Back to Top

Central Statistics Office

Search currently unavailable

 Skip navigation

National Accounts

Open in Excel:

This chapter contains information on the performance of the overall economy. The details are drawn from the National Income and Expenditure 2015 electronic release (NIE 2015) and the Government Income and Expenditure 2015 electronic release (GIE 2015).  The results are compiled in accordance with the latest EU standard framework, ESA 2010.

Estimates are provided at current and at constant prices. The impact of inflation is eliminated from the tables at constant prices and they indicate the real or volume changes in the various aggregates over time. At present, the constant price tables are chain linked annually and referenced to year 2014.

The table General Government Transactions provides a summary of the revenue and expenditure of the Government sector and the General Government balance (Surplus/Deficit) for each period. The General Government Surplus/Deficit is the standard European measure used to monitor compliance with the Stability and Growth Pact. This table also shows details of how this balance is financed.

The table General Government Net Worth, Gross and Net Debt presents the net worth of the Government sector at the end of each period, calculated as financial assets plus non-financial assets minus financial liabilities. It also shows General Government Gross Debt (also known as Maastricht Debt) which comprises the sum of certain categories of liabilities (namely currency and deposits, loans and debt securities) and a Net Debt measure which is obtained by deducting the values of the financial assets from the corresponding categories of financial liabilities in General Government Gross Debt.

13.1 Main Aggregates, 2010-2015
Description 2010201120122013201420151
Gross Domestic Product (GDP) at current market prices 167,124173,070175,754180,209193,160255,815
plus Net factor income from the rest of the world -28,457-33,788-33,551-28,310-29,715-53,173
Gross National Product (GNP) at current market prices 138,667139,282142,203151,899163,445202,642
EU subsidies1,4941,6981,6321,4501,3181,571
EU taxes-229-240-242-247-275-327
Gross National Income (GNI) at current market prices 139,932140,741143,593153,102164,488203,886
less provision for depreciation-25,087-25,349-26,994-28,452-30,891-61,558
less Non EU taxes-18,063-17,779-18,344-19,285-21,196-22,455
plus Non EU subsidies 1,8281,7251,9211,9131,8531,785
Net National Product at factor cost98,61099,338100,175107,278114,254121,658
Gross National Disposable Income at current market prices137,253138,099140,999150,194161,759200,762
Chained linked volume measures referenced to year 2014     €million
Gross Domestic Product at constant market prices 178,190178,118176,153178,089193,160243,914
Index of GDP at constant market prices92.392.291.292.2100.0126.3
Gross National Product at constant market prices 149,379143,434142,903149,658163,445193,986
Index of GNP at constant market prices91.487.887.491.6100.0118.7
Gross National Income at constant market prices 150,952144,983144,372150,794164,488195,169
Index of GNI at constant market prices91.888.187.891.7100.0118.7
Gross national disposable income at constant market prices 146,308144,583144,831151,050161,759199,737
Index of gross national disposable income at constant market prices90.489.489.593.4100.0123.5
Per head of population  
GDP at current market prices36,69237,83038,32939,23541,90455,187
GNP at current market prices30,44430,44531,01233,07135,45743,716
GNI at current market prices30,72230,76431,31533,33335,68443,985
GNDI at current market prices30,13430,18630,74932,70035,09243,311
Net national product at factor cost21,65021,71421,84723,35624,78626,246
GDP at constant market prices39,12138,93438,41638,77341,90452,620
GNP at constant market prices 32,79631,35231,16532,58335,45741,849
GNI at constant market prices33,14131,69131,48532,83135,68442,104
GNDI at constant market prices32,12231,60431,58532,88635,09243,090
Per person in employment2 
GDP at current market prices88,25792,98495,71696,374101,577130,605
GNP at current market prices73,23074,83177,44481,23485,951103,457
GNI at current market prices73,89875,61478,20181,87786,500104,093
GNDI at current market prices72,48374,19576,78880,32285,064102,498
Net national product at factor cost52,07653,37054,55657,37160,08362,112
GDP at constant market prices94,10195,69595,93495,240101,577124,529
GNP at constant market prices 78,88677,06177,82580,03585,95199,038
GNI at constant market prices79,71777,89378,62580,64386,50099,642
GNDI at constant market prices77,26577,67978,87580,78085,064101,974
2Persons in employment on an ILO basis as in the QNHS (April-June) for 2010 to 2015

