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E-mail: gfs@cso.ie Rod O'Mahony (+353) 1 498 4304 Máire O'Mahony (+353) 1 498 4308

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information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-6178

CSO statistical release, 12 October 2015, 11am

Government Finance Statistics Quarterly Results

Quarter 2 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	218,388	124.3	154,279	87.8
2013 Q2	-1,881	-4.3	218,708	125.3	157,445	90.2
2013 Q3	-2,863	-6.0	218,573	122.8	157,683	88.6
2013 Q4	-2,357	-5.2	215,333	120.0	160,898	89.7
2014 Q1	-2,594	-5.8	215,074	118.8	161,083	89.0
2014 Q2	-1,366	-2.9	209,707	114.5	163,063	89.0
2014 Q3	-2,094	-4.3	208,218	112.6	164,199	88.8
2014 Q4	-1,277	-2.6	203,187	107.5	166,060	87.8
2015 Q1	-2,347	-4.7	203,736	104.7	167,456	86.0
2015 Q2	-299	-0.6	204,429	102.0	166,557	83.1

Government Deficit of -2.6% of GDP in the first six months of 2015

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Ireland’s General Government Deficit (GG Deficit) amounted to -€2,347 million in the first quarter of 2015 and -€299 million in the second quarter. This results in a deficit of -€2,646 million or -2.6% of GDP for the first half of 2015. In the corresponding period of 2014, the half-year deficit amounted to -€3,960 million or -4.4% of GDP.

The Q1 2015 deficit estimate has been revised from the figure published in July 2015 from -€2,687 million to -€2,347 million, – an improvement of some €340 million. This change is due to reductions in estimates of both revenue and expenditure. Estimates of most elements of expenditure have been revised, in particular capital expenditure. However the reduction in expenditure is offset by reductions in revenue items also – in particular the time adjustment of certain tax receipts.

Government revenue for Q2 2015 at €16,928 million was higher by €693 million than Q2 2014 revenue of €16,235 million, mainly due to increased revenue from taxes and social contributions which was partially offset by reductions in other revenue categories. Government expenditure of €17,227 million in Q2 2015 reflected a decrease of €374 million compared to Q2 2014 expenditure of €17,601 million largely driven by decreases in expenditure on interest and social benefits (Table 1).

Government Debt at 102% of GDP at end Q2 2015

Ireland’s General Government Gross Debt (GG Debt) at face value stood at €204,429 million or 102% of annualised GDP at the end of Q2 2015, compared to a level of €203,736 million or 104.7% of annualised GDP at the end of Q1 2015.

General Government Net Debt amounted to €166,557 million in Q2 2015, or 83.1% of annualised GDP compared to €167,456 million or 86% of annualised GDP in Q1 2015 (Table 2).

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.

X-axis label	GG Gross Debt	GG Net Debt
Q2 2011	94	69.2
Q3 2011	110.3	75.9
Q4 2011	109.3	77.6
Q1 2012	111.6	79.5
Q2 2012	113.9	82.6
Q3 2012	119.9	83.7
Q4 2012	120.2	86.7
Q1 2013	124.3	87.8
Q2 2013	125.3	90.2
Q3 2013	122.8	88.6
Q4 2013	120	89.7
Q1 2014	118.8	89
Q2 2014	114.5	89
Q3 2014	112.6	88.8
Q4 2014	107.5	87.8
Q1 2015	104.7	86
Q2 2015	102	83.1

Show Table 1 General Government Transactions: Revenue, Expenditure, Financing and Deficit Q1 2011 to Q2 2015

Table 1 General Government transactions: revenue, expenditure, financing and deficit
																						€million
Description				ESA2010 code	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2	2014 Q3	2014 Q4	2015 Q1	2015 Q2

General Government transactions

	Revenue			TR	13,140	13,542	14,159	16,480	13,531	14,489	14,585	16,456	14,001	15,244	14,772	17,022	15,188	16,235	15,567	17,982	15,481	16,928
		Taxes and social contributions		D2 + D5 + D91 + D61	11,510	11,025	12,302	13,995	11,863	11,639	12,621	14,446	12,313	12,260	13,218	14,978	13,210	13,302	14,110	16,674	14,098	14,145
			Taxes	D2 + D5 + D91	8,875	8,588	9,930	11,467	9,571	9,240	10,294	11,814	9,772	9,747	10,734	12,217	10,458	10,687	11,505	13,747	11,216	11,450
			Social contributions	D61	2,635	2,437	2,372	2,529	2,293	2,399	2,327	2,632	2,542	2,514	2,485	2,761	2,752	2,615	2,604	2,927	2,882	2,695
		Sales of goods and services		P1O	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	877	1,044
		Investment income		D4	263	1,134	489	559	461	1,587	594	379	449	1,738	397	525	491	1,672	388	310	388	1,649
		Current transfer revenue (excluding taxes)		D7	79	63	58	68	69	58	54	74	66	61	56	77	65	59	55	69	66	59
		Capital transfer revenue (excluding taxes)		D9N	152	60	59	343	87	63	79	59	51	45	76	154	127	67	61	130	53	31

	Expenditure			TE	17,327	16,988	25,106	19,703	17,830	18,199	17,748	19,349	17,052	17,125	17,635	19,379	17,782	17,601	17,661	19,259	17,828	17,227
		Expense		Expense	17,400	16,995	24,945	18,840	17,816	17,689	18,271	19,002	17,613	17,488	18,099	18,788	17,636	17,555	17,900	18,990	17,471	17,141
			Compensation of employees	D1	4,876	4,682	4,749	4,868	4,920	4,647	4,683	4,656	4,848	4,748	4,560	4,498	4,833	4,733	4,546	4,485	4,891	4,790
			Use of goods and services plus taxes payable	P2 + D5 + D29	1,903	2,213	2,175	2,292	1,808	1,999	2,140	2,297	1,695	1,986	2,123	2,382	1,844	2,136	2,285	2,517	1,902	2,271
			Depreciation (Consumption of fixed capital)	P51c	792	792	842	842	839	839	839	839	852	852	852	852	882	882	882	882	882	882
			Interest (excluding FISIM)	D41	1,191	1,267	1,822	1,608	1,646	1,724	1,846	1,941	1,935	1,884	1,925	1,923	1,868	1,900	1,889	1,849	1,625	1,666
			Subsidies	D3	398	393	420	513	404	424	447	616	391	409	432	582	398	417	439	603	393	409
			Social benefits	D62 + D632	6,935	6,964	7,243	7,666	6,992	7,130	7,378	7,936	6,799	6,829	7,164	7,757	6,708	6,697	7,095	7,622	6,595	6,340
			Other current transfers	D7	801	447	591	694	907	309	615	548	792	576	772	677	800	559	515	690	758	548
			Capital transfers	D9	505	237	7,103	357	300	617	323	169	300	205	271	117	303	232	249	340	425	235

