CSO reveals major rise in private debt

New figures from the Central Statistics Office (CSO) report that private debt increased by more than 42% last year - making it three times the size of the Irish economy.

CSO reveals major rise in private debt

New figures from the Central Statistics Office (CSO) report that private debt increased by more than 42% last year - making it three times the size of the Irish economy.

The figures released yesterday claim that private sector debt now stands at €776.1bn - or just over 300% of the value of the economy - driven by a jump in the debt of non-financial corporations (NFCs).

However, the Irish Independent points out that these figures include the debt of multinationals restructuring their balance sheets.

This means that the numbers are inflated in a similar fashion to the 26% growth rate reported for 2015 - the newspaper dubs it the "return of leprechaun economics".

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