Dáil Éireann díospóireacht -
Tuesday, 12 Nov 2002

Vol. 557 No. 1

Written Answers. - National Debt.

Bernard J. Durkan

Ceist:

217 Mr. Durkan asked the Minister for Finance the extent to which the national debt has increased or decreased in the past 12 months; the changes likely in the next 12 months; and if he will make a statement on the matter. [21623/02]

Minister for Finance (Mr. McCreevy)

The national debt was estimated to be €36.183 billion at 31 December 2001. This was some €328 million below the end-2000 level of €36.51 billion.

The general Government debt – GGD – is the standard measure of public sector indebtedness used within the EU. The general Government debt to GDP ratio fell from 39.1% of GDP in 2000 to an estimated 36.4 % in 2001. It is projected to decline further to 33.8 % of GDP in 2002. This projection was prepared for the Euro pean Commission in September in the context of the excessive deficit return required under the stability and growth pact. The 2002 projection will be revised in the context of budget 2003 and the March 2003 excessive deficit return to the European Commission.

The primary driver on the level of debt for 2003 will be the Exchequer balance for that year which will be decided in the context of budget 2003.