The general government balance sheet shows a surplus of €23.2bn, or 4.3% of GDP in 2024, almost treble the surplus of €7.9bn recorded in 2023, new figures from the CSO show.

This is due in large part to the money coming to the State from the European court’s ruling on Apple’s tax.

Total government revenue increased to €148.3bn, €24.5bn higher than 2023.

Total government expenditure also increased to €125.1bn, a €9.2 billion increase on the year before.

Gross general government debt fell to €218.2 billion at the end of 2024, from €220.7bn at the end of 2023, and figure that means the average debt per person works out at €40,550.

This is a slight drop from the 2023 figure of €41,790.

Commenting on the information, Bill Drakeford, Statistician in the Government Accounts Compilation & Outputs Division, said: “Today’s results for 2024 show a surplus of €23.2bn, with revenue 20% higher than 2023, and expenditure up by 8%.

“Total government revenue of €148.3bn, is a €24.5bn increase on 2023.

“This was driven by a one-off capital transfer of over €14bn arising from a Court of Justice of the European Union ruling, alongside continuing increases in tax revenue.

“Total government expenditure rose by €9.2bn in 2024. This was due to increases across almost all expenditure items, most notably in pay, social benefits, and capital investment.

“This resulted in an overall government surplus of €23.2bn for 2024, up 193% on 2023.

“Gross general government debt fell by €2.5bn to €218.2bn at the end of 2024. This is the equivalent to 40.9% of Gross Domestic Product (GDP).”

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