Public debt expected to go up due to refinancing

On a per capita basis public debt in 2024 amounts to €40,500 per person, above the EU average of €32,500

Finance minister Paschal Donohoe said a “significant” portion of public debt will be exposed to higher interest rates in the coming years. Photo: Sam Boal/Collins Photos

Gross Government debt continued to decline during 2024 hitting just over €218bn, but given the higher interest rate environment, as well as the need to refinance, public debt and servicing costs are set to rise over the coming years, a new report has found.

According to the Department of Finance’s latest annual report on public debt in Ireland, the overall public debt declined from €220.7bn in 2023 to €218.2bn in 2024 which on a per capita basis amounts to €40,500 per person.