Ireland’s national debt stands at €42,000 per capita

February 23, 2024

Ireland’s national debt continued to fall last year but remains one of the highest in the world at €42,000 per capita, the Department of Finance’s report on public debt shows.

Only Japan, Belgium and Italy have higher levels of borrowings per person.

The country’s gross public debt stood at €223 billion in 2023 down from €225 billion a year earlier. It peaked at €236 billion in 2021.

The State has liquid assets of €40 billion which makes the net debt figure lower.

Minister for Finance Michael McGrath said it was important to acknowledge progress and Ireland was on a solid trajectory.

“The gross debt is high and we have to acknowledge the risks,” he said.

The Government is setting up two new funds which will invest the excess corporate tax receipts.

The Department of Finance said while Ireland’s borrowings are falling there are some significant challenges in the coming decades.

The Department’s chief economist, John McCarthy, said demographics, decarbonisation, digitalisation and de-globalisation all posed risks for Ireland’s borrowings.

At present there are four workers for every retiree but in 2050 there will be two workers every retiree.

He said debt as a proportion of national income had fallen from 166% in 2012 to 76% last year.

At its peak in 2012, interest payments used one in every €8 collected in tax, last year it had fallen to one in every €40.

Article Source – Ireland’s national debt stands at €42,000 per capita – RTE

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