Tuesday, 9 October 2018

Ceisteanna (56)

Michael McGrath

Ceist:

56. Deputy Michael McGrath asked the Minister for Finance the estimated structural balance in 2019 for every €100 million spent in excess of the €800 million outlined in the summer economic statement; and if he will make a statement on the matter. [40774/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I can advise the Deputy that all else being equal, each €100 million will worsen the structural balance by c. 0.03 percentage points.

As I have said previously, this is money that we would have to borrow. With public debt in Ireland among the highest per capita in the developed world the focus must be on decreasing, rather than increasing, our debt level.

My Department recently published its 'Annual Report on Public Debt in Ireland 2018' which provides a comprehensive analysis of debt dynamics. The report clearly demonstrates the importance of continued prudent management of the public finances. It is crucial that we continue to stabilise the level of debt in Ireland and, subsequently, put it on a downward trajectory - this has been and will continue to be a key priority for Government.

By reducing the burden of debt we will minimise the exposure of, and risks to, the economy.