	Net operating balance			NOB	-4,260	-3,454	-10,785	-2,360	-4,286	-3,200	-3,686	-2,546	-3,612	-2,244	-3,327	-1,766	-2,448	-1,321	-2,333	-1,008	-1,990	-213

		Net acquisition of non-financial assets		P5 + NP - P51c	-73	-7	162	862	14	510	-523	347	-561	-363	-464	591	146	46	-239	269	357	86

	General Government Surplus/Deficit			B9	-4,187	-3,446	-10,948	-3,222	-4,299	-3,710	-3,163	-2,892	-3,051	-1,881	-2,863	-2,357	-2,594	-1,366	-2,094	-1,277	-2,347	-299
	equals
		Net acquisition of financial assets		ΔFA	8,463	-1,628	-597	-2,573	1,592	351	8,066	-4,223	6,296	-2,633	-1,600	-7,687	-1,791	-7,394	-2,403	-6,917	-1,649	200
			Debt instruments	F2 + F3 + F4	11,212	-1,391	-7,140	-2,752	1,462	-502	8,498	-5,090	6,643	-2,636	-550	-7,968	-416	-7,903	-2,403	-8,327	-571	903
			Equity and Investment Fund Shares	F5	-3,791	788	7,441	-735	-50	1,390	5	481	56	477	-1,297	-543	-1,194	569	282	252	477	-940
			Other financial assets	F6 + F7 + F8	1,042	-1,025	-898	914	180	-537	-437	386	-403	-474	247	824	-181	-60	-282	1,158	-1,555	237
	less
		Net incurrence of liabilities		ΔL	12,650	1,818	10,350	650	5,892	4,061	11,229	-1,330	9,347	-752	1,263	-5,330	803	-6,028	-309	-5,640	698	499
			Debt instruments	F2 + F3 + F4	11,674	2,098	10,515	1,271	4,784	4,426	11,561	-1,245	10,041	-645	909	-4,957	262	-5,800	-481	-6,276	464	349
			Other liabilities	F5 + F6 + F7 + F8	976	-280	-165	-621	1,108	-365	-332	-85	-694	-107	354	-373	541	-228	172	636	234	150

		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	-74

General Government Surplus/Deficit (% of quarterly GDP)					-10.0	-7.8	-25.0	-7.3	-10.2	-8.2	-7.2	-6.6	-7.1	-4.3	-6.0	-5.2	-5.8	-2.9	-4.3	-2.6	-4.7	-0.6

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Show Table 2 General Government: Net Worth, Gross and Net Debt Q1 2011 to Q2 2015

Table 2 General Government Net Worth, Gross and Net Debt
																							€million
Description					ESA2010 code	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2	2014 Q3	2014 Q4	2015 Q1	2015 Q2
General Government net worth
	Net worth at market value, excluding pension liabilities				NW	9,483	9,224	-17,048	-19,357	-29,984	-36,608	-43,739	-49,536	-52,785	-55,028	-58,759	-56,127	-57,726	-61,398	-63,505	-57,924	-55,225	-51,095
	equals
		Non-financial assets at market value			NFA	84,479	84,392	84,475	85,257	85,694	86,626	86,526	87,295	87,381	87,665	87,847	89,084	90,579	91,973	93,083	94,700	95,058	95,143
	plus
		Financial net worth at market value, excluding pension liabilities			FNW	-74,996	-75,168	-101,523	-104,614	-115,678	-123,234	-130,265	-136,831	-140,166	-142,693	-146,606	-145,211	-148,305	-153,371	-156,588	-152,624	-150,283	-146,238
		equals
			Financial assets at market value		FA	73,274	70,541	93,226	88,281	89,414	88,212	96,642	92,794	99,082	96,016	94,392	94,423	94,963	87,301	86,046	84,849	89,771	85,048
				EDP debt instruments	F2 + F3 + F4	43,532	41,882	58,696	55,168	55,913	54,866	63,461	58,706	64,110	61,263	60,890	54,435	53,989	46,645	44,021	37,127	36,280	37,873
				Equity and Investment Fund Shares	F5	20,106	20,010	24,689	22,975	23,465	23,713	23,904	25,098	26,654	27,003	25,293	30,795	32,057	32,225	34,130	38,751	44,767	38,560
				Other financial assets	F6 + F7 + F8	9,636	8,649	9,841	10,138	10,036	9,633	9,277	8,990	8,318	7,750	8,209	9,193	8,917	8,431	7,895	8,971	8,724	8,615
		less
			Liabilities at market value		L	148,270	145,709	194,749	192,895	205,092	211,446	226,907	229,625	239,248	238,709	240,998	239,634	243,268	240,672	242,634	237,473	240,054	231,286
				EDP debt instruments	F2 + F3 + F4	139,667	137,383	183,540	182,300	193,805	200,730	216,322	218,876	230,640	230,603	232,459	231,574	234,500	231,905	232,877	228,766	230,284	221,537
				Other liabilities	F5 + F6 + F7 + F8	8,603	8,326	11,209	10,595	11,287	10,716	10,585	10,749	8,608	8,106	8,539	8,060	8,768	8,767	9,757	8,707	9,770	9,749

	Memo: Estimated pension liabilities of government					116,000	116,000	116,000	116,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000

	Memo: Net worth, including pension liabilities					-106,517	-106,776	-133,048	-135,357	-127,984	-134,608	-141,739	-147,536	-150,785	-153,028	-156,759	-154,127	-155,726	-159,398	-161,505	-155,924	-153,225	-149,095

		Contingent liabilities				142,298	142,298	142,298	142,298	119,131	119,131	119,131	119,131	59,723	59,723	59,723	59,723	28,848	28,848	28,848	28,848	28,848	28,848

	Memo: Net worth, including pension liabilities and contingent liabilities					-248,815	-249,074	-275,347	-277,655	-247,115	-253,739	-260,870	-266,666	-210,507	-212,751	-216,482	-213,849	-184,574	-188,246	-190,353	-184,772	-182,073	-177,943
General Government: changes in net worth
	Opening net worth					6,255	9,483	9,224	-17,048	-19,357	-29,984	-36,608	-43,739	-49,536	-52,785	-55,028	-58,759	-56,127	-57,726	-61,398	-63,505	-57,924	-55,225

