Written answers
Thursday, 14 March 2013
Department of Finance
Fiscal Forecasts
Arthur Spring (Kerry North-West Limerick, Labour)
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To ask the Minister for Finance if the economy here is currently working off of a primary deficit or a primary surplus; and if he will make a statement on the matter. [13445/13]
Michael Noonan (Limerick City, Fine Gael)
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Table 9, page C.18 of Budget 2013 sets out the fiscal forecasts for the period 2012-2015.
This table includes the figures for the underlying General Government primary balance in nominal terms and as a % of GDP. These figures are presented as follows.
2012 | 2013 | 2014 | 2015 | |
---|---|---|---|---|
Underlying GG primary balance | -7,010 | -3,390 | 745 | 4,680 |
Underlying GG primary balance as a % of GDP | -4.3 | -2.0 | 0.4 | 2.6 |
I would like to stress that the achievement of a General Government primary surplus – that is an excess of revenues over expenditure excluding debt interest expenditure – will play a key role in ensuring Ireland’s debt sustainability. An update of the fiscal forecasts will be contained in April’s Stability Programme Update.
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