Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The deficit as a percentage of GDP involves two numbers, which are the size of the deficit and the size of GDP. It helps the ratio to decrease if one can grow the GDP but it also helps if one can reduce the deficit through more tax, expenditure or growth. If one were to substitute GNP one would gain on present growth levels but one would lose on the quantum because GDP is significantly higher in absolute terms than GNP. The denominator is much bigger if GDP is used. Switching to GNP-----