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E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Derek Stynes (+353) 1 498 4303 Mary Brew (+353) 1 498 4365
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information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-616X
CSO statistical release, 06 October 2017, 11am

Government Finance Statistics - Annual

2011 to 2016 (October 2017 Results)

 General Government and GDP
 GG DeficitGG Gross DebtGG Net DebtGDP
End of year€m% GDP€m% GDP€m% GDP€m
2011-21,886-12.7189,725110.3135,09378.6171,939
2012-14,112-8.0210,016119.6152,11186.6175,561
2013-11,020-6.1215,296119.4161,46089.6180,298
2014-7,099-3.6203,326104.5167,20686.0194,537
2015-4,968-1.9201,58976.9172,51465.8262,037
2016-1,907-0.7200,59272.8175,61763.7275,567

Government deficit of 0.7% of GDP in 2016

Figure 1 General Government Deficit, Gross Debt and Net Debt
go to full release

For 2016 the government deficit was €1.9 billion (-0.7% of GDP) an improvement on the 2015 deficit of €5 billion (-1.9% of GDP).  The change was driven by an increase of 2.9% in government revenues to €72.6 billion in 2016 coupled with a 1.4% decrease in expenditure to €74.6 billion between 2015 and 2016 (Table 1).  The upward trend in tax and social contribution revenue continues with increases of €2.1 billion (+4.2%) in Taxes and €0.7 billion (+5.8%) in Social contributions.  These increases were partially offset by a reduction in Investment income of €0.9 billion (-32.8%) (Table 1).

Although total government expenditure fell in 2016, the comparison with 2015 is impacted by a once-off capital transfer of €2.1 billion in 2015.  Excluding this item results in an increase of €0.7 billion in other expenditure categories between 2015 and 2016. There were increases in Compensation of employees/Pay (+2.4%), Use of goods and services (+2.5%) and Gross fixed capital formation (+12.8%).  Debt service costs, or Interest, continued to decrease in 2016 with a reduction of 9.8% (Tables 1 and 4).

Interventions to support financial institutions were almost neutral in their effect on the deficit in 2016 with associated interest costs largely offset by dividend and income.  Investment income fell over the period 2012-2016 as the State reduced its holdings in financial institutions (Table 1).

Government debt falls to 72.8% of GDP in 2016

The general government gross debt (GG Debt) stood at €200.6 billion at the end of 2016 (72.8% of GDP), down from the 2015 figure of €201.6 billion (76.9% of GDP).  The increase in GDP in 2016 coupled with the decrease in GG Debt contributed to the decrease in the debt to GDP ratio (Table 2).

There was a reduction in all categories of GG Debt, except that of Currency and deposits (F2) and Short term debt securities (F31). On the financial assets side, reductions in all categories of assets were observed, except Other accounts receivable/payable (F8) (Table 6).  At the end of 2016 general government net debt increased by €3.1 billion to €175.6 billion (63.7% of GDP).  This increase was composed of a €1 billion reduction in GG Debt and a fall of €4.1 billion in cash deposits and debt security assets over the same period (Tables 2 and 7).

National accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.

The data in this release are subject to the normal EDP verification process by Eurostat until 23 October 2017 and are therefore provisional.The changes to the previously published tables under the Excessive Debt Procedure in April 2017 reflect updated data sources which become available between the April and October publications as well as a change to methodology for the treatment of the sale of mobile phone licences - see Background Notes.

Tables included in the release show a reconciliation of the Exchequer balance to the General Government balance (Table 8) and a central/local government breakdown of revenue and expenditure (Tables 10-15).

GFS annual results are benchmarked to the most recent EDP notification. Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The main EDP notification tables for Ireland, details of government guarantees, PPPs and concessions and tables showing the impact of government interventions in the financial sector on government accounts will be published on 23 October, the same day as the Eurostat release.

 

Total RevenueTotal Expenditure
201133.5746.3
201233.8841.92
201334.1140.22
201433.8937.54
201526.9428.84
201626.3627.05
Table 1 General Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201120122013201420152016
General Government transactions       
RevenueTR57,73659,49361,51365,94370,60372,645
Taxes and social contributionsD2 + D5 + D91 + D6149,23150,81852,92557,45062,17464,976
TaxesD2 + D5 + D9138,86340,94442,51646,46750,78652,928
Social contributions D6110,3689,87410,41010,98311,38812,048
Sales of goods and servicesP1O5,1635,0574,8684,7395,1194,692
Investment incomeD42,4713,0653,2723,0682,7101,822
Current transfer revenue (excluding taxes)D7262254150282292231
Capital transfer revenue (excluding taxes)D9N610299298405308925
           
ExpenditureTE79,62273,60372,53373,04275,57274,553
ExpenseExpense78,39573,16172,09572,14174,69173,328
Compensation of employeesD119,38918,99618,59418,34418,89819,354
Use of goods and services plus taxes payableP2 + D5 + D298,8018,3438,1968,9069,1799,406
Depreciation (Consumption of fixed capital)P51c3,0493,1113,1753,3303,5263,738
Interest (excluding FISIM)D415,7687,2987,7747,6046,8586,187
SubsidiesD31,7251,9101,9061,8631,7661,674
Social benefitsD62 + D63228,82729,45428,52628,07628,42228,494
Other current transfersD72,6142,5312,9082,7842,5643,012
Capital transfersD98,2221,5191,0161,2343,4781,462
           
 Net operating balanceNOB-20,659-13,670-10,581-6,197-4,088-683
           
Net acquisition of non-financial assetsP5 + NP - P51c1,2284424389018811,225
           
 General Government Surplus/DeficitB9-21,886-14,112-11,020-7,099-4,968-1,907
equals       
Net acquisition of financial assetsΔFA3,7705,640-5,676-18,871-7,489-4,207
Debt instrumentsF2 + F3 + F4-4364,105-4,322-19,597-7,222-4,305
Equity and Investment Fund SharesF53,7031,826-1,307-91240-385
Other financial assetsF6 + F7 + F8 503-291-47817-507483
less       
Net incurrence of liabilitiesΔL25,65619,7525,344-11,772-2,521-2,300
Debt instrumentsF2 + F3 + F425,30219,6625,501-12,559-2,831-2,057
Other liabilitiesF5 + F6 + F7 + F8 35490-157787310-243
      
