Debt increased by more than 11 per cent at the end of 2022 to around €44,000 for every person, figures show via IrishTimesBiz
The report said there are “significant risks” to the public finances, with both immediate and medium-term challenges pressuring the state’s fiscal position, and “clear vulnerabilities” relating to our dependence on corporation tax receipts.The report further underlined the need to manage the national debt in a prudent manner, ensuring public finances are in a strong position to withstand these challenges.
“The war in Ukraine and the associated energy price shock have induced a cost-of-living crisis, placing renewed pressure on the State’s fiscal position. “Nevertheless, the re-financing of our existing debt over the medium-term will most likely lead to increased debt servicing costs, the first call on the public finances.”“The need to finance an ambitious infrastructural plan, as well as shifting demographics and the transition of economic activity to carbon-neutrality, will impose large costs on the public finances,” he said.
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