household debts in Ireland

Gross debt in Ireland

General government debt of Ireland refers to the debts of the state, their states and municipalities, and also of public sector institutions such as social security funds.

The government debt in the period from 2000 to 2021 was between 36.5 billion and 286.0 billion USD. The highest level within the past 21 years was reached in 2013. However, the liabilities in 2021 have been only 279 billion USD The budget deficit in the same year was 8.0 billion USD.

Based on the number of inhabitants, this is a debt of 55,422 USD per person. For comparison, the average debt per person in the same year in the European Union was 35,341 USD.

Back to overview: Ireland

Gross debt of the last 21 years in billion USD

This is how much debt Ireland can afford

In accordance with the Maastricht Treaty, government debt in Ireland is aggregated for the federal, state and local governments as well as state institutions, and therefore includes the debt of all public budgets. As it is gross debt, the government's assets are not deducted. According to the EU convergence criteria, each EU country must meet certain requirements. For the debt budget, these two conditions in particular are decisive:
  • Consolidated gross debt may not exceed 60% of gross domestic product (GDP).
  • The budget deficit, i.e. new annual debt, may not exceed 3% of GDP.
Between 2000 and 2021, Ireland exceeded the 60% ceiling 10 times. The budget deficit exceeded the 3 percent limit 8 times. If a country repeatedly fails to comply with these limits, infringement proceedings can be initiated on the part of the EU. During the COVID years in particular, aid programs were launched in most countries to offset the consequences of the economic downturn. Around half of all EU countries were therefore unable to comply with these limits.

At the end of 2021, the debt of all EU countries averaged 92 percent.

YearIreland total% of GDPper capitaEU per capita
200036.48 bn USD36.40%9,586 USD10,328 USD
200136.69 bn USD33.56%9,491 USD10,404 USD
200239.70 bn USD30.87%10,097 USD11,368 USD
200349.10 bn USD29.82%12,286 USD14,148 USD
200454.59 bn USD28.09%13,413 USD16,162 USD
200555.20 bn USD26.05%13,270 USD16,918 USD
200654.90 bn USD23.65%12,846 USD17,549 USD
200764.66 bn USD23.94%14,700 USD19,574 USD
2008117.10 bn USD42.51%26,083 USD22,721 USD
2009146.01 bn USD61.75%32,194 USD23,701 USD
2010191.17 bn USD86.16%41,923 USD25,145 USD
2011264.06 bn USD110.50%57,654 USD28,417 USD
2012269.70 bn USD119.60%58,635 USD27,784 USD
2013285.95 bn USD120.01%61,843 USD30,021 USD
2014269.99 bn USD104.26%57,966 USD30,832 USD
2015223.76 bn USD76.69%47,590 USD26,170 USD
2016222.09 bn USD74.25%46,702 USD26,655 USD
2017227.37 bn USD67.59%47,296 USD27,535 USD
2018243.10 bn USD63.02%49,946 USD29,172 USD
2019228.36 bn USD57.19%46,279 USD27,927 USD
2020248.86 bn USD58.44%49,918 USD32,227 USD
2021278.95 bn USD55.33%55,422 USD35,341 USD

Comparison of gross debt per capita with the European Union in U.S. dollars

      Ireland       European Union

Budget deficit in Ireland

household debts in IrelandThe budget deficit of a country is the result of all its claims and liabilities. This includes incomes and expenses, repayments and building of new debts in other countries, but also domestic positions of the government, such as social insurance, local authorities and communities. It is the financial balance of the economic accounts. In simple terms: If a country at the end of the year has more money than at at the beginning, it is a surplus. If it is less, it is called a deficit.

The budget balance in Ireland in the period between 1998 and 2022 varied between -71.28 billion euros and +8.46 billion euros. In 2022, Ireland reached a balance of 8.46 billion euros.

In ratio to population, this equals a new indebtedness of 1,680 euros per capita in Ireland in 2022. For comparison, the average debt per capita in the European Union in the same year was 1,254 euros.

Budget deficit and surplus in the last 24 years

YearIreland total% of GDPper capitaEU per capita
19982.08 bn USD2.30%559 USD-398 USD
19992.62 bn USD2.65%699 USD-204 USD
20004.61 bn USD4.60%1,210 USD112 USD
20010.95 bn USD0.87%247 USD-299 USD
2002-0.49 bn USD-0.38%-125 USD-565 USD
20030.65 bn USD0.40%163 USD-840 USD
20042.59 bn USD1.33%636 USD-920 USD
20053.40 bn USD1.61%818 USD-822 USD
20066.56 bn USD2.82%1,534 USD-568 USD
20070.71 bn USD0.26%161 USD-360 USD
2008-19.37 bn USD-7.03%-4,314 USD-1,085 USD
2009-32.80 bn USD-13.87%-7,232 USD-2,021 USD
2010-71.28 bn USD-32.12%-15,630 USD-1,970 USD
2011-32.46 bn USD-13.58%-7,088 USD-1,463 USD
2012-19.10 bn USD-8.47%-4,152 USD-1,220 USD
2013-15.24 bn USD-6.40%-3,296 USD-1,027 USD
2014-9.36 bn USD-3.62%-2,010 USD-851 USD
2015-5.94 bn USD-2.04%-1,264 USD-574 USD
2016-2.29 bn USD-0.77%-482 USD-421 USD
2017-0.97 bn USD-0.29%-202 USD-263 USD
20180.52 bn USD0.13%106 USD-134 USD
20191.87 bn USD0.47%379 USD-191 USD
2020-21.33 bn USD-5.01%-4,279 USD-2,317 USD
2021-8.05 bn USD-1.60%-1,599 USD-1,852 USD
20228.46 bn USD1,680 USD-1,254 USD

(negative numbers = deficit)
Comparison: average incomeAverage income around the worldA comparison of the average income per capita over 69 countries worldwide
The richest countries in the worldThe richest countries in the worldThese are the 50 wealthiest countries in a global comparison: tax havens, gambling, and oil ensure prosperity.
Language: ChineseChinese - Worldwide distributionInternational distribution of mother tongue Chinese including regional allocations. Mainly in in China.