Government records surplus of €22.6 billion (4% of GDP) in 2024

Kenneth Fox

General government records a surplus of €22.6 billion (4 per cent of GDP) in 2024

The General Government Balance (GGB) shows a surplus of €22.6 billion in 2024, or 4 per cent of Gross Domestic Product (GDP), almost treble the surplus of €7.2 billion recorded in 2023.

Total government revenue increased to €148.6 billion in 2024, €24.8 billion higher than in 2023.

More than half of this increase was due to a one-off capital receipt arising from a ruling of the Court of Justice of the European Union.

Total government expenditure also rose to €126.0 billion in 2024, a €9.4 billion increase on 2023.

Gross General Government Debt (GGD) fell to €215.4 billion at the end of 2024, a decrease of €3.7 billion since the end of 2023.

Commenting on the release, Bill Drakeford, statistician in the government accounts compilation & outputs division, said: “The results for 2024 show a surplus of €22.6 billion, with revenue 20.1 per cent higher than 2023, and expenditure up by 8 per cent.

"Total government revenue of €148.6 billion is a €24.8 billion increase on 2023.

"This was driven by a one-off capital receipt of more than €14 billion arising from a Court of Justice of the European Union ruling, alongside continuing increases in tax revenue.

"Gross General Government Debt stood at €215.4 billion at the end of 2024, down by €3.7 billion in the year. This is the equivalent to 38.3 per cent of Gross Domestic Product (GDP).”