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For more information on this release:
E-mail: gfs@cso.ie Rod O'Mahony (+353) 1 498 4304 Máire O'Mahony (+353) 1 498 4308
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 1 2015

 General Government Deficit, Gross Debt and Net Debt
 General Government Surplus/Deficit General Government Gross Debt General Government Net Debt
 €m% quarterly GDP €m% annualised GDP €m% annualised GDP
2013 Q1-3,051-7.1 218,387124.3 154,27987.8
2013 Q2-1,881-4.3 218,705125.3 157,44690.2
2013 Q3-2,863-6.0 218,569122.8 157,68588.6
2013 Q4-2,524-5.6 215,328120.0 161,06289.8
2014 Q1-2,596-5.8 215,068118.8 161,33089.1
2014 Q2-1,367-3.0 209,700114.5 163,30389.2
2014 Q3-2,095-4.3 208,208112.6 164,43289.0
2014 Q4-1,426-2.9 203,321107.6 166,48488.1
2015 Q1-2,687-5.4 203,624104.7 167,72786.3

Government Deficit of -5.4% of quarterly GDP in Q1 2015

Figure 1 General Government Deficit
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Ireland’s General Government Deficit (GG Deficit) amounted to -€2,687 million in the first quarter of 2015 representing -5.4% of quarterly GDP.  In the corresponding quarter of 2014, the deficit amounted to -€2,596 million or -5.8% of quarterly GDP.

Government revenue for Q1 2015 at €15,660 million was higher by €522 million than Q1 2014 revenue of €15,138 million, mainly due to increased revenue from taxes and social contributions.  Government expenditure of €18,348 million in Q1 2015 reflected an increase of €614 million compared to Q1 2014 expenditure of €17,734 million with increases across most categories (Table 1).

Government Debt at 104.7% of GDP at end Q1 2015 

Ireland’s General Government Gross Debt (GG Debt) at face value stood at €203,624 million or 104.7% of annualised GDP at the end of Q1 2015, compared to a level of €203,321 million or 107.6% of annualised GDP at the end of Q4 2014.

General Government Net Debt amounted to €167,727 million in Q1 2015, or 86.3% of annualised GDP compared to €166,484 million or 88.1% of annualised GDP in Q4 2014 (Table 7). 

The results in this release are presented under ESA 2010 standards. See text box below and Background Notes for further information.

National accounts are compiled in the EU according to the European System of National Accounts (ESA) framework - ESA 2010. The calculation methods for quarterly government finance accounts are similar to those used in deriving the annual government finance statistics accounts. As some of the available sources are of lesser reliability than those used for the annual government finance statistics accounts, the quarterly estimates are subject to a greater margin of error than the annual figures. A full description of the concepts and definitions used in the production of these figures is provided in the Background Notes.

For this publication, GFS quarterly results are aligned to the 2014 National Income and Expenditure Release and Quarterly National Accounts for Q1 2015.

 

 

X-axis labelGG Gross DebtGG Net Debt
Q1 201193.467.2
Q2 20119469.2
Q3 2011110.375.9
Q4 2011109.377.6
Q1 2012111.679.5
Q2 2012113.982.6
Q3 2012119.983.7
Q4 2012120.286.7
Q1 2013124.387.8
Q2 2013125.390.2
Q3 2013122.888.6
Q4 201312089.8
Q1 2014118.889.1
Q2 2014114.589.2
Q3 2014112.689
Q4 2014107.688.1
Q1 2015104.786.3
Table 1 General Government transactions: revenue, expenditure, financing and deficit          
                    €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q1
   
General Government transactions                  
    
RevenueTR13,14013,54114,15916,48013,53114,48914,58516,45614,00315,24414,74717,02215,13816,20915,54217,93115,660
Taxes and social contributionsD2 + D5 + D91 + D6111,51011,02512,30213,99511,86311,63912,62114,44612,31312,26013,21814,97813,21013,30214,11016,67414,196
TaxesD2 + D5 + D918,8758,5889,93011,4679,5719,24010,29411,8149,7729,74710,73412,21710,45810,68711,50513,74711,310
Social contributions D612,6352,4372,3722,5292,2932,3992,3272,6322,5422,5142,4852,7612,7522,6152,6042,9272,885
Sales of goods and servicesP1O1,1361,2601,2521,5151,0501,1411,2371,4971,1211,1401,0241,2881,2951,134953800961
Investment incomeD42631,1344895594611,5875943794511,7383975254901,672389309392
Current transfer revenue (excluding taxes)D77963586869585474666156766559556965
Capital transfer revenue (excluding taxes)D9N1526059343886379595145511547741367947
              
ExpenditureTE17,32716,98825,10619,70317,83018,19917,74819,34817,05417,12517,61019,54517,73417,57617,63719,35718,348
ExpenseExpense17,40016,99524,94518,84017,81617,68918,27119,00117,61517,48818,07418,95417,58817,53117,87619,08817,641
Compensation of employeesD14,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8334,7334,5464,4854,921
Use of goods and services plus taxes payableP2 + D5 + D291,9032,2132,1752,2921,8081,9992,1402,2971,6951,9862,1232,3821,8442,1362,2852,5171,913
Depreciation (Consumption of fixed capital)P51c792792842842839839839839852852852852882882882882882
Interest (excluding FISIM)D411,1911,2671,8221,6081,6461,7241,8461,9411,9351,8841,9251,9231,8681,9001,8891,8491,621
SubsidiesD3398393420513404424447616391409432582400417439603400
Social benefitsD62 + D6326,9356,9647,2437,6666,9927,1307,3787,9366,7996,8297,1647,7576,7086,6977,0957,6226,595
Other current transfersD7801447591694907309615548792576773677800559515690885
Capital transfersD95052377,103357300617323169303205246284253206225440425
              
 Net operating balanceNOB-4,260-3,454-10,786-2,360-4,285-3,200-3,686-2,545-3,612-2,244-3,327-1,933-2,450-1,322-2,334-1,157-1,980
              
Net acquisition of non-financial assetsP5 + NP - P51c-73-716286214510-523347-561-363-46459114646-239269707
                      
