Gerry Horkan (Fianna Fail) | Oireachtas source

We have had quite a lot of discussion about GNP, GDP and net national income. When I studied first year economics there were differences between GNP, GDP and foreign multinationals. It has got more complex. Mr. Dalton mentioned the shift in GDP was 26% in 2015. It is reasonable to say that if the debt-to-GDP ratio is being spoken about and lauded as falling, it is also falling because GDP is rising. It is a percentage. The debt may not change, but GDP is changing significantly. Stating the debt-to-GDP ratio has improved means it has improved relative to GDP, but this is because GDP has risen by 26%.