be affected by other factors such as foreign exchange movements and discounts and premia on debt issuance and cancellation. A more meaningful indicator of sovereign indebtedness however is the general Government debt, GGD, which is the standard measure used within the EU. The general Government debt to GDP ratio fell from 38.6% of GDP in 2000 to an estimated 35.8% in 2001. It is projected to decline further to 33.7% of GDP in 2002. This is the second lowest national debt in the EU, relative to GDP.