Photograph: iStockA sequence of large budgetary surpluses has reduced Ireland’s national debt to pre-pandemic levels. Central Statistics Office (CSO) figures show gross debt fell by €5.7 billion to €209.9 billion last year, which equated to 62 per cent of national income as measured by the CSO’s bespoke measure gross national income (GNI*). The reduction comes on foot of general government surpluses of €7.4 billion, €23.3 billion and €11.6 billion in 2023, 2024 and 2025. However, the outlay on Covid saw it balloon to €235 billion by 2021, which was more than 100 per cent of national income. Before the financial crisis in 2007, gross national debt was just €47 billion.

Source: The Irish Times April 03, 2026 06:20 UTC