Written answers
Wednesday, 27 June 2018
Department of Finance
Summer Economic Statement
Jonathan O'Brien (Cork North Central, Sinn Fein)
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114. To ask the Minister for Finance if the elements of spending commitments under sections (details supplied) of the summer economic statement will be broken down in each of the years 2019 to 2021. [28162/18]
Paschal Donohoe (Dublin Central, Fine Gael)
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The following is a breakdown of ‘pre-committed fiscal space for expenditure’ in Table 3 of the Summer Economic Statement:
| € billions | 2019 | 2020 | 2021 |
|---|---|---|---|
| Demographics | 0.4 | 0.4 | 0.5 |
| Public Service Stability Agreement | 0.4 | 0.3 | 0.2 |
| Carryover of Budget 2018 measures | 0.3 | 0.0 | 0.0 |
| Capital expenditure* | 1.0 | 1.0 | 1.1 |
| Pre-committed Expenditure | 2.1 | 1.7 | 1.8 |
*This is the amount in fiscal space terms allowing for capital smoothing
The following is a breakdown of ‘other’ in Table 3 of the Summer Economic Statement:
| € billions | 2019 | 2020 | 2021 |
|---|---|---|---|
| Resources available for allocation | 0.8 | 1.3 | 1.3 |
| Other non-voted and general government movements | 0.2 | -0.7 | 0.9 |
| Other | 1.0 | 0.6 | 2.2 |
As I outlined in the Summer Economic Statement 2018, the concept of fiscal space is no longer an appropriate one for Ireland. Budgetary policy will be formulated on the basis of what is right for the economy at this stage in the cycle and not by rules that would increase borrowing.
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