This chapter contains information on the performance of the overall economy. The details are drawn from the National Income and Expenditure 2014 electronic release (NIE 2014).

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 2013.

General Government Transactions provide 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. 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). 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 is also presented. These tables were published in October 2015 as part of the Government Finance Statistics annual statistical release.

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 2013) 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.

Four of the five main sectors distinguished in 13.2 showed positive growth in 2014. The Agriculture, forestry and fishing sector advanced by 17.6%, while three of the other main sectors had annual increases ranging from 4.2% to 7.1%.  Public administration and defence shrank, for the sixth year in succession, in 2014 by 0.3%.

Interactive table: StatBank link

General Government experienced a deficit of -€7,331 million (3.9% of GDP) in 2014 - an improvement on the 2013 position of -€10,153 million (5.7% of GDP).

Government revenue increased from €56,511 million in 2009 to €64,971 million in 2014 driven mainly by increased tax and social contribution revenues. In the same period expenditure decreased from €79,952 million to €72,302 million.

Taxes and social contributions continue to form the largest component of revenue over the period, respresenting 88% of total government revenue in 2014, with social benefits, the biggest expenditure category, accounting for almost 39% of government spending in 2014.

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.

Interactive table: StatBank link

The gross debt of General Government stood at €203,187 million at the end of 2014, or 107.5% of GDP. This is almost double the level of debt at the end 2009 of €104,667 million or 61.8% of GDP.

General Government Net Debt for 2014 amounted to €166,060 million or 87.8% of GDP, an increase of €104,076 million at the 2009 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.

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