The national debt stood at more than €219 billion at the end of last year, equivalent to €44,000 for every person in the country, according to a new report from the Department of Finance.
The sharp increase in public indebtedness, driven by the profound effects of the Covid-19 pandemic on the economy, is thought to have pushed the total debt pile to 108% of Modified Gross National Income (GNI*) last year, an increase of 12%.
That debt-to-GNI* figure is expected to grow further to 115% this year because of the changes announced in the budget, or €47,700 for every man, woman and child here.
However, it is not all bad news, with the cost of servicing the national debt falling due to the decline in the cost of borrowing internationally thanks