Memo: Net derivative flows on debt interest swap contracts -132-221-274-264-240-275
General Government Surplus/Deficit (% of GDP) -12.7-8.0-6.1-3.6-1.9-0.7
Government interventions to support financial institutions       
Revenue (a+b+c+d)3,0653,0362,8092,2952,1741,711
Guarantee fees receivable (a)P131(part)1,2159344201555342
Interest receivable (b)D4(part)1,0411,5391,090712505135
Dividends receivable (c) D4(part)333502760761962749
Other (d) P131(part)47661539668653785
Expenditure (e+f+g+h)9,4362,6812,3702,2814,0081,732
Interest payable (e)D4(part)2,1502,0471,8641,5281,2111,050
Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)7,114280002,1110
Calls on guarantees (g)D9(part)000000
Other (h)various172353506753686682
Impact of the above interventions on General Government Surplus/Deficit-6,37035543915-1,834-21
  General Government Surplus/Deficit excluding interventions to support financial institutions -15,516-14,466-11,458-7,113-3,135-1,886
Table 2 General Government Net Worth, Gross and Net Debt
      €million
Description ESA2010 code201120122013201420152016
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-20,490-49,476-53,504-58,050-48,227-44,025
equals      
Non-financial assets at market valueNFA85,01687,37190,08195,053100,877107,059
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-105,506-136,847-143,585-153,103-149,104-151,084
equals      
 Financial assets at market valueFA88,21492,60994,29284,00884,29479,839
EDP debt instrumentsF2 + F3 + F454,63157,90553,83736,12029,07624,975
Equity and Investment Fund SharesF522,97525,09830,79538,20145,26045,230
Other financial assetsF6 + F7 + F8 10,6089,6069,6609,6879,9589,634
less      
Liabilities at market valueL193,720229,456237,877237,111233,398230,923
EDP debt instrumentsF2 + F3 + F4182,594218,412228,858227,779223,144221,003
Other liabilitiesF5 + F6 + F7 + F811,12611,0449,0199,33210,2549,920
      
Memo: Estimated pension liabilities of government116,00098,00098,00098,00098,00098,000
Memo: Net worth, including pension liabilities-136,490-147,476-151,504-156,050-146,227-142,025
Contingent liabilities141,994118,92659,52229,41217,25510,325
Memo: Net worth, including pension liabilities and contingent liabilities -278,484-266,402-211,026-185,462-163,482-152,350
      
General Government: changes in net worth      
Opening net worth6,378-20,490-49,476-53,504-58,050-48,227
Change in net worth due to transactions-20,658-13,670-10,581-6,197-4,088-683
Net acquisition of non-financial assets P5 + NP - P51c1,2284424389018811,225
Net lending/net borrowingB9-21,886-14,112-11,020-7,099-4,968-1,907
Change in net worth due to other economic flowsKx-6,210-15,3166,5541,65113,9114,884
Other changes in non-financial assets-6041,9132,2724,0704,9444,957
Other changes in financial assets22,385-1,2457,3598,5877,775-248
Other changes in liabilities-27,991-15,984-3,077-11,0061,192175
Closing net worth -20,490-49,476-53,504-58,050-48,227-44,025
            
General Government Debt (GGDebt)      
Debt instrument liabilities at market valueF2 + F3 + F4182,594218,412228,858227,779223,144221,003
+ Difference between EDP face value and market value7,131-8,396-13,562-24,453-21,555-20,411
Gross General Government Debt (EDP face value)GGDebt189,725210,016215,296203,326201,589200,592
less EDP debt instrument assetsF2 + F3 + F4-54,632-57,905-53,836-36,120-29,075-24,975
Net General Government Debt GGNetDebt135,093152,111161,460167,206172,514175,617
             
Closing Net Worth (% of GDP)-11.9-28.2-29.7-29.8-18.4-16.0
Gross General Government Debt (% of GDP)110.3119.6119.4104.576.972.8
Net General Government Debt (% of GDP) 78.686.689.686.065.863.7
Table 3 General Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201120122013201420152016
Total RevenueTR57,73659,49361,51365,94370,60372,645
 Taxes and social contributions49,23150,81852,92557,45062,17464,976
  TaxesD2 + D5 + D9138,86340,94442,51646,46750,78652,928
   Indirect taxes (taxes on production and imports)D217,77918,35919,30221,21022,52523,431
    Taxes on productsD2115,70516,09916,74918,23719,44120,773
    of which Value-Added TaxD2119,75510,21910,37211,52111,95512,826
    Other taxes on production D292,0742,2592,5532,9733,0842,658
   Direct taxesD520,84222,30022,93524,89827,86029,087
    Taxes on income, profits and capital gainsD5119,43520,83721,29823,01626,58828,039
    Other current direct taxesD591,4071,4631,6371,8821,2721,047
   Capital taxesD91242285278359401411
  Social contributions D6110,3689,87410,41010,98311,38812,048
   Actual social contributionsD611 + D6139,0398,4829,0079,59410,20710,773
    PRSI receipts D611 + D613(pt)7,2686,7997,2997,9478,5129,226
    Government employees' social contributionsD613(pt)1,7701,6821,7091,6471,6951,547
   Employers' imputed social contributionsD6121,3301,3931,4021,3891,1811,275
 Sales of goods and servicesP1O5,1635,0574,8684,7395,1194,692
  Sales of market establishments (= market output)P119059569911,0391,1171,208
  Imputed sales related to production of own-use capital assets (= output for own final use)P12583833332121
Incidental sales and fees of non-market establishmentsP1314,2004,0633,8453,6663,9813,464
Investment incomeD42,4713,0653,2723,0682,7101,822
Interest (excluding FISIM)D411,3671,6061,3961,042665240
DividendsD421,0771,4281,7721,9231,9421,478
Rent of land and subsoil assetsD452831103103103103
Current transfer revenueD39 + D7262254150282292231
SubsidiesD39000000
Other current transfersD7262254150282292231
Non-life insurance claimsD721389766
Other Domestic - Current D7N_S1204200131239193193
From Rest of World - CurrentD7N_S2454611369332
Capital transfer revenueD9N610299298405308925
            
