General Government Debt

Dáil Éireann Debate, Wednesday - 16 January 2013

Wednesday, 16 January 2013

Questions (210)

Kevin Humphreys

Question:

210. Deputy Kevin Humphreys asked the Minister for Finance if the General Government Deficit is projected to be below 8% following the publication of the December Exchequer returns; if he will confirm what the finalised GGD for 2012 was; the expected GGD at end of 2013 following these developments and the full implementation of policy changes announced in Budget 2013; if it will be below 7.5% if all targets are met as projected; and if he will make a statement on the matter. [1920/13]

Written answers

Minister for Finance

Budget 2013 contained a forecast General Government Balance (Deficit) of -8.2% of GDP which was based on the most up to date information available at the end of November. In light of the better than expected Exchequer returns for December 2012, it is now reasonable to expect that the General Government Balance (GGB) for 2012 will be under -8% of GDP. However, the first official estimate of the final GGB will be made by the Central Statistics Office in the Maastricht Returns at the end of March and will be published by Eurostat in mid to late April.

The Budget forecast General Government Balance for 2013 is -7.5% of GDP. My Department’s Stability Programme Update, which will be released in April, will contain an updated forecast for the General Government Balance for 2013. This will take the latest information into account, including any relevant effects of the official GGB for 2012 returned by the CSO.