Oireachtas Joint and Select Committees

Thursday, 30 May 2019

Public Accounts Committee

2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2017
Chapter 22 - Irish Fiscal Advisory Council

9:00 am

Mr. John McCarthy:

We already ramped up capital spending by 25% this year and by a further 11% for next year. In money terms, last year we had public debt of €206 billion. This year, the figure will be approximately €205 billion. As the Secretary General mentioned, that is a little above the 60% of GDP threshold. On a GNI* basis, which we see as the repayment capacity, the figure is 107%. Another way of looking at it is on a debt per capita basis, which works out at approximately €42,000 for every man, woman and child in the country. That is astronomical.

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