Output P131,53330,80230,33930,98332,07233,046
Market output (sales of market establishments)P119059569911,0391,1171,208
Output for own final useP12583833332121
Non-market outputP1330,57029,80829,31529,91130,93431,818
= Non-market compensation of employeesD1_nonmarket19,33118,95818,56118,31118,87819,333
= Total compensation of employeesD119,38918,99618,59418,34418,89819,354
- Compensation of employees of market establishmentsD1_market      
- Compensation related to production of own-use capital assetsD1_own-use-58-38-33-33-21-21
+ Non-market intermediate consumptionP2_nonmarket8,5738,1297,9768,6868,9549,181
= Total intermediate consumptionP28,8008,3428,1968,9069,1799,406
- Intermediate consumption of market establishmentsP2_market-227-212-219-219-225-225
- Intermediate consumption related to production of own-use capital assetsP2_own-use      
+ Non-market consumption of fixed capitalP51c_nonmarket2,6652,7212,7782,9143,1023,304
= Total consumption of fixed capitalP51c3,0493,1113,1753,3303,5263,738
- Consumption of fixed capital by market establishmentsP51c_market-384-390-397-416-424-434
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use      
+ Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 4 General Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201120122013201420152016
Total ExpenditureTE79,62273,60372,53373,04275,57274,553
Expense78,39573,16172,09572,14174,69173,328
Compensation of employeesD119,38918,99618,59418,34418,89819,354
Of which: Related to production of own-use capital assets583833332121
Use of goods and services plus taxes payableP2 + D5 + D298,8018,3438,1968,9069,1799,406
Use of goods and services [Intermediate consumption]P28,8008,3428,1968,9069,1799,406
Of which: Intermediate consumption of market establishments 227212219219225225
Taxes, payableD5110000
Depreciation (Consumption of fixed capital)P51c3,0493,1113,1753,3303,5263,738
Of which: Depreciation by market establishments 384390397416424434
Interest (excluding FISIM)D415,7687,2987,7747,6046,8586,187
Other domestic interest payableD41_S11,4192,6773,1362,9142,4612,279
Interest payable to rest of worldD41_S24,3494,6214,6384,6904,3973,908
SubsidiesD31,7251,9101,9061,8631,7661,674
Product subsidiesD311,0601,0631,071957882847
Other subsidies on productionD39665847835906884827
Social benefitsD62 + D63228,82729,45428,52628,07628,42228,494
Social benefits in cashD6223,86824,23523,54022,97323,01022,727
Social benefits in kind (via market producers)D6324,9585,2194,9865,1025,4125,767
Other current transfersD72,6142,5312,9082,7842,5643,012
Net non-life insurance premiumsD71477758747979
Current international cooperationD74547546531435473438
Miscellaneous current transfersD75870718764793505644
VAT and GNI based EU budget contributionD761,1501,1901,5561,4831,5071,851
VAT-based EU own resourcesD761194191194203215219
GNI-based EU own resourcesD7629569991,3611,2801,2921,632
Capital transfersD98,2221,5191,0161,2343,4781,462
Investment grantsD921,1011,2399781,0411,3671,462
Other capital transfersD997,121280381932,1110
Net acquisition of non-financial assetsP5 + NP - P51c1,2284424389018811,225
= Gross investment in non-financial assetsP5 + NP4,2773,5533,6134,2314,4064,963
Gross fixed capital formationP514,1663,4703,5304,1714,3464,903
Net acquisition of stocksP521118383606060
Net acquisition of unproduced assetsNP000000
- Consumption of fixed capitalP51c-3,049-3,111-3,175-3,330-3,526-3,738
Net expenditure on current goods and servicesP3 excl. D63226,37025,74525,47126,24426,95328,354
= OutputP131,53330,80230,33930,98332,07233,046
- Sales of goods and services P11+P12+P131-5,163-5,057-4,868-4,739-5,119-4,692
Market output (sales of market establishments)P11-905-956-991-1,039-1,117-1,208
Output for own final useP12-58-38-33-33-21-21
Incidental sales and fees of non-market establishmentsP131-4,200-4,063-3,845-3,666-3,981-3,464
Final consumption expenditureP331,32830,96430,45631,34732,36534,121
= Net expenditure on current goods and servicesP3 excl. D63226,37025,74525,47126,24426,95328,354
+ Social transfers in kind via market producers D6324,9585,2194,9865,1025,4125,767
made up of      
Individual consumption (= social transfers in kind)P31 (= D63)20,63420,48720,42421,16021,77322,955
Social transfers in kind (via market producers)D6324,9585,2194,9865,1025,4125,767
Social transfers in kind (provided directly by government)D63115,67615,26815,43816,05816,36117,188
Collective consumption (= actual final consumption of government)P3210,69410,47710,03210,18610,59211,166
Total social transfersD62 + D6344,50244,72243,96444,13444,78345,682
Social benefits in cashD62 23,86824,23523,54022,97323,01022,727
 Social transfers in kind (= individual consumption)D6320,63420,48720,42421,16021,77322,955
Table 5 General Government financial transactions
      €million
Description 201120122013201420152016
Net lending (+) / net borrowing (-)B.9-21,886-14,112-11,020-7,099-4,968-1,907
equals        
Net acquisition of financial assets ΔA3,7705,640-5,676-18,871-7,489-4,207
EDP debt instruments F2 + F3 + F4-4364,105-4,322-19,597-7,222-4,305
 Currency and deposits F2-1,0355,823-1,219-6,378-338-2,921
Debt securities F3-648957-757-1,429-5,834-1,133
Short-term F31-361,0342,697-1,373-1,184-1,034
Long-term F32-612-77-3,454-56-4,650-99
Loans F41,247-2,675-2,346-11,790-1,050-251
Short-term loans F418851,069349-788-530-46
Long-term loans F42362-3,744-2,695-11,002-520-205
Equity and Investment Fund Shares F53,7031,826-1,307-91240-385
Other financial assets F6 + F7 + F8 503-291-47817-507483
Insurance, Pensions and Standardised Guarantees F60-101-10
Financial derivatives and Employee Stock Options F7-271-105171143-2880
Other accounts receivable/payableF8774-185-218673-218483
less        
Net incurrence of liabilities ΔL25,65619,7525,344-11,772-2,521-2,300
EDP debt instruments F2 + F3 + F425,30219,6625,501-12,559-2,831-2,057
Currency and deposits F22,8933,802-30,707-10,474-247609
Debt securities F3-8,650-7,42726,1786,0687,378-2,600
Short-term F31-3,460-1,234-1721,327-2,4091,046
Long-term F32-5,190-6,19326,3504,7419,787-3,646
Loans F431,05923,28710,030-8,153-9,962-66
Short-term loans F41-1731,301-482-138-244-340
Long-term loans F4231,23221,98610,512-8,015-9,718274
Other liabilities F5 + F6 + F7 + F8 35490-157787310-243
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F601-1000
Financial derivatives and Employee Stock Options F731-1-1-10
   Other accounts receivable/payable F835188-155788311-243
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201120122013201420152016
General Government balance sheet       
 Net worth at market value, excluding pension liabilitiesNW-20,490-49,476-53,504-58,050-48,227-44,025
 equals       
  Non-financial assets at market valueNFA85,01687,37190,08195,053100,877107,059
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-105,506-136,847-143,585-153,103-149,104-151,084
  equals       
   Financial assets at market valueFA88,21492,60994,29284,00884,29479,839
    EDP debt instrumentsF2 + F3 + F454,63157,90553,83736,12029,07624,975
     Currency and depositsF218,86824,85223,63117,32317,20714,286
     Debt securitiesF37,9199,47010,2499,6463,2892,162
      Short-termF31131,0463,7442,3691,184143
      Long-termF327,9078,4246,5057,2772,1042,019
     LoansF427,84423,58319,9579,1518,5808,527
      Short-term loansF418851,9542,3031,516986939
      Long-term loansF4226,95921,62917,6537,6357,5947,588
    Equity and Investment Fund SharesF522,97525,09830,79538,20145,26045,230
    Other financial assetsF6 + F7 + F8 10,6089,6069,6609,6879,9589,634
     Insurance, Pensions and Standardised GuaranteesF6100100
     Financial derivatives and Employee Stock OptionsF71,6948971,1353528112
     Other accounts receivable/payableF88,9138,7098,5259,3349,1479,632
  less       
   Liabilities at market valueL193,720229,456237,877237,111233,398230,923
    EDP debt instrumentsF2 + F3 + F4182,594218,412228,858227,779223,144221,003
     Currency and depositsF258,38862,09931,35620,91820,71321,315
     Debt securitiesF385,19294,161126,146141,988146,317144,254
      Short-termF313,7952,5662,3913,7631,3862,400
      Long-termF3281,39791,595123,755138,225144,931141,853
     LoansF439,01462,15271,35664,87356,11455,434
      Short-term loansF415581,8841,4401,2901,029683
      Long-term loansF4238,45660,26869,91763,58355,08554,751
    Other liabilitiesF5 + F6 + F7 + F811,12611,0449,0199,33210,2549,920
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6010000
     Financial derivatives and Employee Stock OptionsF72,9742,8029324571,067976
     Other accounts receivable/payableF88,1528,2418,0878,8759,1878,944
              
