Ireland had the highest level of private sector debt in the European Union in 2010, according to new figures from Eurostat.
In a new report on economic imbalances, the statistical agency says Irish private sector debt that year amounted to 341.3% of GDP.
By comparison, Greek private sector debt was 124% of GDP, and Italian private sector debt was 126% of GDP.
Portuguese private debt was 248% of GDP, while the UK figure was 212% and Germany stood at 128%. The lowest level of private sector debt was recorded in Slovakia, with 69% of GDP.
Greece topped the table for government sector debt, with 144% of GDP, while Italy came in at 118.4% of GDP. Ireland’s government debt stood at 92.5%, while that of Portugal was 93.4% of GDP. Germany came in at 83.2% with the UK at 79.6%.
Estonia recorded the lowest level of government debt, with just 6.7%. In general, debt levels were higher in western states and lower in eastern states.
Combined government and private sector debt shows Ireland to be by far the most indebted country in the EU, with a total debt ratio of 433.8%.
This compares with 341.4% for Portugal (the same as Irish private sector debt alone), 268% for Greece and 244.8% for Italy.
These Eurostat figures are for 2010, and since then the level of state indebtedness has risen further.