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How Much Does Ireland Still Owe?

Published in Public Debt 2 mins read

Ireland's gross public debt stood at €223 billion in 2023. When considering the State's liquid assets, its net debt figure is significantly lower, representing the amount it effectively "still owes" after accounting for readily available funds.

Understanding Ireland's National Debt

Ireland's national debt, also known as public debt, represents the total amount of money that the central government and other public sector bodies owe to lenders both inside and outside the country. This debt accumulates from past government borrowing to finance public services, infrastructure, and manage economic fluctuations.

The figures demonstrate a recent decrease in the gross public debt from previous years, reflecting ongoing fiscal management efforts.

Current Debt Figures for Ireland (2023)

As of 2023, the most recent available data shows the following key figures regarding Ireland's public debt:

Debt Metric Amount Description
Gross Public Debt €223 billion The total amount of money owed by the State. This figure was down from €225 billion in 2022.
Liquid Assets €40 billion Cash and other highly convertible assets held by the State, which can be used to offset debt.
Net Public Debt €183 billion Calculated by subtracting liquid assets from the gross public debt (€223 billion - €40 billion). This provides a more nuanced view of the State's actual financial liability.
Debt Per Capita €42,000 Based on the gross public debt, this represents the average share of the national debt per person in Ireland.

Historically, Ireland's gross public debt peaked at €236 billion in 2021, indicating a positive trend of reduction in recent years. These figures are regularly reported and analyzed by financial bodies to provide transparency on the country's economic health.

What Constitutes National Debt?

National debt is typically made up of various financial instruments through which governments borrow money. These can include:

  • Government Bonds and Treasury Bills: These are common ways for governments to borrow from investors, promising to pay back the principal with interest over a set period.
  • Loans from International Financial Institutions: Countries might borrow from organizations like the International Monetary Fund (IMF) or the European Investment Bank (EIB).
  • Other Financial Obligations: This can include pension liabilities and other financial commitments.

Managing this debt involves striking a balance between funding essential public services and ensuring long-term financial stability. For more detailed insights into Ireland's public debt, you can refer to reports from reputable sources like RTE News.