Since debt contracts are written in nominal terms, nominal GDP matters for debt dynamics. It is worth noting that the projected path for nominal GDP during 2011-2013 in the new CB QB is substantially higher than in the April 2012 Stability Programme Update.
In the SPU, nominal GDP values are 156.5 bn in 2011, 158.9 bn in 2012, 164.2 bn in 2013
In the CB QB, these are 158.9 bn in 2011, 163.4 bn in 2012, 168.3 bn in 2013
The 4.1 bn difference in the projected 2013 values will influence the plans for the December budget.