“This may continue,” he said. “Ireland’s strong GDP growth and buoyant tax receipts meant a government surplus of €5.3bn was achieved in 2022. Further, the National Treasury Management Agency’s strategy of long-term debt issuance means that Ireland’s funding requirements will be negligible and low compared with peers.
Mr Mac Coille said that the key risks to Ireland’s debt dynamics are its reliance on corporate tax receipts and “inevitable” political pressure for income tax cuts and increased spending ahead of the next general election, due by early 2025.
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