Dáil Éireann Debate, Tuesday - 4 November 2014
293. Deputy Michael McGrath asked the Minister for Finance the projected structural deficit for 2015 and 2016; the medium target for closing the structural deficit; and if he will make a statement on the matter. [41359/14]
View answerThe latest projections, which are published in Budget 2015, are that the structural balance will reach -3.4 per cent of GDP in 2015, before improving further to -2.5 per cent of GDP in 2016. Currently, Ireland's Medium Term Objective (MTO) is to reach a balanced budget in structural terms. Once Ireland exits from the Excessive Deficit Procedure and becomes subject to the preventive arm of the Stability and Growth Pact, we will be required to deliver an improvement in the structural budget balance of at least 0.5 percentage points of GDP per annum until the MTO is achieved. Projections to 2018, which are included in Budget 2015, indicate that this quantum of improvement will be delivered.