	Change in net worth due to transactions					-4,260	-3,454	-10,785	-2,360	-4,286	-3,200	-3,686	-2,546	-3,611	-2,244	-3,327	-1,766	-2,448	-1,321	-2,333	-1,008	-1,990	-213
		Net acquisition of non-financial assets			P5 + NP - P51c	-73	-7	162	862	14	510	-523	347	-560	-363	-464	591	146	46	-239	269	357	86
		Net lending/net borrowing			B9	-4,187	-3,446	-10,947	-3,223	-4,300	-3,710	-3,163	-2,893	-3,051	-1,881	-2,863	-2,357	-2,594	-1,366	-2,094	-1,277	-2,347	-299

	Change in net worth due to other economic flows				Kx	7,488	3,195	-15,488	52	-6,342	-3,424	-3,445	-3,251	362	0	-404	4,399	849	-2,351	226	6,589	4,688	4,344
		Other changes in non-financial assets				-80	-80	-80	-80	422	422	422	422	646	646	646	646	1,349	1,349	1,349	1,349	0	0
		Other changes in financial assets				2,580	-1,105	23,282	-2,372	-459	-1,553	364	375	-8	-433	-24	7,718	2,331	-268	1,148	5,720	6,571	-4,923
		Other changes in liabilities				4,988	4,379	-38,690	2,504	-6,305	-2,293	-4,232	-4,048	-276	-213	-1,026	-3,966	-2,831	-3,432	-2,271	-479	-1,883	9,267

Closing net worth						9,483	9,224	-17,048	-19,357	-29,984	-36,608	-43,739	-49,536	-52,785	-55,028	-58,759	-56,127	-57,726	-61,398	-63,505	-57,924	-55,225	-51,095

General Government Debt (GGDebt)
		Debt instrument liabilities at market value			F2 + F3 + F4	139,667	137,383	183,540	182,300	193,805	200,730	216,322	218,876	230,640	230,603	232,459	231,574	234,500	231,905	232,877	228,766	230,284	221,537
		+ Difference between EDP face value and market value				15,842	21,288	4,354	7,823	685	-883	-5,912	-8,638	-12,252	-11,895	-13,886	-16,241	-19,426	-22,198	-24,659	-25,579	-26,548	-17,108

	Gross General Government Debt (EDP face value)				GGDebt	155,509	158,671	187,894	190,123	194,490	199,847	210,410	210,238	218,388	218,708	218,573	215,333	215,074	209,707	208,218	203,187	203,736	204,429

		less EDP debt instrument assets			F2 + F3 + F4	-43,533	-41,882	-58,696	-55,170	-55,912	-54,867	-63,461	-58,707	-64,109	-61,263	-60,890	-54,435	-53,991	-46,644	-44,019	-37,127	-36,280	-37,872
	Net General Government Debt				GGNetDebt	111,976	116,789	129,198	134,953	138,578	144,980	146,949	151,531	154,279	157,445	157,683	160,898	161,083	163,063	164,199	166,060	167,456	166,557

Closing Net Worth (% of annualised GDP)						5.7	5.5	-10.0	-11.1	-17.2	-20.9	-24.9	-28.3	-30.0	-31.5	-33.0	-31.3	-31.9	-33.5	-34.4	-30.6	-28.4	-25.5
Gross General Government Debt (% of annualised GDP)						93.4	94.0	110.3	109.3	111.6	113.9	119.9	120.2	124.3	125.3	122.8	120.0	118.8	114.5	112.6	107.5	104.7	102.0
Net General Government Debt (% of annualised GDP)						67.2	69.2	75.9	77.6	79.5	82.6	83.7	86.7	87.8	90.2	88.6	89.7	89.0	89.0	88.8	87.8	86.0	83.1

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Show Table 3 General Government: Detailed classification of revenue Q1 2011 to Q2 2015

Table 3 General Government: detailed classification of revenue and output
																							€million
Description					ESA2010 code	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2	2014 Q3	2014 Q4	2015 Q1	2015 Q2

Total Revenue					TR	13,140	13,542	14,159	16,480	13,531	14,489	14,585	16,456	14,001	15,244	14,772	17,022	15,188	16,235	15,567	17,982	15,481	16,928
	Taxes and social contributions					11,510	11,025	12,302	13,995	11,863	11,639	12,621	14,446	12,313	12,260	13,218	14,978	13,210	13,302	14,110	16,674	14,098	14,145
		Taxes			D2 + D5 + D91	8,875	8,588	9,930	11,467	9,571	9,240	10,294	11,814	9,772	9,747	10,734	12,217	10,458	10,687	11,505	13,747	11,216	11,450
			Indirect taxes (taxes on production and imports)		D2	4,844	3,684	5,080	4,168	4,899	3,795	5,438	4,205	5,122	3,974	5,642	4,529	5,535	4,605	5,756	5,207	5,936	4,804
				Taxes on products	D21	4,291	3,137	4,545	3,732	4,329	3,224	4,873	3,673	4,535	3,332	5,012	3,851	4,696	3,881	5,075	4,514	5,026	4,104
				of which Value-Added Tax	D211	2,966	1,748	2,931	2,110	3,050	1,860	3,149	2,161	3,025	1,812	3,434	2,101	3,200	2,165	3,481	2,649	3,304	2,212
				Other taxes on production	D29	552	548	534	436	570	571	565	532	586	643	630	679	840	724	682	693	909	701
			Direct taxes		D5	4,009	4,879	4,760	7,194	4,650	5,420	4,814	7,417	4,629	5,747	5,054	7,493	4,893	6,046	5,706	8,292	5,250	6,611
				Taxes on income, profits and capital gains	D51	3,752	4,634	4,071	6,978	4,387	5,169	4,099	7,182	4,363	5,467	4,262	7,207	4,583	5,759	4,729	8,001	4,941	6,335
				Other current direct taxes	D59	257	245	689	216	263	251	715	234	266	280	792	286	310	287	977	291	309	276
			Capital taxes		D91	23	25	90	105	21	26	42	193	21	26	37	195	29	36	43	248	31	35
		Social contributions			D61	2,635	2,437	2,372	2,529	2,293	2,399	2,327	2,632	2,542	2,514	2,485	2,761	2,752	2,615	2,604	2,927	2,882	2,695
			Actual social contributions		D611 + D613	2,393	2,194	2,129	2,286	1,998	2,105	2,033	2,338	2,223	2,195	2,166	2,442	2,430	2,293	2,282	2,604	2,560	2,373
			Employers' imputed social contributions		D612	243	243	243	243	294	294	294	294	319	319	319	319	322	322	322	322	322	322
	Sales of goods and services				P1O	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	877	1,044
		Sales of market establishments (= market output)			P11	226	226	226	226	245	245	245	245	262	262	262	262	284	284	284	284	300	300
		Imputed sales related to production of own-use capital assets (= output for own final use)			P12	14	14	14	14	10	10	10	10	8	8	8	8	8	8	8	8	8	8
		Incidental sales and fees of non-market establishments			P131	895	1,019	1,011	1,274	796	887	983	1,243	851	870	754	1,018	1,003	842	661	507	569	736
	Investment income				D4	263	1,134	489	559	461	1,587	594	379	449	1,738	397	525	491	1,672	388	310	388	1,649
		Interest (excluding FISIM)			D41	250	270	462	378	369	454	408	358	391	311	319	312	299	265	184	186	175	165
		Dividends			D42	12	863	26	180	91	1,132	185	20	58	1,426	76	212	191	1,407	203	122	211	1,483
	Current transfer revenue				D39 + D7	79	63	58	68	69	58	54	74	66	61	56	77	65	59	55	69	66	59
		Subsidies			D39	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
		Other current transfers			D7	79	63	58	68	69	58	54	74	66	61	56	77	65	59	55	69	66	59
			Non-life insurance claims		D72	3	3	3	3	2	2	2	2	2	2	2	2	2	2	2	2	2	2
			Other Domestic - Current		D7N_S1	54	54	54	54	52	52	52	52	49	49	49	49	47	47	47	47	49	47
			From Rest of World - Current		D7N_S2	22	6	1	11	16	5	1	21	16	10	6	26	16	10	6	20	16	10
	Capital transfer revenue				D9N	152	60	59	343	87	63	79	59	51	45	76	154	127	67	61	130	53	31