Table 13.1 shows the main aggregates e.g. Gross Domestic Product (GDP), Gross National Product (GNP) at current and constant (i.e. annually chain linked and referenced to the year 2014) market prices.

Gross National Income at current market prices increased each year from 2010.  The changes are due to both price and volume changes. The effect of price changes over the period is eliminated by re-valuing Gross National Income at constant market prices, thus indicating the real or volume changes which occurred.

The table also contains particulars per head of population and per person at work of Gross National Income in current and constant terms.


Detailed annual national accounts show that Gross National Product (GNP) increased by 18.7% in constant prices between 2014 and 2015. Gross Domestic Product (GDP) increased by 26.3% over the same period.

13.2 Gross Value Added at Constant Factor Cost by Sector of Origin and Gross National Income at Constant Market Prices
(chain linked annually and referenced to year 2014)
(Note the sectors here are based on NACE Rev. 2.)
Description ESA Code2010201120122013201420151
60. Agriculture, forestry and fishing 3,9374,1093,9603,6514,1544,585
61. Industry (including building) (B.1g-D.29+D.39) Pt46,98446,56445,52543,46146,52587,144
         Industry(B.1g-D.29+D.39) Pt41,67341,64340,83438,51141,12181,355
         of which 2 & 3       
         Chemicals and pharmaceuticals 17,32917,68816,48114,95616,056n/a3
         Computers and Instrument engineering 4,3963,2953,6132,9332,886n/a3
         Medical and dental instruments and supplies 1,7782,0481,9861,8032,953n/a3
        Building and construction(B.1g-D.29+D.39) Pt5,6224,8954,5604,9385,4055,789
62. Distribution, transport, software and communication (B.1g-D.29+D.39) Pt42,51541,82341,51944,12347,10750,727
        of which       
       Software and communication16,43715,99615,84618,07919,33521,089
63. Public administration and defence(B.1g-D.29+D.39) Pt7,5177,5927,4207,1607,1617,571
64. Other services (including rent) (B.1g-D.29+D.39) Pt65,39664,17063,57964,91871,82576,023
66. Statistical discrepancy ........-1,913-1,677
67. Gross value added at constant factor costB.1g-D.29+D.39162,818163,173161,093161,897174,860224,372
68. Non product taxesD.291,9532,0562,2312,5292,9573,023
69. Non product subsidies D.39-2,428-2,524-2,573-2,353-2,191-2,396
70. Gross value added at constant basic pricesB.1g162,344162,717160,773162,089175,626224,999
71. Product taxesD.2116,88816,45016,41517,02918,51419,817
72. Product subsidies D.31-1,051-1,045-1,031-1,025-981-902
73. Gross domestic product at constant market pricesB.1*g178,190178,118176,153178,089193,160243,914
74. Net factor income from the rest of the worldD.1 & D.4-29,053-34,618-33,191-28,452-29,715-49,928
 (net to abroad)      
75. Gross national product at constant market prices  149,379143,434142,903149,658163,445193,986
 76. EU subsidiesD.3 (Pt)1,8131,8121,7271,3771,3181,510
 77. EU taxesD.2 (Pt)-231-246-244-247-275-328
78. Gross national income at constant market pricesB.5*g150,952144,983144,372150,794164,488195,169
2The three sectors distinguished correspond to NACE Rev 2 classes 20 & 21; 26; 32.5.
3Sub-sector detail within the Industry Sector of Origin is suppressed for 2015 for confidentiality reasons
..Chain linked series not additive except for 2014 and 2015

All of the five main sectors distinguished in table 13.2 showed positive growth in 2015. Industry (including building) advanced by 87.3%, while the other main sectors had annual increases ranging from 5.7% to 10.4%. 

