Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

As to where we are for this year and next year, following the recent revision to our national income, or GDP, figures, the Department of Finance expects Ireland's nominal gross domestic product for 2017 to be approximately €275 billion.

Therefore, the current State-backed investment plans for next year will stand at 2.5% of nominal gross domestic product and 3.1% of nominal gross national product.

The Deputy's question was where they stand versus other countries. I have acknowledged to the Deputy and the budget oversight committee that we need to rebuild our capital expenditure in light of the growth that has occurred in our economy. We can see the pressure that growth has created in existing infrastructure, whether that is in skills, housing or transport. We also need to build it because if we do not, we will not be able to maintain or accelerate current levels of growth. That is the reason we will commence a review of the current capital plan next year and have it complete by that summer. It is also the reason I aim to allocate an additional €5 billion on top of the €27 billion available for capital investment. My expectation is that at the end of that capital plan, we will bring up for the final two years our investment in capital infrastructure as a percentage of our national income into line with countries with which we compete. The real goal in value will be to keep that level of capital investment flat for years afterwards, so it neither peaks nor goes into a trough from that level and it keeps a steady pace of investment in our schools, roads and other forms of infrastructure, such as metro north.

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