Output					P1	7,644	7,760	7,839	8,076	7,660	7,579	7,756	7,886	7,504	7,694	7,644	7,841	7,687	7,879	7,841	8,012	7,819	8,087
	Market output (sales of market establishments)				P11	226	226	226	226	245	245	245	245	262	262	262	262	284	284	284	284	300	300
	Output for own final use				P12	14	14	14	14	10	10	10	10	8	8	8	8	8	8	8	8	8	8
	Non-market output				P13	7,403	7,519	7,598	7,835	7,406	7,325	7,502	7,632	7,234	7,424	7,374	7,571	7,395	7,587	7,548	7,720	7,510	7,778
		= Non-market compensation of employees			D1_nonmarket	4,861	4,667	4,734	4,854	4,910	4,638	4,674	4,646	4,840	4,739	4,551	4,490	4,825	4,725	4,538	4,477	4,883	4,782
			= Total compensation of employees		D1	4,876	4,682	4,749	4,868	4,920	4,647	4,683	4,656	4,848	4,748	4,560	4,498	4,833	4,733	4,546	4,485	4,891	4,790
			- Compensation of employees of market establishments		D1_market
			- Compensation related to production of own-use capital assets		D1_own-use	-14	-14	-14	-14	-10	-10	-10	-10	-8	-8	-8	-8	-8	-8	-8	-8	-8	-8
		+ Non-market intermediate consumption			P2_nonmarket	1,846	2,156	2,118	2,235	1,754	1,946	2,086	2,244	1,641	1,931	2,069	2,327	1,790	2,081	2,230	2,463	1,847	2,216
			= Total intermediate consumption		P2	1,903	2,213	2,175	2,292	1,807	1,999	2,139	2,297	1,695	1,986	2,123	2,382	1,844	2,136	2,285	2,517	1,902	2,271
			- Intermediate consumption of market establishments		P2_market	-57	-57	-57	-57	-53	-53	-53	-53	-55	-55	-55	-55	-55	-55	-55	-55	-55	-55
			- Intermediate consumption related to production of own-use capital assets		P2_own-use
		+ Non-market consumption of fixed capital			P51c_nonmarket	695	695	745	745	742	742	742	742	754	754	754	754	780	780	780	780	780	780
			= Total consumption of fixed capital		P51c_nonmarket	792	792	842	842	839	839	839	839	852	852	852	852	882	882	882	882	882	882
			- Consumption of fixed capital by market establishments		P51c_market	-96	-96	-96	-96	-97	-97	-97	-97	-98	-98	-98	-98	-102	-102	-102	-102	-102	-102
			- Consumption of fixed capital related to production of own-use capital assets		P51c_own-use
		+ Other taxes on production, payable			D29_pay	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
		- Other subsidies on production, receivable			D39_rec	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

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Show Table 4 General Government: Detailed classification of expenditure Q1 2011 to Q2 2015

Table 4 General Government: detailed classification of expenditure and consumption
																							€million
Description					ESA2010 code	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2	2014 Q3	2014 Q4	2015 Q1	2015 Q2

Total Expenditure					TE	17,327	16,988	25,106	19,703	17,830	18,199	17,748	19,349	17,053	17,125	17,635	19,379	17,782	17,601	17,661	19,259	17,828	17,227

	Expense					17,400	16,995	24,945	18,840	17,816	17,689	18,271	19,002	17,613	17,488	18,099	18,788	17,636	17,555	17,900	18,990	17,471	17,141
		Compensation of employees			D1	4,876	4,682	4,749	4,868	4,920	4,647	4,683	4,656	4,848	4,748	4,560	4,498	4,833	4,733	4,546	4,485	4,891	4,790
			Of which: Related to production of own-use capital assets			14	14	14	14	10	10	10	10	8	8	8	8	8	8	8	8	8	8
		Use of goods and services plus taxes payable			P2 + D5 + D29	1,903	2,213	2,175	2,292	1,808	1,999	2,140	2,297	1,695	1,986	2,123	2,382	1,844	2,136	2,285	2,517	1,902	2,271
			Use of goods and services [Intermediate consumption]		P2	1,903	2,213	2,175	2,292	1,807	1,999	2,139	2,297	1,695	1,986	2,123	2,382	1,844	2,136	2,285	2,517	1,902	2,271
				Of which: Intermediate consumption of market establishments		57	57	57	57	53	53	53	53	55	55	55	55	55	55	55	55	55	55
			Taxes, payable		D5	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
		Depreciation (Consumption of fixed capital)			P51c	792	792	842	842	839	839	839	839	852	852	852	852	882	882	882	882	882	882
				Of which: Depreciation by market establishments		96	96	96	96	97	97	97	97	98	98	98	98	102	102	102	102	102	102
		Interest (excluding FISIM)			D41	1,191	1,267	1,822	1,608	1,646	1,724	1,846	1,941	1,935	1,884	1,925	1,923	1,868	1,900	1,889	1,849	1,625	1,666
		Subsidies			D3	398	393	420	513	404	424	447	616	391	409	432	582	398	417	439	603	393	409
			Product subsidies		D31	239	246	274	301	225	246	268	323	227	246	267	256	217	236	257	267	200	217
			Other subsidies on production		D39	159	148	146	212	179	178	179	293	165	163	165	326	182	181	182	337	193	192
		Social benefits			D62 + D632	6,935	6,964	7,243	7,666	6,992	7,130	7,378	7,936	6,799	6,829	7,164	7,757	6,708	6,697	7,095	7,622	6,595	6,340
			Social benefits in cash		D62	6,033	5,855	5,725	6,236	6,039	5,957	5,774	6,424	5,883	5,701	5,621	6,302	5,765	5,537	5,508	6,126	5,625	5,204
			Social benefits in kind (via market producers)		D632	901	1,109	1,517	1,430	953	1,172	1,604	1,512	917	1,128	1,543	1,455	943	1,160	1,587	1,496	970	1,136
		Other current transfers			D7	801	447	591	694	907	309	615	548	792	576	772	677	800	559	515	690	758	548
			Net non-life insurance premiums		D71	12	12	12	12	19	19	19	19	14	14	14	14	14	14	14	14	14	14
			Current international cooperation		D74	135	70	122	220	102	137	187	120	75	177	145	133	92	72	139	132	82	158
			Miscellaneous current transfers		D75	202	176	187	224	303	-83	174	172	168	85	312	109	148	156	176	110	60	57
			VAT and GNI based EU budget contribution		D76	453	190	269	238	482	237	234	237	535	300	301	421	546	317	186	434	602	318
				VAT-based EU own resources	D761	71	30	48	44	81	39	40	32	78	47	47	23	82	47	28	46	83	45
				GNI-based EU own resources	D762	381	160	221	194	402	198	194	205	457	253	254	398	465	269	158	388	519	273
		Capital transfers			D9	505	237	7,103	357	300	617	323	169	300	205	271	117	303	232	249	340	425	235
			Investment grants		D92	498	124	102	357	300	337	323	169	262	205	271	117	303	232	238	158	425	235
			Other capital transfers		D99	7	113	7,001	0	0	280	0	0	38	0	0	0	0	0	11	182	0	0

