Finance Minister Paschal Donohoe has said the debt for every man, woman and child in Ireland is almost €50,000.
While addressing the Dáil, Mr Donohoe said in the Summer Economic Statement, his Department forecast a combined deficit of just over €34billion for 2021 and 2022.
He said he has revised that forecast to just over €21 billion for both years - a reduction of 40%.
Mr Donohoe said: “Critically, this means that our debt as a share of national income is now falling, and falling significantly.
“I no longer believe that it is appropriate to consider our debt burden in terms of Gross Domestic Product given the volatility associated with that particular measure of economic activity.”
The Finance Minister said as a share of national income, our debt will therefore fall from 106% this year to 99% next year, reaching 89 ½% in 2025.
He said it is “clear” that we are reducing our overall borrowing this year and next.
But added: “It is also clear that the amounts involved are still substantial.
“The expenditure associated with Budget 2022 will bring our overall national debt to just under €240 billion.
“That means debt of nearly €50,000 for every man, woman and child in the country.
“This is not where we want to be when interest rates start to rise again.
“That is why we need to repair our public finances, and put them back in a sustainable footing.”