 General Government Surplus/DeficitB9-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,892-3,051-1,881-2,863-2,524-2,596-1,367-2,095-1,426-2,687
equals              
Net acquisition of financial assetsΔFA8,463-1,628-597-2,5731,5923518,066-4,2236,295-2,635-1,602-7,689-1,782-7,386-2,396-6,912-1,764
Debt instrumentsF2 + F3 + F411,212-1,391-7,140-2,7521,462-5028,498-5,0906,642-2,638-552-7,970-408-7,896-2,397-8,322-665
Equity and Investment Fund SharesF5-3,7917887,441-735-501,390548156477-1,297-543-1,194569282252477
Other financial assetsF6 + F7 + F8 1,042-1,025-898914180-537-437386-403-474247824-180-59-2811,158-1,576
less              
Net incurrence of liabilitiesΔL12,6501,81810,3516495,8914,06111,229-1,3309,346-7541,261-5,165814-6,019-301-5,486923
Debt instrumentsF2 + F3 + F411,4372,07610,4921,5534,7834,42611,561-1,24510,040-646908-4,792276-5,789-471-5,922819
Other liabilitiesF5 + F6 + F7 + F8 1,213-258-141-9041,108-365-332-85-694-108353-373538-230170436104
                 
  Memo: Net derivative flows on debt interest swap contracts -33-33-33-33-49-54-55-63-80-58-58-77-69-68-74-53-22
                   
 General Government Surplus/Deficit (% of quarterly GDP) -10.0-7.8-25.0-7.3-10.3-8.2-7.2-6.6-7.1-4.3-6.0-5.6-5.8-3.0-4.3-2.9-5.4
Open in Excel: Government Finance Statistics Quarter 1 2015 Table 1 (XLS 16KB)
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Table 2 General Government Net Worth, Gross and Net Debt           
                       €million
Description ESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q1
General Government net worth                  
Net worth at market value, excluding pension liabilitiesNW9,0268,748-17,547-19,543-30,129-36,759-43,896-49,689-53,240-55,641-59,526-57,205-60,223-65,207-68,615-64,646-61,271
equals                 
Non-financial assets at market valueNFA84,26084,17584,25985,04385,47486,40086,29487,05887,07687,29187,40688,57588,72188,76688,52788,79689,503
plus                 
Financial net worth at market value, excluding pension liabilitiesFNW-75,234-75,427-101,806-104,586-115,603-123,159-130,190-136,747-140,316-142,932-146,932-145,780-148,944-153,973-157,142-153,442-150,774
equals                 
Financial assets at market valueFA73,27470,54193,22688,28189,41488,21296,64292,79598,99895,84394,13093,90694,40586,78485,57284,36589,174
EDP debt instrumentsF2 + F3 + F443,53241,88258,69655,16855,91354,86663,46158,70664,10961,25960,88454,26553,73746,39743,77836,83735,897
Equity and Investment Fund SharesF520,10620,01024,68922,97523,46523,71323,90425,09926,57126,83425,03630,44831,75931,97433,92638,59444,610
Other financial assetsF6 + F7 + F8 9,6368,6499,84110,13810,0369,6339,2778,9908,3187,7508,2109,1938,9098,4137,8688,9348,667
less                 
Liabilities at market valueL148,508145,968195,032192,867205,017211,371226,832229,542239,314238,775241,062239,686243,349240,757242,714237,807239,948
EDP debt instrumentsF2 + F3 + F4139,667137,383183,540182,272193,805200,730216,322218,868230,639230,601232,455231,560234,494231,897232,867229,168230,369
Other liabilitiesF5 + F6 + F7 + F88,8418,58511,49210,59511,21210,64110,51010,6748,6758,1748,6078,1268,8558,8609,8478,6399,579
                 
Memo: Estimated pension liabilities of government116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                 
Memo: Net worth, including pension liabilities-106,974-107,252-133,547-135,543-128,129-134,759-141,896-147,689-151,240-153,641-157,526-155,205-158,223-163,207-166,615-162,646-159,271
                 
Contingent liabilities148,493148,493148,493148,493120,604120,604120,604120,60461,06961,06961,06961,06930,52130,52130,52130,52130,521
                 
 Memo: Net worth, including pension liabilities and contingent liabilities -255,466-255,745-282,040-284,035-248,734-255,363-262,500-268,293-212,309-214,710-218,596-216,274-188,744-193,728-197,136-193,167-189,792
General Government: changes in net worth                  
Opening net worth6,0359,0268,748-17,547-19,543-30,129-36,759-43,896-49,689-53,240-55,641-59,526-57,205-60,223-65,207-68,615-64,646
                 
Change in net worth due to transactions-4,260-3,454-10,786-2,360-4,285-3,200-3,686-2,545-3,611-2,244-3,327-1,933-2,450-1,322-2,334-1,157-1,980
Net acquisition of non-financial assets P5 + NP - P51c-73-716286214510-523347-560-363-46459114646-239269707
Net lending/net borrowingB9-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,893-3,051-1,881-2,863-2,524-2,596-1,367-2,095-1,426-2,687
                 
Change in net worth due to other economic flowsKx7,2523,175-15,510364-6,302-3,430-3,451-3,24861-157-5594,254-568-3,662-1,0745,1265,355
Other changes in non-financial assets-78-78-78-7841641641641657857857857800000
Other changes in financial assets2,580-1,10523,282-2,372-459-1,553364376-92-520-1117,4652,281-2351,1845,7056,573
Other changes in liabilities4,7504,358-38,7132,814-6,259-2,293-4,232-4,040-426-215-1,026-3,789-2,849-3,427-2,258-579-1,218
                        
Closing net worth 9,0268,748-17,547-19,543-30,129-36,759-43,896-49,689-53,240-55,641-59,526-57,205-60,223-65,207-68,615-64,646-61,271
                        
General Government Debt (GGDebt)                  
Debt instrument liabilities at market valueF2 + F3 + F4139,667137,383183,540182,272193,805200,730216,322218,868230,639230,601232,455231,560234,494231,897232,867229,168230,369
+ Difference between EDP face value and market value15,84221,2884,3547,851685-883-5,912-8,630-12,252-11,896-13,886-16,232-19,426-22,197-24,659-25,847-26,745
                        
