Before the introduction of the Macroeconomic Imbalance Procedure (MIP), the EU monitored economic developments within the economies of member states through the Stability and Growth Pact (SGP). This framework now operates in tandem with the MIP and sets thresholds on both government deficits (3% of GDP) and government debt levels (60% of GDP). The reporting of the Excessive Deficit Procedure (EDP) statistics, which is a requirement for all EU member states, forms part of the preventive arm of the SGP. The corrective arm of the Stability and Growth Pact ensures that member states adopt appropriate policy responses to correct excessive deficits (and/or debts) by implementing the EDP.
| General Government Debt (% of GDP) | Threshold | |
| 2007 | 23.908479630024 | 60 |
| 2008 | 42.4036981610383 | 60 |
| 2009 | 61.5428480726157 | 60 |
| 2010 | 85.9940019437041 | 60 |
| 2011 | 110.861867476919 | 60 |
| 2012 | 119.86462423523 | 60 |
| 2013 | 119.684085325863 | 60 |
| 2014 | 104.128156155111 | 60 |
| 2015 | 76.8190927586811 | 60 |
| 2016 | 73.4443964602288 | 60 |
| 2017 | 68.4403794498657 | 60 |
Source publication: Government Finance Statistics, Annual
Get the data: StatBank GFA13 (Government Debt), StatBank N1705 (GDP)
This indicator is part of the SGP which was introduced in 1993. It is the same as Headline Indicator 9 from the MIP Scoreboard, with the same threshold. Ireland has breached the 60% threshold of the Stability and Growth Pact for general government (GG) debt as a percentage of GDP since 2009, although this ratio has declined in value since 2013. It should be noted that the main driver of the decrease in the level of this indicator in 2015 was the large increase in Ireland's GDP, as there was only a small decrease in the level of government debt in this year. Again in 2016 and 2017, the decreases in the value of this indicator were mainly caused by growth in GDP, as the figures for government debt changed by less than 0.5% in both years. In 2017 there was a slight increase in the value of government debt.
| Annual Gross Debt (% of GDP) | Annual Net Debt (% of GDP) | |
| 2007 | 23.908479630024 | 14.884230383059 |
| 2008 | 42.4036981610383 | 23.2503767927613 |
| 2009 | 61.5428480726157 | 37.353101980588 |
| 2010 | 85.9940019437041 | 66.9236410467383 |
| 2011 | 110.861867476919 | 79.7160219703167 |
| 2012 | 119.86462423523 | 87.4897269655739 |
| 2013 | 119.684085325863 | 90.3380353708829 |
| 2014 | 104.128156155111 | 86.24886708689 |
| 2015 | 76.8190927586811 | 66.2059085748249 |
| 2016 | 73.4443964602288 | 64.8248047489734 |
| 2017 | 68.4403794498657 | 59.7028322736391 |
Source publication: Government Finance Statistics, Annual
Get the data: StatBank GFA13, StatBank N1705
Net government debt is gross government debt minus the value of financial assets (corresponding to the categories of financial liabilities which comprise gross government debt). The gap between gross and net debt peaked in 2012 at 32.4% of GDP. This gap declined steadily from 2013 to 2016 and levelled out in 2017 with a value of 8.7% of GDP. In the year 2017, general government net debt decreased by €1.5bn to €175.6bn (59.7% of GDP). This decrease was composed of a €0.6bn increase in GG debt and an increase of €2.1bn in financial assets, mainly cash deposits, over the same period.
| Annual General Government Surplus/Deficit (% of GDP) (left axis) | Threshold (left axis) | Annual Expenditure (right axis) | Annual Revenue (right axis) | |
| 2007 | 0.289043721666109 | -3 | 70.815 | 71.385 |
| 2008 | -6.98677630492786 | -3 | 78.504 | 65.385 |
| 2009 | -13.7959212467887 | -3 | 79.957 | 56.49 |
| 2010 | -32.0246123025739 | -3 | 109.088 | 55.376 |
| 2011 | -12.783101554283 | -3 | 79.622 | 57.746 |
| 2012 | -8.05520043831614 | -3 | 73.612 | 59.498 |
| 2013 | -6.12876691010549 | -3 | 72.529 | 61.502 |
| 2014 | -3.60740016283226 | -3 | 73.057 | 66.012 |
| 2015 | -1.91034267295574 | -3 | 75.915 | 70.901 |
| 2016 | -0.536528594119412 | -3 | 75.121 | 73.655 |
| 2017 | -0.248206453367788 | -3 | 77.269 | 76.54 |
Source publication: Government Finance Statistics, Annual
Get the data: StatBank GFA01, StatBank N1705
From 2008 to 2014, Ireland consistently exceeded the 3% of GDP threshold for government deficits set out in the SGP. Ireland's general government deficit increased each year until 2010. This deficit increase was partly caused by declining revenue, which fell until 2010. A significant cause of the fall in revenue was a sharp decline in the property development sector. Expenditure also increased until 2010. A major component of these increases was exceptional capital support for domestic financial institutions in 2009 and particularly in 2010. General government deficits fell after this point with increases in overall revenue and decreases in expenditure. In 2015 the general government deficit fell within the SGP threshold for the first time since 2008, and this trend was continued into 2017 where the deficit was reduced to 0.2% of GDP.
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