Finance Minister Brian Cowen has said the Government is likely to raise its growth forecast for the Irish economy next month.
He was speaking to reporters at the launch of the National Treasury Management Agency's annual report. The Government's current forecast is for gross domestic product growth of 5.1%. The Department is due to publish its annual economic review and outlook in August.
Meanwhile, the NTMA said the national debt stood at €37.8 billion at the end of last year, up marginally on the previous year, with the ratio of debt to GDP falling to 29.9% from 32% at the end of 2003. This is one of the lowest in the EU.
The NTMA also said the debt was now the equivalent of eight months' tax revenue, whereas in 1990 it took three months' tax revenue just to pay interest on the debt. The report said more than 79% of Irish Government bonds were now held by foreign inverstors.
