The national debt stood at €226 billion at the end of last year, according to the Department of Finance's Annual Report on Public Debt in Ireland | Read more:
That is equal to €44,250 for every man, woman and child in the country and is one of the highest per-capita debt burdens in the world, according to the report.Last year it was equal to 86.4% of GNI* which is a measure of the economy which strips out some of the effects of the multinational sector. This year it is projected to decline further to 81.6% of GNI*.
It says approximately three quarters of gross national debt is at rates below 2%, while the average maturity of our debt is over ten years.It also warns the public finances are exposed to a potential shock when it comes to corporation tax"particularly when combined with an underlying shock to domestic activity" that might happen prior to any hit to corporation tax receipts.
But he said that several structural features of the country's debt, with the majority of it locked in at fixed prices and relatively long maturities, insulate us somewhat from the changing interest rate environment brought about by these shocks. Mr McGrath said it is essential that the public finances stand ready to deal with these challenges, adding that the report underlines the need for prudent management of debt and the re-building of our fiscal buffers.
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