Minister for Finance and Public Expenditure and Reform Paschal Donohoe has said today's Budget will deliver the Government's long held objective of balancing the country's books.
Delivering his first budget as Finance Minister, the Minister said the country will achieve the medium-term budgetary objective or MTO.
But Mr Donohoe told the Dáil that sticking to careful budgeting will not protect the country from every crisis, including the risks posed by Brexit, potential changes in US trade policy and various geo-political threats that could have impacts on the global economy.
He said that balancing the books in 2018 will mean that the country can devote additional resources to tackling the needs of the Irish people and the economy in 2019 and beyond.
The Minister said the projected deficit for this year is 0.3% of GDP and taking account of the today's Budget package, the forecast deficit for next year is 0.2% of GDP.
While the country's debt to GDP ratio has become down impressively in recent years, the Minister said it still remains too high and we can not ignore the level of debt we leave for future generations.
The Minister said that total voted expenditure in 2018 will amount to just over €60.9 billion - which equates to €12,700 for every person living in Ireland.
Of that sum, nearly €55.6 billion has been allocated to current expenditure to ensure the continued delivery of "sustainable and high quality public services".
Total voted capital spending for next year will about to over €5.3 billion, an increase of €790m on the 2017 allocation.
The Minister also said he was announcing additional capital expenditure of €4.3 billion over the next four years, up to the end of the existing Capital Plan in 2021.
He said this will bring the country's public investment levels to among the highest in the European Union.
"This increased investment will deliver better public services, promote regional economic growth, and help address challenges such as Brexit and climate change," Mr Donohoe said.
