Dáil Éireann Debate, Wednesday - 26 July 2017
136. Deputy Brendan Howlin asked the Minister for Finance the gross national income impact on gross and net debt, current, past and future, in tabular form; his plans to use this statistical method for budget statements; and if he will make a statement on the matter. [36003/17]
Amharc ar fhreagra140. Deputy Brendan Howlin asked the Minister for Finance the gross debt to gross national income star ratio for each of the past five years; and if he will make a statement on the matter. [36009/17]
Amharc ar fhreagraI propose to take Questions Nos. 136 and 140 together.
I am assuming the Deputy is referring to the ratio using the new national indicator published by the Central Statistics Office (CSO), so-called modified Gross National Income (GNI*).
This new measure of economic activity in Ireland is defined as GNI less the impact of re-domiciled companies and the depreciation attributable to relocated capital assets. Thus, it excludes many of the factors which have distorted Irish GDP in recent years.
My Department recently published its first Annual Report on Public Debt in Ireland; this publication highlighted that because of the distortions to Irish GDP, a wider suite of metrics is needed to assess the burden of public debt in Ireland (debt-to-revenue, debt interest-to-revenue, etc.). In addition, the report highlighted that future updates of this report would present debt as a fraction of GNI*.
Data for the debt relevant debt ratios are presented the following table covering the period 2012 (the peak of the debt-to-GDP ratio) to 2016, the latest year for which data are available.
My Department intends to publish figures for debt-to-GNI* in the budgetary documentation. However, I would point out that our legal obligations (such as EU Budget contribution, Stability and Growth Pact) will continue to be assessed on the existing measures (rather than on the basis of GNI*).
|
Period |
General Government Gross debt % of GDP |
General Government Gross debt % of GNI* |
General Government Net debt % of GDP |
General Government Net debt % of GNI* |
|
2012 |
120 |
158 |
87 |
114 |
|
2013 |
119 |
151 |
90 |
113 |
|
2014 |
105 |
132 |
86 |
108 |
|
2015 |
77 |
117 |
66 |
100 |
|
2016 |
73 |
106 |
64 |
93 |
Source: CSO
