National debt levels mean every man, woman and child in the State owes some €44,365, according to new Central Statistics Office data.
The latest CSO figures from the show Ireland’s gross debt jumped to €215billion in the first quarter of this year, up from €206billion from the end of 2018.
The per capita figure is calculated by taking the State’s national debt – €215 billion – and dividing it by the Republic’s population.
While this represents a slight reduction from the peak of €47,514 in the first quarter of 2013, it is still more than four times higher than the pre-crisis level of €10,667 recorded in first quarter of 2007.
The Government has been repeatedly warned that having such a large debt pile leaves the economy more at risk to shocks such as Brexit.
The figures show that General Government Net Debt stood at €215.5 billion at the end of the first quarter of this year, which equates to 65.6 per cent of gross domestic product (GDP), the standard measure of national income.
The head of the National Treasury Management Agency revealed earlier this month that the State has paid out more than €60billion in interest on the national debt over the past decade.
NTMA chief executive Conor O’Kelly: “Debt is still elevated and remains a very significant burden on the State.
“It is worth pointing out that this year’s interest bill will still be three times the annual average over the period from 2003 to 2008 despite the cost of borrowing being four times lower,
The CSO figures shows the Government’s €215.5billion debt equated to 65.6 per cent of gross domestic product.
The government recorded a deficit of €1.8 billion in the first quarter of 2019.