 Gross General Government Debt (EDP face value)GGDebt155,509158,671187,894190,123194,490199,847210,410210,238218,387218,705218,569215,328215,068209,700208,208203,321203,624
                 
less EDP debt instrument assetsF2 + F3 + F4-43,533-41,882-58,696-55,170-55,912-54,867-63,461-58,707-64,108-61,259-60,884-54,266-53,738-46,397-43,776-36,837-35,897
 Net General Government Debt GGNetDebt111,976116,789129,198134,953138,578144,980146,949151,531154,279157,446157,685161,062161,330163,303164,432166,484167,727
    
Closing Net Worth (% of annualised GDP) 5.45.2-10.3-11.2-17.3-20.9-25.0-28.4-30.3-31.9-33.5-31.9-33.3-35.6-37.1-34.2-31.5
Gross General Government Debt (% of annualised GDP)93.494.0110.3109.3111.6113.9119.9120.2124.3125.3122.8120.0118.8114.5112.6107.6104.7
Net General Government Debt (% of annualised GDP) 67.269.275.977.679.582.683.786.787.890.288.689.889.189.289.088.186.3
Open in Excel: Government Finance Statistics Quarter 1 2015 Table 2 (XLS 18KB)
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Table 3 General Government: detailed classification of revenue and output           
                      €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q1
                       
Total RevenueTR13,14013,54114,15916,48013,53114,48914,58516,45614,00315,24414,74717,02215,13816,20915,54217,93115,660
 Taxes and social contributions 11,51011,02512,30213,99511,86311,63912,62114,44612,31312,26013,21814,97813,21013,30214,11016,67414,196
  TaxesD2 + D5 + D918,8758,5889,93011,4679,5719,24010,29411,8149,7729,74710,73412,21710,45810,68711,50513,74711,310
   Indirect taxes (taxes on production and imports)D24,8443,6845,0804,1684,8993,7955,4384,2055,1223,9745,6424,5295,5354,6055,7565,2075,912
    Taxes on productsD214,2913,1374,5453,7324,3293,2244,8733,6734,5353,3325,0123,8514,6963,8815,0754,5155,024
    of which Value-Added TaxD2112,9661,7482,9312,1103,0501,8603,1492,1613,0251,8123,4342,1013,2002,1653,4812,6493,305
    Other taxes on production D29552548534436570571565532586643630679840724682693888
   Direct taxesD54,0094,8794,7607,1944,6505,4204,8147,4174,6295,7475,0547,4934,8936,0465,7068,2925,368
    Taxes on income, profits and capital gainsD513,7524,6344,0716,9784,3875,1694,0997,1824,3635,4674,2627,2074,5835,7594,7298,0015,058
    Other current direct taxesD59257245689216263251715234266280792286310287977291309
   Capital taxesD9123259010521264219321263719529364324831
  Social contributions D612,6352,4372,3722,5292,2932,3992,3272,6322,5422,5142,4852,7612,7522,6152,6042,9272,885
   Actual social contributionsD611 + D6132,3932,1942,1292,2861,9982,1052,0332,3382,2232,1952,1662,4422,4302,2932,2822,6042,563
   Employers' imputed social contributionsD612243243243243294294294294319319319319322322322322322
 Sales of goods and servicesP1O1,1361,2601,2521,5151,0501,1411,2371,4971,1211,1401,0241,2881,2951,134953800961
  Sales of market establishments (= market output)P11226226226226245245245245262262262262284284284284300
  Imputed sales related to production of own-use capital assets (= output for own final use)P121414141410101010888888888
  Incidental sales and fees of non-market establishmentsP1318951,0191,0111,2747968879831,2438518707541,0181,003842661507653
 Investment incomeD42631,1344895594611,5875943794511,7383975254901,672389309392
  Interest (excluding FISIM)D41250270462378369454408358393311319312298264185186179
  DividendsD421286326180911,13218520581,426762121911,407203122211
 Current transfer revenueD39 + D77963586869585474666156766559556965
  SubsidiesD3900000000000000000
  Other current transfersD77963586869585474666156766559556965
   Non-life insurance claimsD7233332222222222222
   Other Domestic - Current D7N_S15454545451515151494949494747474747
   From Rest of World - CurrentD7N_S22261111651211610626161062016
 Capital transfer revenueD9N1526059343886379595145511547741367947
                       
Output P17,6447,7607,8398,0767,6607,5797,7567,8867,5047,6947,6447,8417,6877,8797,8418,0127,859
 Market output (sales of market establishments)P11226226226226245245245245262262262262284284284284300
 Output for own final useP121414141410101010888888888
 Non-market outputP137,4037,5197,5987,8357,4067,3257,5027,6327,2347,4247,3747,5717,3957,5877,5487,7207,551
  = Non-market compensation of employeesD1_nonmarket4,8614,6674,7344,8544,9104,6384,6744,6464,8404,7394,5514,4904,8254,7254,5384,4774,912
   = Total compensation of employeesD14,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8334,7334,5464,4854,921
   - Compensation of employees of market establishmentsD1_market                  
   - Compensation related to production of own-use capital assetsD1_own-use-14-14-14-14-10-10-10-10-8-8-8-8-8-8-8-8-8
  + Non-market intermediate consumptionP2_nonmarket1,8462,1562,1182,2351,7541,9462,0862,2441,6411,9312,0692,3271,7902,0812,2302,4631,858
   = Total intermediate consumptionP21,9032,2132,1752,2921,8071,9992,1392,2971,6951,9862,1232,3821,8442,1362,2852,5171,913
   - Intermediate consumption of market establishmentsP2_market-57-57-57-57-53-53-53-53-55-55-55-55-55-55-55-55-55
   - Intermediate consumption related to production of own-use capital assetsP2_own-use                 
  + Non-market consumption of fixed capitalP51c_nonmarket695695745745742742742742754754754754780780780780780
   = Total consumption of fixed capitalP51c_nonmarket792792842842839839839839852852852852882882882882882
   - Consumption of fixed capital by market establishmentsP51c_market-96-96-96-96-97-97-97-97-98-98-98-98-102-102-102-102-102
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use                 
  + Other taxes on production, payable D29_pay00000000000000000
  - Other subsidies on production, receivable D39_rec00000000000000000
Open in Excel: Government Finance Statistics Quarter 1 2015 Table 3 (XLS 18KB)
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Table 4 General Government: detailed classification of expenditure and consumption           
                      €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q1
                       