Memo: Estimated pension liabilities of government 116,00098,00098,00098,00098,00098,000
Memo: Net worth, including pension liabilities -136,490-147,476-151,504-156,050-146,227-142,025
Contingent liabilities 141,994118,92659,52229,41217,25510,325
Guarantees 138,723115,55556,02025,14512,6045,273
Off-balance sheet PPPs and concessions 3,2713,3713,5024,2664,6515,052
Memo: Net worth, including pension liabilities and contingent liabilities -278,484-266,402-211,026-185,462-163,482-152,350
Change in net worth of government       
 Opening net worth 6,378-20,490-49,476-53,504-58,050-48,227
              
 Change in net worth due to transactions -20,658-13,670-10,581-6,197-4,088-683
  Net acquisition of non-financial assets P5 + NP - P51c1,2284424389018811,225
  Net lending/net borrowingB9-21,886-14,112-11,020-7,099-4,968-1,907
   = Net acquisition of financial assets 3,7705,640-5,676-18,871-7,489-4,207
   - Net incurrence of liabilities -25,656-19,752-5,34411,7722,5212,300
              
 Change in net worth due to other economic flowsKx-6,210-15,3166,5541,65113,9114,884
  Other changes in non-financial assets -6041,9132,2724,0704,9444,957
  Other changes in financial net worth -5,606-17,2294,282-2,4198,967-73
   = Other changes in financial assets 22,385-1,2457,3598,5877,775-248
     EDP debt instruments 21,723-8312541,880178204
     Equity and Investment Fund Shares -8582977,0047,4976,819355
     Other financial assets 1,520-711101-790778-807
   - Other changes in liabilities -27,991-15,984-3,077-11,0061,192175
     EDP debt instruments -24,916-16,156-4,945-11,4801,80484
     Other liabilities -3,0751721,868474-61291
              
Closing net worth -20,490-49,476-53,504-58,050-48,227-44,025
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201120122013201420152016
General Government Debt       
  Debt instrument liabilities at market value182,594218,412228,858227,779223,144221,003
  + Difference between face value and market value 7,131-8,396-13,562-24,453-21,555-20,411
Gross General Government Debt (face value)GGDebt189,725210,016215,296203,326201,589200,592
By category:       
 Currency and deposits F258,38662,09231,35620,91820,71321,315
 Debt securitiesF394,03187,326112,665119,078125,763124,148
  Short-termF313,7942,5642,3893,7601,3802,395
  Long-termF3290,23684,762110,276115,318124,383121,752
 LoansF437,30860,59771,27563,33055,11355,129
  Short-termF415581,8841,4401,2901,026681
  Long-termF4236,75058,71369,83662,04054,08754,448
           
less EDP debt instrument assetsF2 + F3 + F454,63257,90553,83636,12029,07524,975
 By category:       
 Currency and deposits F218,86824,85223,63117,32317,20714,286
 Debt securitiesF37,9209,47010,2499,6463,2882,162
  Short-termF31131,0463,7442,3691,184143
  Long-termF327,9078,4246,5057,2772,1042,019
 LoansF427,84423,58319,9569,1518,5808,527
  Short-termF418851,9542,3031,516986939
  Long-termF4226,95921,62917,6537,6357,5947,588
           
 Net General Government Debt (face value)GGNetDebt135,093152,111161,460167,206172,514175,617
 By category:       
 Currency and deposits F239,51837,2407,7253,5953,5067,029
 Debt securities F386,11177,856102,416109,432122,475121,986
  Short-termF313,7811,518-1,3551,3911962,252
  Long-termF3282,32976,338103,771108,041122,279119,733
 LoansF49,46437,01451,31954,17946,53346,602
  Short-termF41-327-70-863-22640-258
  Long-termF429,79137,08452,18354,40546,49346,860
Table 8 Reconciliation of Exchequer Balance to General Government Deficit
       € million
Description ESA2010 code2013201420152016
Exchequer balance -11,503-8,189-64-1,012
      
Deduct cash inflows which do not increase financial net worth -2,682-4,287-9,149-4,042
Inflows from sale or redemption of financial assets -2,678-4,274-9,139-4,037
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation -5-13-10-5
Exclude cash outflows which do not reduce financial net worth 2,3164,6124,9111,572
Acquisition of financial assets 2,3034,5994,6761,572
Repayment of promissory notes notional loan principal 13132340
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 0000
      
Impact on financial net worth of Exchequer cash transactions -11,870-7,863-4,302-3,482
      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) 115490202597
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 161473227491
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -41-87-134104
Accrual of interest due on contingent capital assets assigned to banks -45010-69
Licence sales 401039871
Other accrued revenue 0000
Adjust for impact of non-cash expenditure (-) 46-239237651
Capital transfers to financial institutions financed by promissory notes 121216459
Difference between interest paid and accrued -6060148516
Difference between Exchequer cash issues and accrued net spending of departments and offices -4198-137-300
Other accrued expenditure 98-509210-23
      