13.3 General Government transactions: revenue, expenditure, financing and deficit
DescriptionESA2010 code201020112012201320142015
General Government transactions       
Taxes and social contributionsD2 + D5 + D91 + D6147,37749,23150,80352,90857,43162,123
TaxesD2 + D5 + D9137,89138,86340,92942,49946,44850,735
Social contributions D619,48510,3689,87410,41010,98311,388
Sales of goods and servicesP1O5,2845,1635,1134,9384,7055,296
Investment incomeD42,1122,4543,0273,1812,9642,661
Current transfer revenue (excluding taxes)D7313258250196298253
Capital transfer revenue (excluding taxes)D9N322610299298405201
Compensation of employeesD119,29319,38918,99618,59418,34418,874
Use of goods and services plus taxes payableP2 + D5 + D299,1688,8018,3438,1968,9069,193
Depreciation (Consumption of fixed capital)P51c3,1863,3053,3013,2673,4333,627
Interest (excluding FISIM)D414,7435,7197,1797,6147,4496,693
Social benefitsD62 + D63128,77428,82729,47628,58328,20928,249
Other current transfersD72,6642,5982,5192,8922,7732,565
Capital transfersD937,1308,2221,5191,0331,2343,554
 Net operating balanceNOB-51,381-20,871-13,762-10,570-6,398-4,007
Net acquisition of non-financial assetsP5 + NP - P51c2,298972252-377798779
 General Government Surplus/DeficitB9-53,677-21,842-14,014-10,193-7,197-4,786
Net acquisition of financial assetsΔFA-11,6383,6656,059-5,526-18,856-7,284
Debt instrumentsF2 + F3 + F4-8,984-714,380-4,381-19,508-7,314
Equity and Investment Fund SharesF5-2,3883,7031,826-1,307-91240
Other financial assetsF6 + F7 + F8 -26633-147162743-210
Net incurrence of liabilitiesΔL42,03925,50720,0734,667-11,659-2,498
Debt instrumentsF2 + F3 + F440,92725,14319,7005,538-12,529-2,806
Other liabilitiesF5 + F6 + F7 + F8 1,112364373-871870308
  Memo: Net derivative flows on debt interest swap contracts10-132-221-274-264-240
 General Government Surplus/Deficit (% of GDP)-32.1-12.6-8.0-5.7-3.7-1.9
Government interventions to support financial institutions
Revenue (a+b+c+d)1,7443,0653,0362,8092,2952,174
Guarantee fees receivable (a)P131(part)1,0741,21593442015553
Interest receivable (b)D4(part)5081,0411,5391,090712505
Dividends receivable (c) D4(part)32333502760761962
Other (d) P131(part)13047661539668653
Expenditure (e+f+g+h)37,2879,4362,6812,3702,2813,940
Interest payable (e)D4(part)1,8942,1502,0471,8641,5281,211
Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)35,3937,114280002,111
Calls on guarantees (g)D9(part)000000
Other (h)various0172353506753618
Impact of the above interventions on General Government Surplus/Deficit-35,544-6,37035543915-1,766
  General Government Surplus/Deficit excluding interventions to support financial institutions-18,134-15,471-14,369-10,632-7,211-3,020

Interactive table: StatBank link

General Government experienced a deficit of -€4,786 million (-1.9% of GDP) in 2015 - an improvement on the 2014 position of -€7,197 million (-3.7% of GDP).

Government revenue increased from €55,407 million in 2010 to €70,534 million in 2015 driven mainly by increased tax and social contribution revenues. In the same period expenditure decreased from €109,084 million to €75,320 million.