Total ExpenditureTE17,32716,98825,10619,70317,83018,19917,74819,34817,05517,12517,61019,54517,73417,57617,63719,35718,348
                       
 Expense 17,40016,99524,94518,84017,81617,68918,27119,00117,61517,48818,07418,95417,58817,53117,87619,08817,641
  Compensation of employeesD14,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8334,7334,5464,4854,921
   Of which: Related to production of own-use capital assets 1414141410101010888888888
  Use of goods and services plus taxes payableP2 + D5 + D291,9032,2132,1752,2921,8081,9992,1402,2971,6951,9862,1232,3821,8442,1362,2852,5171,913
   Use of goods and services [Intermediate consumption]P21,9032,2132,1752,2921,8071,9992,1392,2971,6951,9862,1232,3821,8442,1362,2852,5171,913
    Of which: Intermediate consumption of market establishments 5757575753535353555555555555555555
   Taxes, payableD500000000000000000
  Depreciation (Consumption of fixed capital)P51c792792842842839839839839852852852852882882882882882
    Of which: Depreciation by market establishments 969696969797979798989898102102102102102
  Interest (excluding FISIM)D411,1911,2671,8221,6081,6461,7241,8461,9411,9351,8841,9251,9231,8681,9001,8891,8491,621
  SubsidiesD3398393420513404424447616391409432582400417439603400
   Product subsidiesD31239246274301225246268323227246267256218236257267218
   Other subsidies on productionD39159148146212179178179293165163165326182181182336182
  Social benefitsD62 + D6326,9356,9647,2437,6666,9927,1307,3787,9366,7996,8297,1647,7576,7086,6977,0957,6226,595
   Social benefits in cashD626,0335,8555,7256,2366,0395,9575,7746,4245,8835,7015,6216,3025,7655,5375,5086,1265,625
   Social benefits in kind (via market producers)D6329011,1091,5171,4309531,1721,6041,5129171,1281,5431,4559431,1601,5871,496970
  Other current transfersD7801447591694907309615548792576773677800559515690885
   Net non-life insurance premiumsD711212121219191919141414141414141414
   Current international cooperationD7413570122220102137187120881171601038511320515059
   Miscellaneous current transfersD75202176187224303-8317417215514529713915511510992245
   VAT and GNI based EU budget contributionD76453190269238482237234237535300301421546317186434566
    VAT-based EU own resourcesD7617130484481394032784747238247284683
    GNI-based EU own resourcesD762381160221194402198194205457253254398465269158388483
  Capital transfersD95052377,103357300617323169303205246284253206225440425
   Investment grantsD92498124102357300337323169265205246284253206214258425
   Other capital transfersD9971137,00100280003800000111820
                       
 Net acquisition of non-financial assetsP5 + NP - P51c-73-716286214510-523347-560-363-46459114646-239269707
  = Gross investment in non-financial assetsP5 + NP7187841,0041,7048531,3493161,1862914893881,4431,0289286431,1511,589
   Gross fixed capital formationP516917579761,6768321,3282961,1669944683671,4221,0139136281,1361,574
   Net acquisition of stocksP522828282821212121212121211515151515
   Net acquisition of unproduced assetsNP00000000-72300000000
  - Consumption of fixed capitalP51c-792-792-842-842-839-839-839-839-852-852-852-852-882-882-882-882-882
                       
Net expenditure on current goods and servicesP3 excl. D6326,5086,5006,5876,5616,6106,4386,5196,3896,3846,5546,6206,5536,3926,7456,8887,2126,898
 = OutputP17,6447,7607,8398,0767,6607,5797,7567,8867,5047,6947,6447,8417,6877,8797,8418,0127,859
 - Sales of goods and services P11+P12+P131-1,136-1,260-1,252-1,515-1,050-1,141-1,237-1,497-1,121-1,140-1,024-1,288-1,295-1,134-953-800-961
   Market output (sales of market establishments)P11-226-226-226-226-245-245-245-245-262-262-262-262-284-284-284-284-300
   Output for own final useP12-14-14-14-14-10-10-10-10-8-8-8-8-8-8-8-8-8
   Incidental sales and fees of non-market establishmentsP131-895-1,019-1,011-1,274-796-887-983-1,243-851-870-754-1,018-1,003-842-661-507-653
                       
Final consumption expenditureP37,4097,6098,1047,9917,5637,6108,1237,9007,3007,6828,1638,0077,3357,9058,4758,7087,867
 = Net expenditure on current goods and servicesP3 excl. D6326,5086,5006,5876,5616,6106,4386,5196,3896,3846,5546,6206,5536,3926,7456,8887,2126,898
 + Social transfers in kind via market producers D6329011,1091,5171,4309531,1721,6041,5129171,1281,5431,4559431,1601,5871,496970
made up of                   
 Individual consumption (= social transfers in kind)P31 (= D63)5,0685,2735,6805,0015,0755,1825,7124,9064,8955,2135,6695,5394,9275,3645,8805,9915,269
  Social transfers in kind (via market producers)D6329011,1091,5171,4309531,1721,6041,5129171,1281,5431,4559431,1601,5871,496970
  Social transfers in kind (provided directly by government)D6314,1674,1644,1623,5714,1224,0094,1083,3943,9794,0854,1264,0843,9844,2044,2934,4954,299
 Collective consumption (= actual final consumption of government)P322,3412,3362,4252,9902,4882,4292,4112,9942,4052,4692,4942,4692,4082,5412,5952,7172,599
                       