	Net acquisition of non-financial assets				P5 + NP - P51c	-73	-7	162	862	14	510	-523	347	-560	-363	-464	591	146	46	-239	269	357	86
		= Gross investment in non-financial assets			P5 + NP	718	784	1,004	1,704	853	1,349	316	1,186	291	489	388	1,443	1,028	928	643	1,151	1,239	968
			Gross fixed capital formation		P51	691	757	976	1,676	832	1,328	296	1,166	994	468	367	1,422	1,013	913	628	1,136	1,224	953
			Net acquisition of stocks		P52	28	28	28	28	21	21	21	21	21	21	21	21	15	15	15	15	15	15
			Net acquisition of unproduced assets		NP	0	0	0	0	0	0	0	0	-723	0	0	0	0	0	0	0	0	0
		- Consumption of fixed capital			P51c	-792	-792	-842	-842	-839	-839	-839	-839	-852	-852	-852	-852	-882	-882	-882	-882	-882	-882

Net expenditure on current goods and services					P3 excl. D632	6,508	6,500	6,587	6,561	6,610	6,438	6,519	6,389	6,384	6,554	6,620	6,553	6,392	6,745	6,888	7,212	6,942	7,042
	= Output				P1	7,644	7,760	7,839	8,076	7,660	7,579	7,756	7,886	7,504	7,694	7,644	7,841	7,687	7,879	7,841	8,012	7,819	8,087
	- 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	-877	-1,044
			Market output (sales of market establishments)		P11	-226	-226	-226	-226	-245	-245	-245	-245	-262	-262	-262	-262	-284	-284	-284	-284	-300	-300
			Output for own final use		P12	-14	-14	-14	-14	-10	-10	-10	-10	-8	-8	-8	-8	-8	-8	-8	-8	-8	-8
			Incidental sales and fees of non-market establishments		P131	-895	-1,019	-1,011	-1,274	-796	-887	-983	-1,243	-851	-870	-754	-1,018	-1,003	-842	-661	-507	-569	-736

Final consumption expenditure					P3	7,409	7,609	8,104	7,991	7,563	7,610	8,123	7,900	7,300	7,682	8,163	8,007	7,335	7,905	8,475	8,708	7,911	8,178
	= Net expenditure on current goods and services				P3 excl. D632	6,508	6,500	6,587	6,561	6,610	6,438	6,519	6,389	6,384	6,554	6,620	6,553	6,392	6,745	6,888	7,212	6,942	7,042
	+ Social transfers in kind via market producers				D632	901	1,109	1,517	1,430	953	1,172	1,604	1,512	917	1,128	1,543	1,455	943	1,160	1,587	1,496	970	1,136
made up of
	Individual consumption (= social transfers in kind)				P31 (= D63)	5,068	5,273	5,680	5,001	5,075	5,182	5,712	4,906	4,895	5,213	5,669	5,539	4,927	5,364	5,880	5,991	5,296	5,525
		Social transfers in kind (via market producers)			D632	901	1,109	1,517	1,430	953	1,172	1,604	1,512	917	1,128	1,543	1,455	943	1,160	1,587	1,496	970	1,136
		Social transfers in kind (provided directly by government)			D631	4,167	4,164	4,162	3,571	4,122	4,009	4,108	3,394	3,979	4,085	4,126	4,084	3,984	4,204	4,293	4,495	4,327	4,389
	Collective consumption (= actual final consumption of government)				P32	2,341	2,336	2,425	2,990	2,488	2,429	2,411	2,994	2,405	2,469	2,494	2,469	2,408	2,541	2,595	2,717	2,615	2,653

Total social transfers					D62 + D63	11,101	11,128	11,405	11,237	11,114	11,139	11,486	11,330	10,778	10,914	11,290	11,841	10,692	10,900	11,388	12,117	10,921	10,729
	Social benefits in cash				D62	6,033	5,855	5,725	6,236	6,039	5,957	5,774	6,424	5,883	5,701	5,621	6,302	5,765	5,537	5,508	6,126	5,625	5,204
	Social transfers in kind (= individual consumption)				D63	5,068	5,273	5,680	5,001	5,075	5,182	5,712	4,906	4,895	5,213	5,669	5,539	4,927	5,364	5,880	5,991	5,296	5,525

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Show Table 5 General Government financial transactions Q1 2011 to Q2 2015

