The Irish economy grew in 2024 due to both domestic enterprises and foreign multinationals here.
Profits of foreign non-financial corporations increased (+€17bn) in 2024, and they paid more tax (+€2bn) and paid more to employees (+€3bn) than in 2023.
Households saved €24bn in 2024, an increase from the €19bn saved in 2023, but the amount of saving that went into real assets such as new homes remained the same at €14bn.
Households' debt-to-income ratio continued to decline and stood at 75% in 2024, which was lower than the Euro-area rate of 83%. This decrease was also reflected in the private sector debt for households dropping to 24% of Gross Domestic Product (GDP) in 2024, below the EU target threshold of 55% of GDP.
The Government surplus almost trebled to €23bn in 2024, in part from a one-off capital receipt due to a Court of Justice of the European Union ruling.
The balance sheet of financial corporations grew in 2024, surpassing €9 trillion by year-end.
Private sector debt declined for Non-Financial Corporations in 2024 to 91% but remained above the EU target threshold of 85% of GDP.
These accounts published today show the economic situation for the separate sectors of households, corporations (financial and non-financial, domestic, and foreign-owned), and government. They integrate the profit and loss account (non-financial account) for each sector with changes in their balance sheets (financial account). They thus provide the most detailed integrated picture of the Irish economy. These accounts are consistent with the National Accounts main aggregates as shown in the Annual National Accounts 2024 (ANA24). For consistency purposes revisions to Government Finance Statistics made after the compilation of ANA24 are not included.
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Statistician's Comment
The Central Statistics Office (CSO) has today (04 November 2025) released the Institutional Sector Accounts, Non-Financial and Financial 2024.
Commenting on the release, Mark Manto, Statistician in the National Accounts Division said: “Today's release shows that households added €24bn to their wealth in 2024, of which €14bn went into new homes and other capital assets.
The household debt-to-income ratio continued to decline and stood at 75%, which was lower than the ratio for the wider Eurozone of 83%. This decrease was also reflected in the private sector debt for households dropping to 24% of Gross Domestic Product (GDP) in 2024, below the EU target threshold of 55% of GDP.
Private sector debt decreased for non-financial corporations in 2024 to 91% but remained above the EU target threshold of 85% of GDP.
General Government consolidated debt continued to fall in 2024. The Government surplus almost trebled to €23bn in 2024 with a greater increase in income than expenditure. A large part of this increase in income was due to a one-off capital receipt arising from a ruling of the Court of Justice of the European Union. Meanwhile, the balance sheet of the financial corporations sector rose during 2024 to stand at over €9 trillion by year-end."