Total social transfersD62 + D6311,10111,12811,40511,23711,11411,13911,48611,33010,77810,91411,29011,84110,69210,90011,38812,11710,894
 Social benefits in cashD62 6,0335,8555,7256,2366,0395,9575,7746,4245,8835,7015,6216,3025,7655,5375,5086,1265,625
 Social transfers in kind (= individual consumption)D635,0685,2735,6805,0015,0755,1825,7124,9064,8955,2135,6695,5394,9275,3645,8805,9915,269
Open in Excel: Government Finance Statistics Quarter 1 2015 Table 4 (XLS 19KB)
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Table 5 General Government financial transactions
        €million
 2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q1
DescriptionESA2010 code                 
 Net lending (+) / net borrowing (-)B.9-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,893-3,051-1,881-2,863-2,524-2,596-1,367-2,095-1,426-2,687
equals                   
Net acquisition of financial assets ΔA8,463-1,628-597-2,5731,5923518,066-4,2236,295-2,635-1,602-7,689-1,782-7,386-2,396-6,912-1,764
EDP debt instruments F2 + F3 + F411,212-1,391-7,140-2,7521,462-5028,498-5,0906,642-2,638-552-7,970-408-7,896-2,397-8,322-665
 Currency and deposits F211,6152,126-16,4032,0111,7694569,683-6,0818,559-2,452-458-6,9032,288-901-49-7,256653
Debt securities F3-632-3,6572,819822-1-116-1231,197-860-10813279-21455-686-584-716
Short-term F310-1-8-27-9-301,046945111,750-201126-341-957-802
Long-term F32-632-3,6562,8278498-113-123151-1,805-109131-1,671-13-71-34537386
Loans F42291406,444-5,585-306-842-1,062-206-1,057-78-226-1,146-2,482-7,050-1,662-482-602
Short-term loans F410158459268231-30414454-44-24834030114533-776-190-111
Long-term loans F42229-185,985-5,853-537-812-1,476-660-1,013170-566-1,447-2,627-7,083-886-292-491
Equity and Investment Fund Shares F5-3,7917887,441-735-501,390548156477-1,297-543-1,194569282252477
Other financial assets F6 + F7 + F8 1,042-1,025-898914180-537-437386-403-474247824-180-59-2811,158-1,576
Insurance, Pensions and Standardised Guarantees F60000000-1000000010
Financial derivatives and Employee Stock Options F7-40-23201-75000164003217272329-372
Other accounts receivable/payableF81,082-793-898913255-537-437387-567-474247792-197-86-3041,128-1,204
less                   
Net incurrence of liabilities ΔL12,6501,81810,3516495,8914,06111,229-1,3309,346-7541,261-5,165814-6,019-301-5,486923
EDP debt instruments F2 + F3 + F411,4372,07610,4921,5534,7834,42611,561-1,24510,040-646908-4,792276-5,789-471-5,922819
Currency and deposits F28333745,590-3,9049392,681-534716-30,613575172-841-2,842-6,962-567-106-442
Debt securities F3-5,159-2,6081,563-2,851-5,996-3,6646,716-4,47639,401-5,058-1,304-7,2482,3281,3104742,71910,228
Short-term F31-5,243-1,415343,130-3844831,031-2,4092,317637-1,432-1,6821091,0231124481,811
Long-term F3284-1,1931,529-5,981-5,612-4,1475,685-2,06737,084-5,695128-5,5662,2192873622,2718,417
Loans F415,7634,3103,3398,3089,8405,4095,3792,5151,2523,8372,0403,297790-137-378-8,535-8,967
Short-term loans F41-45-177-82131111,258409-349-57-400-24523294-48-63-106275
Long-term loans F4215,8084,4873,4218,1779,8294,1514,9702,8641,3094,2372,2853,065696-89-315-8,429-9,242
Other liabilities F5 + F6 + F7 + F8 1,213-258-141-9041,108-365-332-85-694-108353-373538-230170436104
Equity and Investment Fund Shares F500000000000000000
Insurance, Pensions and Standardised Guarantees F600000001000-100000
Financial derivatives and Employee Stock Options F700030000000000000
    Other accounts receivable/payable F81,213-258-141-9071,108-365-332-86-694-108353-372538-230170436104
Open in Excel: Government Finance Statistics Quarter 1 2015 Table 5 (XLS 16KB)
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Table 6 General Government: detailed breakdown of net worth          
                        €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q1
                 
General Government balance sheet                  
                         
 Net worth at market value, excluding pension liabilitiesNW9,0268,748-17,547-19,543-30,129-36,759-43,896-49,689-53,240-55,641-59,526-57,205-60,223-65,207-68,615-64,646-61,271
 equals                  
  Non-financial assets at market valueNFA84,26084,17584,25985,04385,47486,40086,29487,05887,07687,29187,40688,57588,72188,76688,52788,79689,503
 plus                  
  Financial net worth at market value, excluding pension liabilitiesFNW-75,234-75,427-101,806-104,586-115,603-123,159-130,190-136,747-140,316-142,932-146,932-145,780-148,944-153,973-157,142-153,442-150,774
  equals                  
   Financial assets at market valueFA73,27470,54193,22688,28189,41488,21296,64292,79598,99895,84394,13093,90694,40586,78485,57284,36589,174
    EDP debt instrumentsF2 + F3 + F443,53241,88258,69655,16855,91354,86663,46158,70664,10961,25960,88454,26553,73746,39743,77836,83735,897
     Currency and depositsF231,27433,39917,27119,28421,05221,50931,19225,27233,83231,37730,92024,01626,30425,41425,38918,17018,857
     Debt securitiesF38,2894,3747,0857,9198,0698,0217,9269,4708,6108,4878,62010,0879,8949,9849,3049,3388,649
      Short-termF31494840133001,0461,9901,9911,9923,7443,5423,6673,3262,3691,567
      Long-termF328,2414,3267,0457,9078,0668,0217,9268,4246,6196,4966,6286,3446,3526,3175,9776,9697,082
     LoansF43,9694,10934,34027,96526,79225,33624,34323,96421,66721,39521,34420,16217,53910,9999,0859,3298,391
      Short-term loansF4101586178851,1161,0871,5001,9541,9091,6622,0022,2882,4492,4821,7061,5161,405
      Long-term loansF423,9693,95133,72327,08125,67524,25022,84322,01119,75819,73319,34217,87415,0918,5177,3787,8136,986
    Equity and Investment Fund SharesF520,10620,01024,68922,97523,46523,71323,90425,09926,57126,83425,03630,44831,75931,97433,92638,59444,610
    Other financial assetsF6 + F7 + F8 9,6368,6499,84110,13810,0369,6339,2778,9908,3187,7508,2109,1938,9098,4137,8688,9348,667
     Insurance, Pensions and Standardised GuaranteesF611111110000000011
     Financial derivatives and Employee Stock OptionsF75753812,2961,6941,3391,4741,5578987947019151,1361,0496403993521,288
     Other accounts receivable/payableF89,0608,2677,5448,4438,6968,1587,7198,0927,5247,0497,2958,0577,8607,7737,4698,5817,378
  less                  
   Liabilities at market valueL148,508145,968195,032192,867205,017211,371226,832229,542239,314238,775241,062239,686243,349240,757242,714237,807239,948
    EDP debt instrumentsF2 + F3 + F4139,667137,383183,540182,272193,805200,730216,322218,868230,639230,601232,455231,560234,494231,897232,867229,168230,369
     Currency and depositsF214,47214,79162,19258,38859,34662,02061,46862,09931,45332,03532,18131,35628,52521,57221,01320,91420,478
     Debt securitiesF374,77667,63890,88685,19485,91683,13994,79794,287135,269130,614130,045126,293131,283135,416138,066142,678152,647
      Short-termF312,0897417173,7963,5204,0395,0522,5724,9695,5874,1282,4232,5123,5083,6504,0696,078
      Long-termF3272,68666,89790,16981,39882,39679,10089,74591,715130,300125,027125,917123,870128,771131,909134,416138,609146,569
     LoansF450,41954,95430,46238,69048,54355,57160,05762,48263,91767,95270,22973,91174,68674,90973,78865,57657,244
      Short-term loansF416865094265585691,8272,2361,8861,8291,4301,1841,4361,5271,4541,3861,3041,554
      Long-term loansF4249,73354,44630,03538,13347,97453,74557,82260,59662,08866,52269,04572,47573,15973,45572,40264,27255,690
    Other liabilitiesF5 + F6 + F7 + F88,8418,58511,49210,59511,21210,64110,51010,6748,6758,1748,6078,1268,8558,8609,8478,6399,579
     Equity and Investment Fund SharesF500000000000000000
     Insurance, Pensions and Standardised GuaranteesF600000001111000000
     Financial derivatives and Employee Stock OptionsF755582,9642,9742,4832,2762,4782,7271,4221,0291,1081,0011,1921,4272,2445531,389
     Other accounts receivable/payableF88,7868,5278,5287,6218,7298,3658,0327,9467,2527,1447,4987,1257,6637,4337,6038,0868,190
                         
