Bernard J. Durkan
Question:295 Mr. Durkan asked the Minister for Finance the cost as a percentage to the average taxpayer of servicing the national debt; and if he will make a statement on the matter. [5684/03]
Written Answers - National Debt.
Bernard J. Durkan
Question:296 Mr. Durkan asked the Minister for Finance the annual cost as a percentage of GDP of servicing the national debt; and if he will make a statement on the matter. [5685/03]
Bernard J. Durkan
Question:297 Mr. Durkan asked the Minister for Finance the national cost of servicing the national debt; and if he will make a statement on the matter. [5686/03]
I propose to take Questions Nos. 295 to 297, inclusive, together.
The information requested by the Deputy is set out in the following table:
|
2001 |
2002 |
2003 |
|
|
(i) Cost of debt service |
€2383m |
€2167m |
€2480m (e) |
|
(ii) Cost of debt service to average taxpayer as a percentage of income tax |
25% |
24% |
27% (e) |
|
(iii) Cost of debt service as a percentage of tax revenue |
8.5% |
7.4% |
7.8% (e) |
|
(iv) Cost of debt service as a percentage of GDP (e), estimate. |
2.1% |
1.7% (e) |
1.8% (e) |
The Deputy will be aware that the burden of debt for the people has fallen very considerably as a result of prudent fiscal policies. For example, debt service as a percentage of GDP was 10% in 1987 and 7.3% in 1992. As a percentage of average income tax, these costs were 78% in 1987 and 68% in 1992.