Surplus/Deficit of ExchequerB9_exchequer-11,708-7,612-3,864-2,234
      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -136148133-130
Social Insurance Fund -11837263
Bank & Deposit Guarantee Schemes -191-12-19-242
Capital Services Redemption Account 0000
Small Savings Reserve Fund 0000
Other Extra-Budgetary Funds 551716625
Health Service Executive 1160-8625
      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-11,844-7,464-3,731-2,363
Surplus/Deficit of other Central Government bodies 834262-1,816191
National Pensions Reserve Fund 43122164063
Non-market State corporations and agencies 36938-348128
Voluntary and joint board hospitals 34430
Other adjustments 00-2,1110
Conversion of AIB Preference shares into Ordinary shares 00-2,1110
Surplus/Deficit of Central Government B9_S1311-11,011-7,202-5,547-2,172
Surplus/Deficit of Local Government B9_S1313-9103578265
Surplus/Deficit of General Government B9_S13-11,020-7,099-4,968-1,907
Table 9 Reconciliation of National Debt to General Government Debt
             € million
Description201120122013201420152016
Audited National Debt119,082137,632173,947182,310183,066185,604
 Composed of      
  Gross National Debt136,774161,482197,547197,069196,620196,723
   Medium/long term debt119,625144,524178,722176,011175,974173,620
    Irish Government Bonds85,91288,455111,609116,941125,688122,347
    EU/IMF Programme Funding33,67653,20061,35054,47845,18345,722
    EIB and bilateral loans4833,0714,9715,4635,9585,760
    Miscellaneous (including derivatives)-445-202792-871-854-209
   Short term debt5,6033,4763,3204,6723,9535,916
    Commercial Paper3481,2994822,2541,046363
    Treasury Bills01,014050001,008
    Borrowings from Funds under the control of the Minister for Finance1,6967866765231,5792,519
    Miscellaneous (including EFSF interim funding in 2011)3,5593772,1631,3951,3272,025
   State Savings Schemes11,54613,48215,50516,38616,69217,187
 Less Liquid assets-17,692-23,850-23,601-14,759-13,554-11,119
 Reverse deduction of liquid assets and EFSF prepaid margin held by Exchequer18,22224,38024,13115,28914,08411,119
 Outstanding principal value of promissory notes28,33325,26121520100
 Liability for coinage in circulation694670675693701707
 Accrual adjustments (Small Savings Reserve Fund)464548604599504451
 Adjustment from discounted to nominal value46428-2
 National Loans Advance Interest12125492429
 Gross treatment of collaterals1701,4319481,004783522
 Other adjustments (repurchase agreements, OPW contracts and exclusion of financial derivatives)-17948382620
Unconsolidated Exchequer Debt (Maastricht definition)166,963189,950200,575200,185199,196198,449
 of which: Liabilities to other Central Government bodies2,6152,3012,3162,5293,3723,987
Exchequer contribution to Central Government debt164,348187,649198,259197,656195,824194,463
 of which: Liabilities to Local Government 1930292200
Exchequer contribution to General Government debt164,329187,619198,230197,634195,824194,463
Housing Finance Agency (HFA)      
 Gross debt of HFA4,4144,5014,4234,2093,6153,612
 of which: Liabilities to other Central Government bodies3,8513,9873,7113,1522,4272,056
HFA contribution to Central Government debt5635147121,0571,1891,556
 of which: Liabilities to Local Authorities1791192866449651,295
HFA contribution to General Government debt384394427413224261
Other Central Government      
 IBRC Consolidated20,92717,79712,6601,237735698
 Liabilities of Post Office Savings Bank Fund to Post Office Savings Bank2,5062,7742,6462,6722,7652,919
 Health Service Executive and Voluntary Hospitals149138148158127127
 National Oil Reserves Agency3272581661116315
 Irish Rail17258200
 Westlink buyout: imputed loan from National Toll Roads to National Roads Authority410360310260221171
 All other bodies4335572431,0181,263
Other bodies' contribution to Central and General Government debt24,37821,38715,9954,6844,9295,194
Total Central Government debt189,288209,550214,966203,397201,941201,213
 of which: Liabilities to Local Government1971493146669651,295
Central Government contribution to General Government debt189,091209,401214,652202,731200,977199,918
Local Government - Local Authorities      
 Borrowing from Housing Finance Agency4,3584,4314,3064,1533,5773,466
 Borrowing from other Central Government bodies6261772717028
 Other borrowing634614537596611674
Local Authorities' contribution to Local Government debt5,0545,1064,9205,0204,2584,169
 VECs / ETBs000000
Total Local Government debt5,0545,1064,9205,0204,2584,169
 of which: Liabilities to Central Government4,4204,4924,2764,4243,6473,495
Local Government contribution to General Government debt634614644596611674
            
General Government Debt189,725210,015215,296203,326201,588200,592
Table 10 Central Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201120122013201420152016
Central Government transactions       
 RevenueTR54,17955,84758,05862,62567,28969,365
  Taxes and social contributionsD2 + D5 + D91 + D6147,55449,00851,19355,74960,58263,553
   TaxesD2 + D5 + D9137,51839,46241,10945,06449,43951,758
   Social contributions D6110,0369,54510,08310,68511,14411,795
  Sales of goods and servicesP1O3,5733,4793,3183,3633,6723,154
  Investment incomeD42,4703,0653,3223,0982,7241,835
  Current transfer revenue (excluding taxes)D7218211124241255194
  Capital transfer revenue (excluding taxes)D9N3648310217356629
           
 ExpenditureTE75,90969,86569,06969,82672,83571,537
  ExpenseExpense75,01469,05067,99367,90071,08569,236
   Compensation of employeesD117,20416,84916,56816,79017,40717,827
   Use of goods and services plus taxes payableP2 + D5 + D296,7776,4646,7967,2057,4977,796
   Depreciation (Consumption of fixed capital)P51c1,2661,3011,3421,6361,7691,905
   Interest (excluding FISIM)D415,7467,2757,7527,5916,8436,172
   SubsidiesD31,7251,9101,9061,8631,7661,674
   Social benefitsD62 + D63227,35427,90427,05726,83427,07727,072
   Other current transfersD75,0584,7434,6614,3374,1664,665
   Capital transfersD99,8852,6041,9131,6444,5612,126
           
 Net operating balanceNOB-20,835-13,203-9,935-5,276-3,795129
           
  Net acquisition of non-financial assetsP5 + NP - P51c8958141,0761,9261,7502,301
           
 Central Government Surplus/DeficitB9-21,730-14,017-11,012-7,202-5,545-2,172
Table 11 Central Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201120122013201420152016
Total RevenueTR54,17955,84758,05862,62567,28969,365
 Taxes and social contributions 47,55449,00851,19355,74960,58263,553
  TaxesD2 + D5 + D9137,51839,46241,10945,06449,43951,758
   Indirect taxes (taxes on production and imports)D216,43716,88117,89519,80721,17822,261
    Taxes on productsD2115,70516,09916,74918,23719,44120,773
    of which Value-Added TaxD2119,75510,21910,37211,52111,95512,826
    Other taxes on production D297327811,1471,5711,7371,488
   Direct taxesD520,84222,30022,93524,89827,86029,087
    Taxes on income, profits and capital gainsD5119,43520,83721,29823,01626,58828,039
    Other current direct taxesD591,4071,4631,6371,8821,2721,047
   Capital taxesD91239282278359401411
  Social contributions D6110,0369,54510,08310,68511,14411,795
   Actual social contributionsD611 + D6138,8398,2928,8219,46410,08110,647
    PRSI receipts D611 + D613(pt)7,2686,7997,2997,9478,5129,226
    Government employees' social contributionsD613(pt)1,5711,4931,5231,5171,5681,421
   Employers' imputed social contributionsD6121,1971,2531,2621,2211,0631,147
 Sales of goods and servicesP1O3,5733,4793,3183,3633,6723,154
  Sales of market establishments (= market output)P11000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P12583833332121
  Incidental sales and fees of non-market establishmentsP1313,5153,4413,2853,3303,6513,134
 Investment incomeD42,4703,0653,3223,0982,7241,835
  Interest (excluding FISIM)D411,3661,6061,4471,072678254
   of which received from local governmentD41_LG1189799715050
  DividendsD421,0771,4281,7721,9231,9421,478
  Rent of land and subsoil assetsD452831103103103103
 Current transfer revenueD39 + D7218211124241255194
  SubsidiesD39000000
  Other current transfersD7218211124241255194
   Non-life insurance claimsD721389766
   Grants from local governmentD73333333
   Other Domestic - Current D7N_S1158155102196153153
   From Rest of World - CurrentD7N_S2454611369332
 Capital transfer revenueD9N3648310217356629
            