                         
  Memo: Estimated pension liabilities of government 116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                         
 Memo: Net worth, including pension liabilities -106,974-107,252-133,547-135,543-128,129-134,759-141,896-147,689-151,240-153,641-157,526-155,205-158,223-163,207-166,615-162,646-159,271
                         
  Contingent liabilities 148,493148,493148,493148,493120,604120,604120,604120,60461,06961,06961,06961,06930,52130,52130,52130,52130,521
   Guarantees 143,444143,444143,444143,444115,555115,555115,555115,55556,02056,02056,02056,02025,14525,14525,14525,14525,145
   Off-balance sheet PPPs 5,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,3765,3765,3765,3765,376
                         
 Memo: Net worth, including pension liabilities and contingent liabilities -255,466-255,745-282,040-284,035-248,734-255,363-262,500-268,293-212,309-214,710-218,596-216,274-188,744-193,728-197,136-193,167-189,792
                         
Change in net worth of government                  
                         
 Opening net worth 6,0359,0268,748-17,547-19,543-30,129-36,759-43,896-49,689-53,240-55,641-59,526-57,205-60,223-65,207-68,615-64,646
                         
 Change in net worth due to transactions -4,260-3,454-10,786-2,360-4,285-3,200-3,686-2,545-3,611-2,244-3,327-1,933-2,450-1,322-2,334-1,157-1,980
  Net acquisition of non-financial assets P5 + NP - P51c-73-716286214510-523347-560-363-46459114646-239269707
  Net lending/net borrowingB9-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,893-3,051-1,881-2,863-2,524-2,596-1,367-2,095-1,426-2,687
   = Net acquisition of financial assets 8,463-1,628-597-2,5731,5923518,066-4,2236,295-2,635-1,602-7,689-1,782-7,386-2,396-6,912-1,764
   - Net incurrence of liabilities -12,650-1,818-10,351-649-5,891-4,061-11,2291,330-9,346754-1,2615,165-8146,0193015,486-923
                         
 Change in net worth due to other economic flowsKx7,2523,175-15,510364-6,302-3,430-3,451-3,24861-157-5594,254-568-3,662-1,0745,1265,355
  Other changes in non-financial assets -78-78-78-7841641641641657857857857800000
  Other changes in financial net worth 7,3303,253-15,431442-6,718-3,846-3,868-3,664-518-735-1,1373,676-568-3,662-1,0745,1265,355
   = Other changes in financial assets 2,580-1,10523,282-2,372-459-1,553364376-92-520-1117,4652,281-2351,1845,7056,573
     EDP debt instruments -1,196-25923,954-776-717-54597335-1,239-2121771,351-120556-2221,381-275
     Equity and Investment Fund Shares 3,767-884-2,762-979540-1,1421867141,416-214-5015,9552,505-3541,6704,4165,539
     Other financial assets 9382,090-617-28213481-673-269-94213159-104-437-264-921,309
   - Other changes in liabilities 4,7504,358-38,7132,814-6,259-2,293-4,232-4,040-426-215-1,026-3,789-2,849-3,427-2,258-579-1,218
     EDP debt instruments 4,7684,360-35,6652,821-6,750-2,499-4,031-3,791-1,731-608-946-3,897-2,658-3,192-1,441-2,223-382
     Other liabilities -18-2-3,048-7491206-201-2491,305393-80108-191-235-8171,644-836
                         
                         
Closing net worth 9,0268,748-17,547-19,543-30,129-36,759-43,896-49,689-53,240-55,641-59,526-57,205-60,223-65,207-68,615-64,646-61,271
Open in Excel: Government Finance Statistics Quarter 1 2015 Table 6 (XLS 22KB)
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Table 7 General Government Gross and Net Debt           
                     €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q1
                      
General Government Debt                  
                      
  Debt instrument liabilities at market value 139,667137,383183,540182,272193,805200,730216,322218,868230,639230,601232,455231,560234,494231,897232,867229,168230,369
  + Difference between face value and market value 15,84221,2884,3547,851685-883-5,912-8,630-12,252-11,896-13,886-16,232-19,426-22,197-24,659-25,847-26,745
                      
