Ireland’s government recorded a record surplus of €22.6 billion in 2024, equivalent to 4% of the country’s GDP. This represents a three-fold increase from the €7.2 billion surplus recorded in 2023.
Total government revenue last year reached €148 billion, representing an increase of €24.8 billion compared to 2023.
The substantial surplus reflects strong economic performance and increased tax revenues, driven by continued growth in corporation tax receipts and employment-related taxes. Ireland’s economic expansion has boosted government finances significantly over recent years.
However, the large surplus has sparked debate about how these funds should be allocated. Opposition parties and various stakeholders have called for greater investment in public services, housing, healthcare and social welfare, arguing that the surplus represents capacity for increased public spending on pressing needs.
The government’s approach to the surplus will likely influence budget decisions in coming years, with discussions ongoing about balancing deficit reduction, tax cuts and increased public investment in areas facing shortages and capacity challenges.