OutputP125,24524,61324,70525,63126,67327,526
 Market output (sales of market establishments)P11000000
 Output for own final useP12583833332121
 Non-market outputP1325,18724,57524,67225,59826,65327,505
  = Non-market compensation of employeesD1_nonmarket17,14616,81116,53516,75717,38617,805
   = Total compensation of employeesD117,20416,84916,56816,79017,40717,827
   - Compensation of employees of market establishmentsD1_market00000-1
   - Compensation related to production of own-use capital assetsD1_own-use-58-38-33-33-21-21
  + Non-market intermediate consumptionP2_nonmarket6,7756,4636,7967,2057,4977,796
   = Total intermediate consumptionP26,7756,4636,7967,2057,4977,796
   - Intermediate consumption of market establishmentsP2_market000000
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,2661,3011,3421,6361,7691,905
   = Total consumption of fixed capitalP51c1,2661,3011,3421,6361,7691,905
   - Consumption of fixed capital by market establishmentsP51c_market000000
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 12 Central Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201120122013201420152016
Total ExpenditureTE75,90969,86569,06969,82672,83571,537
 Expense 75,01469,05067,99367,90071,08569,236
  Compensation of employeesD117,20416,84916,56816,79017,40717,827
   Of which: Related to production of own-use capital assets 583833332121
  Use of goods and services plus taxes payableP2 + D5 + D296,7776,4646,7967,2057,4977,796
   Use of goods and services [Intermediate consumption]P26,7756,4636,7967,2057,4977,796
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5110000
  Depreciation (Consumption of fixed capital)P51c1,2661,3011,3421,6361,7691,905
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D415,7467,2757,7527,5916,8436,172
   Other domestic interest payableD41_S11,3972,6543,1142,9002,4462,264
   Interest payable to rest of worldD41_S24,3494,6214,6384,6904,3973,908
  SubsidiesD31,7251,9101,9061,8631,7661,674
   Product subsidiesD311,0601,0631,071957882847
   Other subsidies on productionD39665847835906884827
  Social benefitsD62 + D63227,35427,90427,05726,83427,07727,072
   Social benefits in cashD6223,09923,45622,88522,60822,64422,415
   Social benefits in kind (via market producers)D6324,2554,4484,1724,2264,4334,657
  Other current transfersD75,0584,7434,6614,3374,1664,665
   Net non-life insurance premiumsD71477758747979
   Current grants to local governmentD73 _LG2,4902,2571,7981,6001,6491,699
   Current international cooperationD74547546531435473438
   Miscellaneous current transfersD75824673719746458597
   VAT and GNI based EU budget contributionD761,1501,1901,5561,4831,5071,851
    VAT-based EU own resourcesD761194191194203215219
    GNI-based EU own resourcesD7629569991,3611,2801,2921,632
  Capital transfersD99,8852,6041,9131,6444,5612,126
   Capital grants to local governmentD9_LG1,8511,3571,1326411,300881
   Investment grantsD929139667438101,1501,245
   Other capital transfersD997,121280381932,1110
            
 Net acquisition of non-financial assetsP5 + NP - P51c8958141,0761,9261,7502,301
  = Gross investment in non-financial assetsP5 + NP2,1612,1162,4183,5623,5194,205
   Gross fixed capital formationP512,0502,0332,3353,5023,5194,145
   Net acquisition of stocksP521118383606060
   Net acquisition of unproduced assetsNP0000-600
  - Consumption of fixed capitalP51c-1,266-1,301-1,342-1,636-1,769-1,905
            
Net expenditure on current goods and servicesP3 excl. D63221,67221,13421,38722,26823,00124,371
 = OutputP125,24524,61324,70525,63126,67327,526
 - Sales of goods and services P11+P12+P131-3,573-3,479-3,318-3,363-3,672-3,154
   Market output (sales of market establishments)P11000000
   Output for own final useP12-58-38-33-33-21-21
   Incidental sales and fees of non-market establishmentsP131-3,515-3,441-3,285-3,330-3,651-3,134
            
Final consumption expenditureP325,92725,58225,55926,49427,43429,029
 = Net expenditure on current goods and servicesP3 excl. D63221,67221,13421,38722,26823,00124,371
 + Social transfers in kind via market producers D6324,2554,4484,1724,2264,4334,657
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)18,28318,12118,05918,82419,38720,474
  Social transfers in kind (via market producers)D6324,2554,4484,1724,2264,4334,657
  Social transfers in kind (provided directly by government)D63114,02813,67313,88714,59814,95415,816
 Collective consumption (= actual final consumption of government)P327,6447,4617,5007,6708,0478,555
            
Total social transfersD62 + D6341,38241,57740,94341,43242,03142,889
 Social benefits in cashD62 23,09923,45622,88522,60822,64422,415
 Social transfers in kind (= individual consumption)D6318,28318,12118,05918,82419,38720,474
Table 13 Local Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201120122013201420152016
Local Government transactions
RevenueTR8,0197,3616,4875,6346,3165,914
Taxes and social contributionsD2 + D5 + D91 + D611,6781,8101,7331,7011,5911,424
TaxesD2 + D5 + D911,3451,4811,4071,4031,3471,170
Social contributions D61333329326298244254
Sales of goods and servicesP1O1,5901,5781,5511,3761,4471,538
Investment incomeD41199749413636
Current transfer revenue (excluding taxes)D72,5362,3021,8271,6431,6891,739
Capital transfer revenue (excluding taxes)D9N2,0961,5731,3288731,5521,177
           
ExpenditureTE8,1757,4536,4965,5315,7385,649
ExpenseExpense7,8437,8267,1346,5566,6076,725
Compensation of employeesD12,1852,1472,0271,5541,4911,527
Use of goods and services plus taxes payableP2 + D5 + D292,0251,8791,4001,7011,6831,610
Depreciation (Consumption of fixed capital)P51c1,7831,8091,8341,6941,7561,834
Interest (excluding FISIM)D41141120122856565
SubsidiesD3000000
Social benefitsD62 + D6321,4731,5501,4691,2421,3441,422
Other current transfersD7484848505050
Capital transfersD9188273235231217217
           
Net operating balanceNOB177-465-647-922-291-811
           
Net acquisition of non-financial assetsP5 + NP - P51c333-372-638-1,025-869-1,076
           
 Local Government Surplus/DeficitB9-156-93-9103578265
Table 14 Local Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201120122013201420152016
Total RevenueTR8,0197,3616,4875,6346,3165,914
 Taxes and social contributions 1,6781,8101,7331,7011,5911,424
  TaxesD2 + D5 + D911,3451,4811,4071,4031,3471,170
   Indirect taxes (taxes on production and imports)D21,3421,4781,4071,4031,3471,170
   Other taxes on production D291,3421,4781,4071,4031,3471,170
   Capital taxesD91330000
  Social contributions D61333329326298244254
   Actual social contributionsD611 + D613200190186130126126
   Employers' imputed social contributionsD612133139140168118127
 Sales of goods and servicesP1O1,5901,5781,5511,3761,4471,538
  Sales of market establishments (= market output)P119059569911,0391,1171,208
  Imputed sales related to production of own-use capital assets (= output for own final use)P12000000
  Incidental sales and fees of non-market establishmentsP131685622560337330330
 Investment incomeD41199749413636
  Interest (excluding FISIM)D411199749413636
  of which received from Central GovernmentD41_CG000000
  DividendsD42000000
 Current transfer revenueD39 + D72,5362,3021,8271,6431,6891,739
  SubsidiesD39000000
  Other current transfersD72,5362,3021,8271,6431,6891,739
   Grants from central governmentD732,4902,2571,7981,6001,6491,699
   Other Domestic - Current D7N_S1464529434040
 Capital transfer revenueD9N2,0961,5731,3288731,5521,177
   Grants from central governmentD9N_CG1,8511,3571,1326411,300881
   Other capital transfers receivableD99246216196232252296
            