Gross General Government Debt (face value)GGDebt155,509158,671187,894190,123194,490199,847210,410210,238218,387218,705218,569215,328215,068209,700208,208203,321203,624
By category:                  
 Currency and deposits F214,47214,79162,19258,38659,34662,02061,46862,09231,45332,03532,18131,35628,52521,57221,01320,91420,478
 Debt securitiesF391,50389,74196,25194,01387,67984,94190,47587,297124,601120,462118,306112,665114,475116,113115,546119,078128,558
  Short-termF312,0617287243,7773,4974,0235,0432,5354,9595,5624,1022,3892,4893,4773,6373,7605,869
  Long-termF3289,44389,01395,52790,23684,18280,91885,43284,762119,642114,900114,205110,276111,986112,636111,910115,318122,690
 LoansF449,53354,13929,45037,72347,46552,88658,46760,84962,33366,20868,08271,30772,06972,01471,64963,32954,587
  Short-termF416865094265585691,8272,2361,8861,8291,4301,1841,4361,5271,4541,3861,3041,554
  Long-termF4248,84753,63029,02437,16646,89651,05956,23158,96360,50364,77866,89869,87070,54270,56170,26362,02553,033
                      
less EDP debt instrument assetsF2 + F3 + F443,53341,88258,69655,17055,91254,86763,46158,70764,10861,25960,88454,26653,73846,39743,77636,83735,897
 By category:                  
 Currency and deposits F231,27433,39917,27119,28421,05221,50931,19225,27233,83231,37730,92024,01626,30425,41425,38918,17018,857
 Debt securitiesF38,2904,3747,0857,9208,0698,0217,9269,4708,6098,4878,62010,0889,8949,9849,3039,3388,649
  Short-termF31494840133001,0461,9901,9911,9923,7443,5423,6673,3262,3691,567
  Long-termF328,2414,3267,0457,9078,0668,0217,9268,4246,6196,4966,6286,3446,3526,3175,9776,9697,082
 LoansF43,9694,10934,34027,96626,79125,33724,34323,96521,66721,39521,34420,16217,54010,9999,0849,3298,391
  Short-termF4101586178851,1161,0871,5001,9541,9091,6622,0022,2882,4492,4821,7061,5161,405
  Long-termF423,9693,95133,72327,08125,67524,25022,84322,01119,75819,73319,34217,87415,0918,5177,3787,8136,986
                      
 Net General Government Debt (face value)GGNetDebt111,976116,789129,198134,953138,578144,980146,949151,531154,279157,446157,685161,062161,330163,303164,432166,484167,727
 By category:                  
 Currency and deposits F2-16,802-18,60844,92139,10238,29440,51130,27636,820-2,3796581,2617,3402,221-3,842-4,3762,7441,621
 Debt securities F383,21385,36789,16686,09379,61076,92082,54977,827115,992111,975109,686102,577104,581106,129106,243109,740119,909
  Short-termF312,0126806843,7643,4944,0235,0431,4892,9693,5712,110-1,355-1,053-1903111,3914,302
  Long-termF3281,20284,68788,48282,32976,11672,89777,50676,338113,023108,404107,577103,932105,634106,319105,933108,349115,608
 LoansF445,56450,030-4,8909,75720,67427,54934,12436,88440,66644,81346,73851,14554,52961,01562,56554,00046,196
  Short-termF41686351-191-327-547740736-68-80-232-818-852-922-1,028-320-212149
  Long-termF4244,87849,679-4,69910,08521,22126,80933,38836,95240,74545,04547,55651,99655,45162,04462,88554,21246,047
Open in Excel: Government Finance Statistics Quarter 1 2015 Table 7 (XLS 17KB)
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Table 8 Reconciliation of Exchequer Balance to General Government Deficit           
                    € million
Description ESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q1
                   
Exchequer balance -7,066-3,762-9,831-4,259-4,263-5,181-1,691-3,758-3,695-2,898-549-4,361-2,316-2,622-1,023-2,222197
                   
Deduct cash inflows which do not increase financial net worth -1-1-1-59-2-2-2-8-1,016-82-1,306-293-1,327-1,155-1,007-818-991
Inflows from sale or redemption of financial assets -1-1-1-59-2-2-2-8-1,016-82-1,306-289-1,327-1,155-1,007-805-988
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation 00000000000-5000-13-3
                   
Exclude cash outflows which do not reduce financial net worth 2,51704,5302882501,50205151,117409287631,1511,3191,0701,072801
Acquisition of financial assets 004,5302882501,50205151,117396287631,1511,3061,0701,072801
Repayment of promissory notes notional loan principal 2,517000000001300013000
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 00000000000000000
                   
Impact on financial net worth of Exchequer cash transactions -4,550-3,763-5,302-4,030-4,014-3,681-1,692-3,250-3,594-2,571-1,827-3,892-2,492-2,458-960-1,9688
                   
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) -439-2781041,339-1,005-125-163654-176-1521041,036-612235-2171,000-1,087
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 234-27851555-309-20070261-121-196251227331754267-393
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -67300709-7710-8768-785-100755-6986-74679-748
Accrual of interest due on contingent capital assets assigned to banks 0053757575-22575451-150515050-1515050
Licence sales 0000000-45072744444444
Other accrued revenue 00000000000000000
                   
Adjust for impact of non-cash expenditure (-) 638499-1,244468300664-1,249-3068728-1,33271817586-1,213317360
Capital transfers to financial institutions financed by promissory notes 0000000001300013000
Difference between interest paid and accrued 615463-1,279295308663-1,252-28-13670-1,376790139530-1,259766315
Difference between Exchequer cash issues and accrued net spending of departments and offices -9-9-9129-44-42-40-7181817-57182023-260
Other accrued expenditure 324544443644436622726-14-1392322-42345
                   
Surplus/Deficit of ExchequerB9_exchequer-4,350-3,543-6,443-2,224-4,720-3,142-3,104-2,626-3,702-1,995-3,055-2,137-3,087-1,637-2,390-651-720
                   
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -205-56-33022113751-46-2828-101-22-56224111209-399169
Social Insurance Fund -104-22-45-2150-29-442278-46-38-20114250-59-23
Bank & Deposit Guarantee Schemes 312-223-379183-20-12-25-41-40-118-31-2-14-10-1628-14
Capital Services Redemption Account -57753-26-493037-18-5023359-672528-1-5210
Small Savings Reserve Fund 00000000000000000
Other Extra-Budgetary Funds 1301028458104796350-352535308553210-331197
Health Service Executive 34353650-26-25-23-93333151515150
                   
