Sarah Collins: Sharp fall in the national debt in 2023 not likely to be repeated

Huge economic growth has shaved €13bn off our debt pile in just two years

Ireland is “on reasonably solid ground”, according to Finance Minister Michael McGrath. Photo: Getty

Sarah Collins

Irish Government debt has fallen substantially in the last two years because of bumper budget surpluses. But the rate of decline is slowing and the risks are growing.

A Department of Finance report out yesterday shows how windfall corporation tax receipts and mammoth economic growth have helped to shave more than €13bn off the country’s (gross) debt pile in just two years, bringing it down from a record €236bn 2021 to €223bn at the end of last year.