New figures from the Central Bank show that household net worth reached a new high of €800 billion in the third quarter of 2019.

That equates to €162,577 per head of population.

The Central Bank said that household net worth increased by 2.5%, or €19.8 billion, in the three months from July to September mainly due to improvements in households' financial assets and housing assets.

Housing assets rose to €545 billion in the third quarter, an increase of €8.2 billion over the quarter to reach the highest level since the fourth quarter of 2008.

Meanwhile, household debt continued its downward trend, falling by €176m in the third quarter to €135 billion - the lowest level since the third quarter of 2005.

The Central Bank said this equates to €27,453 per head.

Household debt has decreased by a third, or €67.8 billion, since it hit a peak of 202 billion in the third quarter of 2008.

In its third quarter Financial Accounts, the Central Bank said that private sector debt as a proportion of GDP decreased by 2.4 percentage points to stand at 239% in the third quarter 2019. 

Private sector debt grew over this period by €5.6 billion.

Meanwhile, government debt decreased by €1 billion during Q3 2019, to stand at €232 billion. This was largely due to a drop in loans of €1.1 billion during the quarter.