Ireland’s gross and net general government debt from 2020 to 2025

Gross and net debt start with the same institutional coverage

The gross measure covers general government and is reported under European statistical rules. For net debt, the CSO subtracts the value of financial assets corresponding to the liability categories in the gross measure. The comparison uses the same general government coverage in both series. Source 1 Source 2

The gap widened between 2024 and 2025

The rounded balances imply a gross-to-net difference of EUR 60.5 billion in 2024 and EUR 71.5 billion in 2025. The CSO reported a larger decline in net debt than in gross debt over that year. The displayed difference helps show how the asset adjustment affects the two balances. Source 1 Source 2

The nominal balance and the GDP ratio can move differently

Gross debt increased from EUR 217.2 billion in 2020 to EUR 235.2 billion in 2021, even as the debt-to-GDP ratio moved from 56.9% to 52.4%. The ratio also depends on the size of GDP. The table lets readers check both views for each year. Source 1

Exchequer debt is a separate measure

The NTMA’s Gross National Debt and Net National Debt relate to the Exchequer. General government debt also covers other central and local government bodies. Check which measure a release uses before comparing its numbers with this series. Source 2 Source 1

Sources

• Ireland Central Statistics Office Government Finance Statistics 2025, October 2026, Table 1.1
• National Treasury Management Agency definitions of Irish debt measures