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-4,555-3,599-6,772-2,002-4,582-3,090-3,151-2,654-3,674-2,096-3,078-2,194-2,862-1,526-2,181-1,050-551
                   
Surplus/Deficit of other Central Government bodies 157233-4,231-925-10-50829373132362039470130-1098-2,136
National Pensions Reserve Fund 162235-4,042-728180-199153200112181146-8-21181986-2,079
Non-market State corporations and agencies 01-188-197-188-307-122-1631934649937212-2912-58
Voluntary and joint board hospitals -5-3-20-2-2-20999900000
                   
                   
Surplus/Deficit of Central Government B9_S1311-4,398-3,366-11,003-2,927-4,592-3,599-3,121-2,617-3,361-1,860-2,875-2,100-2,793-1,396-2,191-953-2,687
                   
Surplus/Deficit of Local Government B9_S1313211-8156-295293-111-42-275309-2112-4251972996-4740
                   
Surplus/Deficit of General Government B9_S13-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,892-3,051-1,881-2,863-2,525-2,595-1,367-2,095-1,427-2,687
Open in Excel: Government Finance Statistics Quarter 1 2015 Table 8 (XLS 40KB)
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Background Notes

Introduction

The figures in this release comprise the first estimate of Quarter 1 2015 Government Finance Statistics results under the European System of Accounts (ESA 2010).

The data published in this series are consistent with the National Income and Expenditure 2014.

Register of Public Sector Bodies 

The Central Statistics Office (CSO) is required to define the scope of the public sector (which includes the General Government Sector) for the official reporting of Ireland’s General Government Deficit/Surplus, Government Debt, and other Government Finance Statistics.  In this context, the public sector includes all bodies that are directly or indirectly controlled by a Government department or office, or by a local authority.  General Government, in turn, includes all public sector bodies that are also mainly financed by Government bodies.  The decision rules governing the classification of bodies to the public and General Government sectors are set out in detail in the Manual on Government Deficit and Debt (MGDD).  The General Government sector forms the basis for the compilation of GFS data presented in this release.

The CSO’s Register of Public Sector bodies is updated twice a year to coincide with the submission of government deficit and debt figures to Eurostat under the Excessive Deficit Procedure. It reflects any change in the composition of the government sector since the previous update.

A detailed explanation of the application of the sector classification rules and the most up-to-date list of public sector bodies (including general government bodies) for Ireland is shown at:

http://www.cso.ie/en/media/csoie/surveysandmethodologies/documents/pdfdocs/Regofpublicsectorbodies2015April.pdf

Classification of Irish Water

Eurostat has confirmed its decision that Irish Water is to be classified as part of general government. Their decision is available on both Eurostat's and the CSO's website. This decision does not result in any revision of government finance statistics, including government deficit and debt. 

Other significant transactions

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditure 2014 and the latest Quarterly National Accounts publication.

Transfer of NPRFC Shareholding in Bank of Ireland to Exchequer

In March 2015, the National Treasury Management Agency transferred €1.6 billion arising from the sale of Bank of Ireland shares to the Exchequer. This was used to part-finance the early repayment of a portion of the State's IMF loan facility in Q1 2015. 

Pension Liabilities

The estimated pension liability of government (the accrued liability in respect of Public Service occupational pensions) is a contingent liability of government and does not form part of the ESA accounts of general government.  It is shown in this release as a memorandum item.  The estimate shown for years 2009-2011 of €116 billion was calculated by the Comptroller and Auditor General.    The estimate of €98 billion from 2012 follows an actuarial valuation carried out by the Department of Public Service and Reform.   The main reasons for the reduction were the pay and pension cuts since 2009 and the freeze in pay and pension rates until after the Haddington Road Agreement.  Details on this updated estimate can be accessed at:

http://www.per.gov.ie/public-service-pensions-accrued-liability/

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.

In addition to the EDP transmission programme, detailed statistics on Government revenue and expenditure are also provided to Eurostat under the ESA transmission programme.  For quarterly data the main tables reported are:

Table 2500 Quarterly non-financial accounts for general government (voluntary transmission under ‘gentleman’s agreement’ from Sept 2014 as main aggregates are  reported under Table 801 - Non-financial accounts by sector — quarterly in the new transmission programme),

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

These data are available on the Eurostat website.

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. In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG Deficit/Surplus. This adjustment has no impact on gross debt, net debt or net worth.

General Government Gross Debt (GG Debt) is defined in the EU regulations implementing the Maastricht Treaty as the gross debt liabilities of the consolidated General Government sector, at nominal value.

‘Gross’ means that the value of any financial assets held by General Government cannot be deducted from the GG Debt. In Ireland’s case, this means that the liquid assets which are deducted from the ‘gross’ National Debt in arriving at the audited National Debt cannot be deducted from the GG Debt.

‘Debt liabilities’ are defined as the ESA 2010 categories AF.2 (Currency and Deposits), AF.3 (Debt Securities), and AF.4 (Loans).

This definition excludes liabilities in derivatives, equity liabilities, pension and insurance liabilities and accounts payable.

‘Consolidated’ means that any money owed by one entity within General Government to another is excluded from the total GG Debt.

‘Nominal value’ is defined in the governing regulation as face value.  If debt is sold at a discount, it is the undiscounted value of the instrument, rather than the amount actually received, that is shown in the GG Debt. In other statistical contexts, ‘nominal value’ means face value plus any interest accrued but not paid; however, such interest is excluded from GG Debt by definition.

General Government Net Debt is a measure produced in accordance with the methodology of the IMF/World Bank Public Sector Debt Statistics Guide, by subtracting from the GG Gross Debt figure the value of the financial assets corresponding to the categories of financial liabilities which comprise GG Gross Debt.

General Government Net Worth is calculated as the sum of financial and non-financial assets of General Government less financial liabilities. 

Detailed codes and technical definitions can be seen in the ESA 2010 manual is available at the following website:- http://ec.europa.eu/eurostat/web/products-manuals-and-guidelines/-/KS-GQ-14-010 . 

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.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.

 

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

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