Dáil Éireann Debate, Wednesday - 22 November 2006
117 Mr. Carey asked the Minister for Finance the level of the national debt as a share of national income in 2006; the way this compares to 1997; the share of income tax revenues required to service the debt today compared to 1997; and if he will make a statement on the matter. [39070/06]
Amharc ar fhreagraThe figures for the National Debt and debt service payments on the National Debt are taken from the Annual Reports of the National Treasury Management Agency.
In 1997, the National Debt was equivalent to 65.4% of GNP and the cost of servicing the debt in that year was equivalent to 46.3% of income tax revenues. The Deputy will of course be aware that the burden of debt for the Irish taxpayer has fallen very considerably as a result of this Government's prudent fiscal policies. The latest full-year figures available, for 2005, show that the ratio of debt to GNP has fallen by over half since 1997 to 28.1% and that the percentage share of income tax revenues required to service the debt has fallen even more substantially to 12.8%.