Table 5 General Government financial transactions
																								€million
							2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2	2014 Q3	2014 Q4	2015 Q1	2015 Q2
Description						ESA2010 code
	Net lending (+) / net borrowing (-)					B.9	-4,187	-3,446	-10,947	-3,223	-4,300	-3,710	-3,163	-2,893	-3,051	-1,881	-2,863	-2,357	-2,594	-1,366	-2,094	-1,277	-2,347	-299
	equals
		Net acquisition of financial assets				ΔA	8,463	-1,628	-597	-2,573	1,592	351	8,066	-4,223	6,296	-2,633	-1,600	-7,687	-1,791	-7,394	-2,403	-6,917	-1,649	200
			EDP debt instruments			F2 + F3 + F4	11,212	-1,391	-7,140	-2,752	1,462	-502	8,498	-5,090	6,643	-2,636	-550	-7,968	-416	-7,903	-2,403	-8,327	-571	903
				Currency and deposits		F2	11,615	2,126	-16,403	2,011	1,769	456	9,683	-6,081	8,560	-2,450	-456	-6,901	2,280	-908	-55	-7,261	745	1,411
				Debt securities		F3	-632	-3,657	2,819	822	-1	-116	-123	1,197	-860	-108	132	79	-214	55	-686	-584	-714	-369
					Short-term	F31	0	-1	-8	-27	-9	-3	0	1,046	945	1	1	1,750	-201	126	-341	-957	-802	258
					Long-term	F32	-632	-3,656	2,827	849	8	-113	-123	151	-1,805	-109	131	-1,671	-13	-71	-345	373	88	-627
				Loans		F4	229	140	6,444	-5,585	-306	-842	-1,062	-206	-1,057	-78	-226	-1,146	-2,482	-7,050	-1,662	-482	-602	-139
					Short-term loans	F41	0	158	459	268	231	-30	414	454	-44	-248	340	301	145	33	-776	-190	-111	-103
					Long-term loans	F42	229	-18	5,985	-5,853	-537	-812	-1,476	-660	-1,013	170	-566	-1,447	-2,627	-7,083	-886	-292	-491	-36
			Equity and Investment Fund Shares			F5	-3,791	788	7,441	-735	-50	1,390	5	481	56	477	-1,297	-543	-1,194	569	282	252	477	-940
			Other financial assets			F6 + F7 + F8	1,042	-1,025	-898	914	180	-537	-437	386	-403	-474	247	824	-181	-60	-282	1,158	-1,555	237
				Insurance, Pensions and Standardised Guarantees		F6	0	0	0	0	0	0	0	-1	0	0	0	0	0	0	0	1	0	0
				Financial derivatives and Employee Stock Options		F7	-40	-232	0	1	-75	0	0	0	164	0	0	32	17	27	23	29	-372	0
				Other accounts receivable/payable		F8	1,082	-793	-898	913	255	-537	-437	387	-567	-474	247	792	-198	-87	-305	1,128	-1,183	237
	less
		Net incurrence of liabilities				ΔL	12,650	1,818	10,350	650	5,892	4,061	11,229	-1,330	9,347	-752	1,263	-5,330	803	-6,028	-309	-5,640	698	499
			EDP debt instruments			F2 + F3 + F4	11,674	2,098	10,515	1,271	4,784	4,426	11,561	-1,245	10,041	-645	909	-4,957	262	-5,800	-481	-6,276	464	349
				Currency and deposits		F2	833	374	5,590	-3,904	939	2,681	-534	716	-30,613	575	172	-841	-2,842	-6,962	-567	-103	-446	77
				Debt securities		F3	-4,922	-2,586	1,586	-3,133	-5,995	-3,664	6,716	-4,476	39,401	-5,059	-1,304	-7,415	2,314	1,297	462	2,509	9,624	49
					Short-term	F31	-5,243	-1,415	34	3,158	-412	483	1,031	-2,401	2,309	637	-1,432	-1,673	101	1,023	112	179	1,881	-974
					Long-term	F32	321	-1,171	1,552	-6,291	-5,583	-4,147	5,685	-2,075	37,092	-5,696	128	-5,742	2,213	274	350	2,330	7,743	1,023
				Loans		F4	15,763	4,310	3,339	8,308	9,840	5,409	5,379	2,515	1,253	3,839	2,041	3,299	790	-135	-376	-8,682	-8,714	223
					Short-term loans	F41	-45	-177	-82	131	11	1,258	409	-349	-56	-398	-244	234	96	-45	-60	-103	275	-134
					Long-term loans	F42	15,808	4,487	3,421	8,177	9,829	4,151	4,970	2,864	1,309	4,237	2,285	3,065	694	-90	-316	-8,579	-8,989	357
			Other liabilities			F5 + F6 + F7 + F8	976	-280	-165	-621	1,108	-365	-332	-85	-694	-107	354	-373	541	-228	172	636	234	150
				Equity and Investment Fund Shares		F5	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
				Insurance, Pensions and Standardised Guarantees		F6	0	0	0	0	0	0	0	1	0	0	0	-1	0	0	0	0	0	0
				Financial derivatives and Employee Stock Options		F7	0	0	0	3	0	0	0	0	0	0	0	0	0	0	0	0	0	0
				Other accounts receivable/payable		F8	976	-280	-165	-624	1,108	-365	-332	-86	-694	-107	354	-372	541	-228	172	636	234	150

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Show Table 6 General Government: Detailed breakdown of net worth Q1 2011 to Q2 2015

Table 6 General Government: detailed breakdown of net worth
																									€million
Description							ESA2010 code	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2	2014 Q3	2014 Q4	2015 Q1	2015 Q2

