Revisions to historical GDP outturns are standard practice, particularly for the more recent years' figures. The Central Statistics Office (CSO) has informed me that the main reason for the revision to 2009 and 2010 estimates is the availability of more up to date information, specifically the results of the 2009/2010 Household Budget Survey, first estimates of corporate profits and income from self-employment in respect of 2010 from Revenue Commissioner data and more definitive information from some of the large cases. The April Maastricht Returns set out details of the estimated General Government Balance (GGB) and General Government Debt (GGD) outturns for the period 2008-2011. The figures for the years 2009-2011 are set out in table 1 below:
Table 1
% of GDP
|
2009
|
2010
|
2011
|
GGB — Headline
|
-14.0
|
-31.2
|
-13.1
|
GGB — Underlying
|
-11.5
|
-10.9
|
-9.4
|
GGD
|
65.1
|
92.5
|
108.2
|
On the basis of revised GDP figures released recently by the CSO, the GGB and GGD to GDP ratios for the years 2009-2011 would, all else being equal, be as set out in table 2 below:
Table 2
% of GDP
|
2009
|
2010
|
2011
|
GGB — Headline
|
-14.0
|
-31.1
|
-12.9
|
GGB — Underlying
|
-11.5
|
-10.9
|
-9.3
|
GGD
|
64.9
|
92.2
|
106.5
|
It should be noted that historical GGB and GGD figures are also subject to possible further revision by the CSO.