Gerald Nash (Louth, Labour)
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376.To ask the Minister for Finance when, based on current projections and forecasts from his Department and the National Treasury Management Agency, it is forecast that the debt to GNI* ratio will fall below 60%; the projected net debt ratio for 2023; the projected net debt ratio for 2024; and if he will make a statement on the matter. [32890/24]

Jack Chambers (Dublin West, Fianna Fail)
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The General Government Gross Debt (GGD) is a gross measure of government liabilities. It measures the gross level of borrowings for the general government sector which comprises the sub-sectors of central government, local government, and social security funds.

The Net Debt is gross government liabilities excluding Excessive Deficit Procedure (EDP) financial assets of government. These EDP financial assets include liquid assets held by the Exchequer, Ireland Strategic Investment Fundcash and non-equity investments and other cash and liquid assets held by the general government sector.

The Central Statistics Office (CSO) is responsible for the compilation of the general government deficit and debt outturn statistics, whereas my Department is responsible for the forecasts. These statistics are compiled in accordance with the European System of Accounts 2010 (ESA2010).

The latest forecasts were produced in the Stability Programme Update(SPU) 2024, which outlines that in 2023, the GGD ratio was 76% of GNI*, while the net debt ratio was 62% of GNI*.

The SPU forecasts that the GGD ratio for 2024 will be 72% of GNI*, and the net debt ratio is forecasted at 59% of GNI*.

The SPU forecasts extend to 2027, which estimates GGD ratio of 66% of GNI* and net debt ratio of 51% of GNI* by 2027.

My Department will produce a full set of fiscal projections as part of Budget 2025 in the autumn. It is intended that these updated projections will extend to 2030.