General Government balance sheet

	Net worth at market value, excluding pension liabilities						NW	9,483	9,224	-17,048	-19,357	-29,984	-36,608	-43,739	-49,536	-52,785	-55,028	-58,759	-56,127	-57,726	-61,398	-63,505	-57,924	-55,225	-51,095
	equals
		Non-financial assets at market value					NFA	84,479	84,392	84,475	85,257	85,694	86,626	86,526	87,295	87,381	87,665	87,847	89,084	90,579	91,973	93,083	94,700	95,058	95,143
	plus
		Financial net worth at market value, excluding pension liabilities					FNW	-74,996	-75,168	-101,523	-104,614	-115,678	-123,234	-130,265	-136,831	-140,166	-142,693	-146,606	-145,211	-148,305	-153,371	-156,588	-152,624	-150,283	-146,238
		equals
			Financial assets at market value				FA	73,274	70,541	93,226	88,281	89,414	88,212	96,642	92,794	99,082	96,016	94,392	94,423	94,963	87,301	86,046	84,849	89,771	85,048
				EDP debt instruments			F2 + F3 + F4	43,532	41,882	58,696	55,168	55,913	54,866	63,461	58,706	64,110	61,263	60,890	54,435	53,989	46,645	44,021	37,127	36,280	37,873
					Currency and deposits		F2	31,274	33,399	17,271	19,284	21,052	21,509	31,192	25,272	33,833	31,381	30,926	24,024	26,304	25,407	25,376	18,152	18,930	20,331
					Debt securities		F3	8,289	4,374	7,085	7,919	8,069	8,021	7,926	9,470	8,610	8,487	8,620	10,249	10,146	10,239	9,560	9,646	8,959	8,548
						Short-term	F31	49	48	40	13	3	0	0	1,046	1,990	1,991	1,992	3,744	3,542	3,667	3,326	2,369	1,567	1,825
						Long-term	F32	8,241	4,326	7,045	7,907	8,066	8,021	7,926	8,424	6,619	6,496	6,628	6,505	6,605	6,571	6,233	7,277	7,392	6,722
					Loans		F4	3,969	4,109	34,340	27,965	26,792	25,336	24,343	23,964	21,667	21,395	21,344	20,162	17,539	10,999	9,085	9,329	8,391	8,994
						Short-term loans	F41	0	158	617	885	1,116	1,087	1,500	1,954	1,909	1,662	2,002	2,288	2,449	2,482	1,706	1,516	1,405	1,302
						Long-term loans	F42	3,969	3,951	33,723	27,081	25,675	24,250	22,843	22,011	19,758	19,733	19,342	17,874	15,091	8,517	7,378	7,813	6,986	7,692
				Equity and Investment Fund Shares			F5	20,106	20,010	24,689	22,975	23,465	23,713	23,904	25,098	26,654	27,003	25,293	30,795	32,057	32,225	34,130	38,751	44,767	38,560
				Other financial assets			F6 + F7 + F8	9,636	8,649	9,841	10,138	10,036	9,633	9,277	8,990	8,318	7,750	8,209	9,193	8,917	8,431	7,895	8,971	8,724	8,615
					Insurance, Pensions and Standardised Guarantees		F6	1	1	1	1	1	1	1	0	0	0	0	0	0	0	0	1	1	1
					Financial derivatives and Employee Stock Options		F7	575	381	2,296	1,694	1,339	1,474	1,557	898	794	701	915	1,136	1,049	640	399	352	1,288	943
					Other accounts receivable/payable		F8	9,060	8,267	7,544	8,443	8,696	8,158	7,719	8,092	7,524	7,049	7,294	8,057	7,868	7,791	7,496	8,618	7,435	7,671
		less
			Liabilities at market value				L	148,270	145,709	194,749	192,895	205,092	211,446	226,907	229,625	239,248	238,709	240,998	239,634	243,268	240,672	242,634	237,473	240,054	231,286
				EDP debt instruments			F2 + F3 + F4	139,667	137,383	183,540	182,300	193,805	200,730	216,322	218,876	230,640	230,603	232,459	231,574	234,500	231,905	232,877	228,766	230,284	221,537
					Currency and deposits		F2	14,472	14,791	62,192	58,388	59,346	62,020	61,468	62,099	31,453	32,035	32,181	31,356	28,525	21,572	21,013	20,918	20,478	20,561
					Debt securities		F3	74,776	67,638	90,886	85,222	85,916	83,139	94,797	94,295	135,269	130,614	130,045	126,302	131,283	135,416	138,066	142,410	152,448	143,173
						Short-term	F31	2,089	741	717	3,825	3,520	4,039	5,052	2,580	4,969	5,587	4,128	2,432	2,512	3,508	3,650	3,801	5,880	4,677
						Long-term	F32	72,686	66,897	90,169	81,398	82,396	79,100	89,745	91,715	130,300	125,027	125,917	123,870	128,771	131,909	134,416	138,609	146,569	138,496
					Loans		F4	50,419	54,954	30,462	38,690	48,543	55,571	60,057	62,482	63,918	67,954	70,233	73,916	74,692	74,917	73,798	65,438	57,358	57,803
						Short-term loans	F41	686	509	426	558	569	1,827	2,236	1,886	1,830	1,432	1,188	1,442	1,535	1,464	1,400	1,320	1,570	1,427
						Long-term loans	F42	49,733	54,446	30,035	38,133	47,974	53,745	57,822	60,596	62,088	66,522	69,045	72,475	73,157	73,452	72,398	64,117	55,788	56,376
				Other liabilities			F5 + F6 + F7 + F8	8,603	8,326	11,209	10,595	11,287	10,716	10,585	10,749	8,608	8,106	8,539	8,060	8,768	8,767	9,757	8,707	9,770	9,749
					Equity and Investment Fund Shares		F5	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
					Insurance, Pensions and Standardised Guarantees		F6	0	0	0	0	0	0	0	1	1	1	1	0	0	0	0	0	0	0
					Financial derivatives and Employee Stock Options		F7	55	58	2,964	2,974	2,558	2,351	2,553	2,802	1,354	960	1,039	933	1,100	1,327	2,145	459	1,288	1,117
					Other accounts receivable/payable		F8	8,548	8,268	8,245	7,621	8,729	8,365	8,032	7,946	7,253	7,145	7,499	7,127	7,668	7,440	7,612	8,248	8,482	8,632


		Memo: Estimated pension liabilities of government						116,000	116,000	116,000	116,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000

	Memo: Net worth, including pension liabilities							-106,517	-106,776	-133,048	-135,357	-127,984	-134,608	-141,739	-147,536	-150,785	-153,028	-156,759	-154,127	-155,726	-159,398	-161,505	-155,924	-153,225	-149,095

		Contingent liabilities						142,298	142,298	142,298	142,298	119,131	119,131	119,131	119,131	59,723	59,723	59,723	59,723	28,848	28,848	28,848	28,848	28,848	28,848
			Guarantees					138,723	138,723	138,723	138,723	115,555	115,555	115,555	115,555	56,020	56,020	56,020	56,020	25,145	25,145	25,145	25,145	25,145	25,145
			Off-balance sheet PPPs					3,576	3,576	3,576	3,576	3,576	3,576	3,576	3,576	3,703	3,703	3,703	3,703	3,703	3,703	3,703	3,703	3,703	3,703

	Memo: Net worth, including pension liabilities and contingent liabilities							-248,815	-249,074	-275,347	-277,655	-247,115	-253,739	-260,870	-266,666	-210,507	-212,751	-216,482	-213,849	-184,574	-188,246	-190,353	-184,772	-182,073	-177,943

Change in net worth of government

	Opening net worth							6,255	9,483	9,224	-17,048	-19,357	-29,984	-36,608	-43,739	-49,536	-52,785	-55,028	-58,759	-56,127	-57,726	-61,398	-63,505	-57,924	-55,225

