Michael McGrath (Cork South Central, Fianna Fail)
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Question 130: To ask the Minister for Finance the reason the Central Statistics Office in 2012 has revised the GDP projections for 2009 and 2010; if he will outline the impact of the revisions published by the CSO on the end of year General Government Balance and Debt GDP ratios for 2009, 2010 and 2011; and if he will make a statement on the matter. [36790/12]

Michael Noonan (Limerick City, Fine Gael)
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Revisions to historical GDP outturns are standard practice, particularly for the more recent year's figures. The Central Statistics Office (CSO) has informed me that the main reason for the revision to 2009 and 2010 estimates is the availability of more up to date information, specifically the results of the 2009/2010 Household Budget Survey, first estimates of corporate profits and income from self-employment in respect of 2010 from Revenue Commissioner data and more definitive information from some of the large cases. The April Maastricht Returns set out details of the estimated General Government Balance (GGB) and General Government Debt (GGD) outturns for the period 2008-2011. The figures for the years 2009-2011 are set out in table 1 below.

Table 1

On the basis of revised GDP figures released recently by the CSO, the GGB and GGD to GDP ratios for the years 2009-2011 would, all else being equal, be as set out in table 2 below.

Table 2

It should be noted that historical GGB and GGD figures are also subject to possible further revision by the CSO.