Output P16,2876,1895,6345,3525,3985,521
 Market output (sales of market establishments)P119059569911,0391,1171,208
 Output for own final useP12000000
 Non-market outputP135,3825,2334,6444,3134,2814,313
  = Non-market compensation of employeesD1_nonmarket2,1852,1472,0271,5541,4911,528
   = Total compensation of employeesD12,1852,1472,0271,5541,4911,527
   - Compensation of employees of market establishmentsD1_market000001
   - Compensation related to production of own-use capital assetsD1_own-use000000
  + Non-market intermediate consumptionP2_nonmarket1,7981,6671,1811,4811,4571,385
   = Total intermediate consumptionP22,0251,8791,4001,7011,6831,610
   - Intermediate consumption of market establishmentsP2_market-227-212-219-219-225-225
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,3991,4201,4361,2781,3331,400
   = Total consumption of fixed capitalP51c1,7831,8091,8341,6941,7561,834
   - Consumption of fixed capital by market establishmentsP51c_market-384-390-397-416-424-434
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 15 Local Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201120122013201420152016
Total ExpenditureTE8,1757,4536,4965,5315,7385,649
 Expense 7,8437,8267,1346,5566,6076,725
  Compensation of employeesD12,1852,1472,0271,5541,4911,527
   Of which: Related to production of own-use capital assets 000000
  Use of goods and services plus taxes payableP2 + D5 + D292,0251,8791,4001,7011,6831,610
   Use of goods and services [Intermediate consumption]P22,0251,8791,4001,7011,6831,610
    Of which: Intermediate consumption of market establishments 227212219219225225
   Taxes, payableD5 + D29000000
  Depreciation (Consumption of fixed capital)P51c1,7831,8091,8341,6941,7561,834
    Of which: Depreciation by market establishments 384390397416424434
  Interest (excluding FISIM)D41141120122856565
   Interest payable to central governmentD41_CG1189799715050
   Other domestic interest payableD41_S1222222131515
  SubsidiesD3000000
  Social benefitsD62 + D6321,4731,5501,4691,2421,3441,422
   Social benefits in cashD62770779656366365312
   Social benefits in kind (via market producers)D6327047718148769791,110
  Other current transfersD7484848505050
   Grants to central governmentD73_CG333333
   Miscellaneous current transfersD75464545474747
  Capital transfersD9188273235231217217
   Investment grants D92188273235231217217
            
 Net acquisition of non-financial assetsP5 + NP - P51c333-372-638-1,025-869-1,076
  = Gross investment in non-financial assetsP5 + NP2,1161,4371,195669887758
   Gross fixed capital formationP512,1161,4371,195669828758
   Net acquisition of stocksP52000000
   Net acquisition of unproduced assetsNP0000600
  - Consumption of fixed capitalP51c-1,783-1,809-1,834-1,694-1,756-1,834
            
Net expenditure on current goods and servicesP3 excl. D6324,6974,6114,0843,9763,9513,983
 = OutputP16,2876,1895,6345,3525,3985,521
 - Sales of goods and services P11+P12+P131-1,590-1,578-1,551-1,376-1,447-1,538
   Market output (sales of market establishments)P11-905-956-991-1,039-1,117-1,208
   Output for own final useP12000000
   Incidental sales and fees of non-market establishmentsP131-685-622-560-337-330-330
            
Final consumption expenditureP35,4015,3824,8984,8534,9315,092
 = Net expenditure on current goods and servicesP3 excl. D6324,6974,6114,0843,9763,9513,983
 + Social transfers in kind via market producers D6327047718148769791,110
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)2,3512,3672,3652,3362,3862,481
  Social transfers in kind (via market producers)D6327047718148769791,110
  Social transfers in kind (provided directly by government)D6311,6471,5951,5511,4601,4071,372
 Collective consumption (= actual final consumption of government)P323,0503,0162,5322,5162,5442,611
            
Total social transfersD62 + D633,1213,1463,0212,7022,7522,793
 Social benefits in cashD62 770779656366365312
 Social transfers in kind (= individual consumption)D632,3512,3672,3652,3362,3862,481

Background Notes

Introduction

This release comprises the latest official publication by CSO of annual Government Finance Statistics (GFS) results for years 2011 to 2016.  The data in this release are subject to the normal verification process by Eurostat until 23 October 2017 and are therefore provisional.

The full suite of GFS tables are available on the CSO’s website by following the link:
http://www.cso.ie/en/statistics/nationalaccounts/ 

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-September 2017 under the EU regulation governing the Excessive Deficit Procedure (EDP).  Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The official publication by Eurostat of deficit and debt levels for all EU member states is due on 23 October 2017.

Changed treatment of sale of mobile telephony (UMTS) licences

On 27 March 2017 Eurostat published a Guidance Note on the treatment of mobile phone licences, exploration rights and other licences on the recording of revenues arising from the sale of licences by government see - http://ec.europa.eu/eurostat/documents/1015035/7959867/Mobile-phone-licences-exploration-rights-and-other-licences.pdf.

This clarifies the rules for whether sales of licences by government for use of natural resources (e.g. use of the electromagnetic spectrum for mobile phone transmissions) should be treated as the direct sale of an asset, resulting in a once-off revenue or as the rent of an asset over a prolonged period resulting in a series of revenue over the period of the licence.

The CSO have amended the treatment of past sales of mobile phone licences to bring these in line with the March 2017 guidance note on the treatment of the sales of UMTS licences in 2002, 2007 and 2013.  The transactions in question are no longer treated as disposals of non-produced assets but as payments for rent of natural resources by the relevant operators over the period of the licence.  Under this treatment the deficit benefit accruing from the transaction is spread over the period of the licence rather than entering the accounts in the year of the transaction.  Up front lump sum payments are treated as a prepayment, and enter the balance sheet of government as a liability under “accounts payable” and are unwound over the period of the licence.

The changes in key revenue and expenditure aggregates following this revised treatment are as follows:

  • Reversal of negative capital expenditure (NP) in 2002, 2007 and 2013 (increases expenditure in relevant years).
  • Imputation of rent revenues (D.45r) over the period of each licence (increases revenue in each year).
  • Reduction in interest receivable (D.41r) associated with imputed loan asset on UMTS sales over the period of the licences (reduction of revenue over the years 2002-2016).
  • Additions to interest payable (D.41p) due to imputation of interest over the period of the licences (increased expenditure over the period of the licences).
  • Removal of a loan asset from the financial accounts and acquisition of an accounts payable liability.

Treatment of pre-paid margin on borrowing from the European Financial Stability Facility (EFSF)

The general government debt (GG Debt) of Ireland includes borrowings from the European Financial Stability Facility (EFSF). The terms of the agreement establishing the EFSF were that it was a facility to make loans to euro area Member States and to finance such loans by issuing or entering into funding instruments backed by guarantees.  The financing was made available in the context of the financial crisis as a facility for Member States “in difficulties caused by exceptional circumstances beyond such Member States' control”.

The first of these loans to Ireland was drawn down in February 2011 and had an original maturity date of 18 July 2016.  In accordance with the arrangements for EFSF borrowing at that time, a pre-paid margin of €530 million was deducted from the loan amount on disbursement and held as a cash reserve, essentially as a form of security.