Taxes and social contributions continue to form the largest component of revenue over the period, respresenting 88% of total government revenue in 2015, with social benefits, the biggest expenditure category, accounting for 37.5% of government spending in 2015.

The profile of expenditure remained quite consistent over the period, with the exception of 2010 where capital transfers related to the financial crisis had a signifiant impact on the profile of government spending.

13.4 General Government Net Worth, Gross and Net Debt
Description ESA2010 code201020112012201320142015
General Government net worth       
Net worth at market value, excluding pension liabilitiesNW6,015-19,609-49,407-55,126-58,361-49,561
Non-financial assets at market valueNFA84,39285,01687,37190,08195,053100,877
Financial net worth at market value, excluding pension liabilitiesFNW-78,377-104,625-136,778-145,207-153,414-150,438
Financial assets at market valueFA62,23188,28193,06894,80684,34284,810
EDP debt instrumentsF2 + F3 + F433,51655,16858,71854,59036,80829,602
Equity and Investment Fund SharesF520,13022,97525,09830,79538,20245,259
Other financial assetsF6 + F7 + F8 8,58510,1389,2529,4219,3329,949
Liabilities at market valueL140,608192,906229,846240,013237,756235,248
EDP debt instrumentsF2 + F3 + F4132,998181,857218,596231,503228,849225,423
Other liabilitiesF5 + F6 + F7 + F87,61011,04911,2508,5108,9079,825
Memo: Estimated pension liabilities of government116,000116,00098,00098,00098,00098,000
Memo: Net worth, including pension liabilities-109,985-135,609-147,407-153,126-156,361-147,561
Contingent liabilities149,3553,576119,13159,72329,25316,862
 Memo: Net worth, including pension liabilities and contingent liabilities-259,340-139,185-266,538-212,848-185,614-164,422
General Government: changes in net worth     
Opening net worth46,8836,015-19,609-49,407-55,126-58,361
Change in net worth due to transactions-51,380-20,870-13,762-10,570-6,398-4,007
Net acquisition of non-financial assets P5 + NP - P51c2,298972252-377798779
Net lending/net borrowingB9-53,677-21,842-14,014-10,193-7,197-4,786
Change in net worth due to other economic flowsKx10,511-4,754-16,0364,8523,16312,807
Other changes in non-financial assets-6,332-3482,1033,0874,1735,045
Other changes in financial assets47422,385-1,2727,2648,3927,752
Other changes in liabilities16,369-26,791-16,867-5,500-9,40210
Closing net worth 6,015-19,609-49,407-55,126-58,361-49,561
General Government Debt (GGDebt)       
Debt instrument liabilities at market valueF2 + F3 + F4132,998181,857218,596231,503228,849225,423
+ Difference between EDP face value and market value11,2297,850-8,610-16,205-25,550-24,289
Gross General Government Debt (EDP face value)GGDebt144,227189,707209,986215,298203,299201,134
less EDP debt instrument assetsF2 + F3 + F4-33,516-55,170-58,718-54,590-36,808-29,601
 Net General Government Debt GGNetDebt110,711134,537151,268160,708166,491171,533
Closing Net Worth (% of GDP) 3.6-11.3-28.1-30.6-30.2-19.4
Gross General Government Debt (% of GDP)86.3109.6119.5119.5105.278.6
Net General Government Debt (% of GDP) 66.277.786.

Interactive table: StatBank link

The gross debt of General Government stood at €201,134 million at the end of 2015, or 78.6% of GDP. This is almost double the level of debt at the end 2010 of €144,227 million or 86.3% of GDP.

General Government Net Debt for 2015 amounted to €171,533 million or 67.1% of GDP, an increase of €60,822 million at the 2010 level. This net debt figure is obtained by deducting the values of the financial assets from the corresponding categories of financial liabilities in General Government Gross Debt.


Go to next chapter >>> Balance of Payments