The NDP sets out an ambitious programme for public investment in Ireland of €165 billion. This expenditure will be pivotal in delivering the vital infrastructure we need to support our future climate, social and economic requirements. In 2023 and 2024, over €12 billion and €13 billion, respectively, will be made available from the Exchequer for investment in public capital projects. This funding will provide more schools, homes, hospitals, road and public transport projects. To put this in context, capital expenditure in 2024 will be almost €8.6 billion or 189% higher than the €4.5 billion allocated in 2017. With the context set, I will answer the Deputy's question as to what that means. It means that estimated capital expenditure as a percentage of GNI* is anticipated to be 4.1% in 2023 and 4.3% in 2024. These rates are below the projections of 4.9% and 5.1% set out in the NDP in light of the very strong performance of the economy in the recent past, which has led to strong growth in GNI* since the publication of the NDP in 2021.
Our investment is still well above the recent EU average of 3% of national income. In budget 2024, I allocated an additional €900 million over the 2023 allocation for essential investment. This will bring total core capital investment to €12.8 billion, an 8% increase, which is in line with our NDP targets. As outlined in the summer economic statement, a further €250 million will be made available for 2024 from critical infrastructure projects. This will be funded from windfall Exchequer receipts.