The total amount shown on the GG Debt for Ireland in relation to this loan was €4,194 million. This sum includes the full pre-paid margin of €530 million. There was also a counterbalancing asset in the amount of the margin shown in the accounts.

Following a decision of the relevant Heads of State and Government on 21 July 2011 the margin was no longer applicable to new loans, and the reimbursement of the prepaid margin plus interest earned over the period fell due to Ireland and the member state guarantors (€485 million and €45 million respectively) in proportion to the duration of the loan before and after 21 July 2011.  For Ireland, therefore, this reimbursement fell due on 18 July 2016 *. On this date a payment of €554.9 million was received.  This payment comprises the portion of the pre-paid margin due to the Exchequer (covering the period from 21 July 2011 onwards) plus interest income.

*In 2013 the original loan was extended and split into two separate loans, with maturity dates in 2032 and 2033. However, the agreement to reimburse the prepaid margin on the maturity date of the original loan held under the new arrangements.

Following clarification from Eurostat the original margin of €530 million has been recorded as interest expenditure over the period of the loan (2011-2016) and the rebate of €554.9 million has been treated as one-off capital transfer revenue in 2016.  This treatment is specific to this particular loan and applies to all Member States involved in this type of borrowing from the EFSF. It does not apply to other loans drawn down from the EFSF or other programme funding accessed by Ireland during the financial crisis.  This treatment was applied in the April version of these figures and is unchanged in the current release.

GDP figures used in publication

The GDP figures used in this publication are consistent with those published in the National Income and Expenditure 2016 published on 14 July 2017.

Revisions to General Government Deficit/Surplus (GG Deficit/Surplus)

Estimates of the general government deficit for years 2002 to 2016 have been revised since April 2017. The changes reflect the changes due to the revised methodology following the updated Eurostat guidance on the sale of licences along with changes in the estimation of financial intermediation services indirectly measured (FISIM).  Changes to recent years also reflect the availability of more up-to-date and detailed data sources.

Revisions to General Government Debt (GG Debt)

Estimates of the general government debt have been revised since April 2017.  Revisions are due to improved compilation processes and, in recent years, also reflect the availability of more up-to-date and detailed data sources.

Government Finance Statistics – Concepts and Definitions

Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe, in particular in relation to the Excessive Deficit Procedure (EDP).

European GFS, including EDP statistics, are produced according to the legally binding accounting rules of the European System of Accounts (ESA2010).  The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA 2010 in the context of GFS. 

EU Member States are required to report government deficit/surplus and debt data biannually under the EDP (before 1 April and 1 October in year N) for years N-4 to N-1 calendar years as well as a forecast for the current year. The data are reported in harmonised tables, which provide a consistent framework for the presentation of this data by Member States. The tables provide a structure for linking national budgetary aggregates with government deficit and debt.

Detailed statistics on government revenue and expenditure are also provided to Eurostat under the ESA transmission programme.  For annual data the main tables reported are:

Table 0200   Revenue and expenditure of general government and sub-sectors

Tables 0900 and 0999     Taxes and national tax list

These data are available on the Eurostat website.

http://ec.europa.eu/eurostat/web/government-finance-statistics/data/main-tables

Definition of General Government and its subsectors

The general government sector of the economy, is defined in ESA2010 paragraph 2.111: as “institutional units which are non-market producers whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth.” General government comprises the sub-sectors central government (S.1311), state government (S.1312 – which does not apply in Ireland), local government (S.1313), and social security funds (S.1314 – which does not apply in Ireland),

General Government Deficit/Surplus (GG Deficit/Surplus) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact.

This measure is by definition equal to both Total Revenue (TR) less Total Expenditure (TE), and Net Acquisition of Financial Assets less Net Incurrence of Liabilities as shown in the GFS release.

A listing of some of the main items included in this release is shown below

Main Components of General Government Expenditure and Revenue

P.2       Intermediate consumption – value of goods and services used in the process of production, excluding fixed assets

P.5       Gross capital formation

            P.51g   Gross fixed capital formation - acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by productive activity. Fixed assets are tangible or intangible assets produced as outputs from processes of production that are themselves used repeatedly, or continuously, in processes of production for more than one year

            P.51c   Consumption of fixed capital - the amount of fixed assets used up, during the period under consideration, as a result of normal wear and tear and foreseeable obsolescence, including a provision for losses of fixed assets as a result of accidental damage which can be insured against.

P.52     Changes in inventories

P.53     Acquisitions less disposals of valuables

D.1      Compensation of employees – the total remuneration of government employees

D.29    Other taxes on production (payable) all taxes that enterprises incur as a result of engaging in production, independently of the quantity or value of the goods and services produced or sold. These include taxes on use or ownership of land or buildings, taxes on use of fixed assets, taxes on total wage bill and payroll, taxes on international transactions related to production.

D.3      Subsidies (payable) - current unrequited payments which general government or the institutions of the European Union make to resident  producers, with the objective of influencing their levels of production, their prices or the remuneration of the factors of production

D.4      Property income accrues when the owners of financial assets and natural resources put them at the disposal of other units of the economy. The income payable for the use of financial assets is called investment income, while that payable for the use of a natural resource is called rent. Property income is the sum of investment income and rent.

           D.41    Interest receivable by the owners of a financial asset for putting it at the disposal of another institutional unit - applies to deposits (AF.2), debt securities (AF.3), loans (AF.4) and other accounts payable (AF.8)

           D.42    Dividends receivable by the owners of share equities. Dividends exclude "super dividends" which arise where the dividend paid is large relative to the recent level of dividends and earnings. Super dividends are recorded as withdrawal of equity (F.5). This arises, for example, in the case of dividends paid by the Central Bank in 2015.

           D.45    Rent of a natural resource – income receivable by the owner of a natural resource for putting the resource at the disposal of another party.

D.5      Current taxes on income, wealth, etc., (payable) - all compulsory, unrequited payments, in cash or in kind, levied periodically by general government and by the rest of the world on the income and wealth of units in the economy, and some periodic taxes which are assessed neither on income nor wealth

D.6      Social contributions - transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs.

D.7      Other current transfers – includes VAT and GNI based EU budget contributions, current transfers between subsectors of government, current international co-operation and current transfers to households and non-profit institutions.

D.9      Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction.  Includes capital taxes and investment grants.

 P.1       Total output of Government is equal to market output, own account capital formation, and non-market output (i.e. the sum of D.1+P.2+P51c). The market output referred to in this publication is the imputed market value of social housing rented dwellings. See Table 3.

P.3        Final consumption expenditure of Government is equal to the total of its output (P.1) plus the expenditure on products/services supplied to households via market producers minus the sales of goods and services (at both market and non-market prices). This is made up of individual non-market services plus collective non-market services (P.31 and P.32). See Table 4.  

Categories of Financial Flows

F.1       Monetary gold and special drawing rights (SDRs)

            F.11     Monetary gold

            F.12     Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund shares

            F.51 Equity

            F.52 Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71     Financial derivatives

            F.72     Employee stock options

F.8       Other accounts receivable/payable

            F.81     Trade credits and advances

            F.89     Other trade credits

 

 

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