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 budget deficits (3% of GDP) and public debt levels (60% of GDP). The Excessive Deficit Procedure (EDP) is the ‘corrective arm’ of the SGP which aims to correct breaches in the thresholds through the pursuance of sound public finances and fiscal policies.
| General Government Debt as % of GDP | Pact Threshold | |
| 2005 | 26.10867 | 60 |
| 2006 | 23.62713 | 60 |
| 2007 | 23.92644 | 60 |
| 2008 | 42.44536 | 60 |
| 2009 | 61.77523 | 60 |
| 2010 | 86.80164 | 60 |
| 2011 | 109.3038 | 60 |
| 2012 | 120.2425 | 60 |
| 2013 | 119.9974365833 | 60 |
| 2014 | 107.480190006665 | 60 |
Source publication: Government Finance Statistics - Annual
Get the data: StatBank GFQ13
This indicator has been part of the SGP which was introduced in 1993 and is the same indicator as Headline Indicator 9 from the MIP Scoreboard, with the same threshold. Ireland has surpassed the 60 percent threshold of the Stability and Growth Pact for gross government debt as a percentage of GDP since 2009.
| Annual Gross Debt as % of GDP | Annual Net Debt as % of GDP | Pact Threshold | |
| 2005 | 26.1086728870795 | 17.5357987504265 | 60 |
| 2006 | 23.6271312924839 | 14.3183919793644 | 60 |
| 2007 | 23.9264364082942 | 14.2006759568443 | 60 |
| 2008 | 42.4453603630023 | 22.4669016299914 | 60 |
| 2009 | 61.7752254591813 | 36.5834080929222 | 60 |
| 2010 | 86.8016394133259 | 66.6303556275089 | 60 |
| 2011 | 109.303782913648 | 77.5859491778774 | 60 |
| 2012 | 120.242500500443 | 86.6659040864766 | 60 |
| 2013 | 119.9946502608 | 89.7541349025902 | 60 |
| 2014 | 107.551072225807 | 88.0653385948393 | 60 |
Source publication: Government Finance Statistics - Annual
Get the data: StatBank GFA01
Net government debt is gross government debt minus the value of the financial assets corresponding to the categories of financial liabilities which comprise gross government debt. The gap between gross and net debt increased from 2008 to 2012 when it peaked at 33.6 per cent of GDP.
| Annual General Government Surplus/Deficit as % of GDP (LHS) | Pact Threshold (LHS) | Annual Expenditure (RHS) | Annual Revenue (RHS) | |
| 2005 | 1.2836955370695 | -3 | 56741 | 58923 |
| 2006 | 2.80981814052335 | -3 | 62609 | 67805 |
| 2007 | 0.272514133181765 | -3 | 70727 | 71264 |
| 2008 | -6.98598218046676 | -3 | 78499 | 65397 |
| 2009 | -13.8350488691629 | -3 | 79952 | 56511 |
| 2010 | -32.3049886553079 | -3 | 109083 | 55406 |
| 2011 | -12.535357019662 | -3 | 79124 | 57320 |
| 2012 | -8.0436958448912 | -3 | 73126 | 59062 |
| 2013 | -5.75041237573001 | -3 | 71335 | 61016 |
| 2014 | -3.95882483628323 | -3 | 72304 | 64820 |
Source publication: Government Finance Statistics - Annual
Get the data:
Ireland ran a general government surplus from 2005 to 2008. Since then, Ireland has consistently exceeded the 3% of GDP threshold for government deficits set out in the Stability and Growth Pact. These deficits increased until 2010 due to several factors. They were partly caused by declining revenue, which steadily fell until 2010. A significant cause of the fall in revenue was due to 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 falls in expenditure.
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