	Change in net worth due to transactions							-4,260	-3,454	-10,785	-2,360	-4,286	-3,200	-3,686	-2,546	-3,611	-2,244	-3,327	-1,766	-2,448	-1,321	-2,333	-1,008	-1,990	-213
		Net acquisition of non-financial assets					P5 + NP - P51c	-73	-7	162	862	14	510	-523	347	-560	-363	-464	591	146	46	-239	269	357	86
		Net lending/net borrowing					B9	-4,187	-3,446	-10,947	-3,223	-4,300	-3,710	-3,163	-2,893	-3,051	-1,881	-2,863	-2,357	-2,594	-1,366	-2,094	-1,277	-2,347	-299
			= Net acquisition of financial assets					8,463	-1,628	-597	-2,573	1,592	351	8,066	-4,223	6,296	-2,633	-1,600	-7,687	-1,791	-7,394	-2,403	-6,917	-1,649	200
			- Net incurrence of liabilities					-12,650	-1,818	-10,350	-650	-5,892	-4,061	-11,229	1,330	-9,347	752	-1,263	5,330	-803	6,028	309	5,640	-698	-499

	Change in net worth due to other economic flows						Kx	7,488	3,195	-15,488	52	-6,342	-3,424	-3,445	-3,251	362	0	-404	4,399	849	-2,351	226	6,589	4,688	4,344
		Other changes in non-financial assets						-80	-80	-80	-80	422	422	422	422	646	646	646	646	1,349	1,349	1,349	1,349	0	0
		Other changes in financial net worth						7,568	3,274	-15,408	132	-6,764	-3,846	-3,868	-3,673	-284	-646	-1,050	3,752	-500	-3,700	-1,123	5,241	4,688	4,344
			= Other changes in financial assets					2,580	-1,105	23,282	-2,372	-459	-1,553	364	375	-8	-433	-24	7,718	2,331	-268	1,148	5,720	6,571	-4,923
					EDP debt instruments			-1,196	-259	23,954	-776	-717	-545	97	335	-1,239	-211	177	1,513	-30	559	-221	1,433	-276	690
					Equity and Investment Fund Shares			3,767	-884	-2,762	-979	540	-1,142	186	713	1,500	-128	-413	6,045	2,456	-401	1,623	4,369	5,539	-5,267
					Other financial assets			9	38	2,090	-617	-282	134	81	-673	-269	-94	212	160	-95	-426	-254	-82	1,308	-346
			- Other changes in liabilities					4,988	4,379	-38,690	2,504	-6,305	-2,293	-4,232	-4,048	-276	-213	-1,026	-3,966	-2,831	-3,432	-2,271	-479	-1,883	9,267
					EDP debt instruments			5,005	4,382	-35,642	2,511	-6,721	-2,499	-4,031	-3,799	-1,723	-608	-947	-4,072	-2,664	-3,205	-1,453	-2,165	-1,054	9,096
					Other liabilities			-17	-3	-3,048	-7	416	206	-201	-249	1,447	395	-79	106	-167	-227	-818	1,686	-829	171


Closing net worth								9,483	9,224	-17,048	-19,357	-29,984	-36,608	-43,739	-49,536	-52,785	-55,028	-58,759	-56,127	-57,726	-61,398	-63,505	-57,924	-55,225	-51,095

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Show Table 7 General Government Gross and Net Debt Q1 2011 to Q2 2015

Table 7 General Government Gross and Net Debt
																					€million
Description			ESA2010 code	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2	2014 Q3	2014 Q4	2015 Q1	2015 Q2

General Government Debt

		Debt instrument liabilities at market value		139,667	137,383	183,540	182,300	193,805	200,730	216,322	218,876	230,640	230,603	232,459	231,574	234,500	231,905	232,877	228,766	230,284	221,537
		+ Difference between face value and market value		15,842	21,288	4,354	7,823	685	-883	-5,912	-8,638	-12,252	-11,895	-13,886	-16,241	-19,426	-22,198	-24,659	-25,579	-26,548	-17,108

Gross General Government Debt (face value)			GGDebt	155,509	158,671	187,894	190,123	194,490	199,847	210,410	210,238	218,388	218,708	218,573	215,333	215,074	209,707	208,218	203,187	203,736	204,429
By category:
	Currency and deposits		F2	14,472	14,791	62,192	58,386	59,346	62,020	61,468	62,092	31,453	32,035	32,181	31,356	28,525	21,572	21,013	20,918	20,478	20,561
	Debt securities		F3	91,503	89,741	96,251	94,013	87,679	84,941	90,475	87,297	124,601	120,462	118,306	112,665	114,475	116,113	115,546	119,078	128,558	128,889
		Short-term	F31	2,061	728	724	3,777	3,497	4,023	5,043	2,535	4,959	5,562	4,102	2,389	2,489	3,477	3,637	3,760	5,869	4,662
		Long-term	F32	89,443	89,013	95,527	90,236	84,182	80,918	85,432	84,762	119,642	114,900	114,205	110,276	111,986	112,636	111,910	115,318	122,690	124,227
	Loans		F4	49,533	54,139	29,450	37,723	47,465	52,886	58,467	60,849	62,334	66,210	68,086	71,312	72,075	72,022	71,658	63,191	54,699	54,979
		Short-term	F41	686	509	426	558	569	1,827	2,236	1,886	1,830	1,432	1,188	1,442	1,535	1,464	1,400	1,320	1,570	1,391
		Long-term	F42	48,847	53,630	29,024	37,166	46,896	51,059	56,231	58,963	60,503	64,778	66,898	69,870	70,540	70,558	70,259	61,870	53,129	53,587

less EDP debt instrument assets			F2 + F3 + F4	43,533	41,882	58,696	55,170	55,912	54,867	63,461	58,707	64,109	61,263	60,890	54,435	53,991	46,644	44,019	37,127	36,280	37,872
	By category:
	Currency and deposits		F2	31,274	33,399	17,271	19,284	21,052	21,509	31,192	25,272	33,833	31,381	30,926	24,024	26,304	25,407	25,376	18,152	18,930	20,331
	Debt securities		F3	8,290	4,374	7,085	7,920	8,069	8,021	7,926	9,470	8,609	8,487	8,620	10,249	10,147	10,238	9,559	9,646	8,959	8,547
		Short-term	F31	49	48	40	13	3	0	0	1,046	1,990	1,991	1,992	3,744	3,542	3,667	3,326	2,369	1,567	1,825
		Long-term	F32	8,241	4,326	7,045	7,907	8,066	8,021	7,926	8,424	6,619	6,496	6,628	6,505	6,605	6,571	6,233	7,277	7,392	6,722
	Loans		F4	3,969	4,109	34,340	27,966	26,791	25,337	24,343	23,965	21,667	21,395	21,344	20,162	17,540	10,999	9,084	9,329	8,391	8,994
		Short-term	F41	0	158	617	885	1,116	1,087	1,500	1,954	1,909	1,662	2,002	2,288	2,449	2,482	1,706	1,516	1,405	1,302
		Long-term	F42	3,969	3,951	33,723	27,081	25,675	24,250	22,843	22,011	19,758	19,733	19,342	17,874	15,091	8,517	7,378	7,813	6,986	7,692

	Net General Government Debt (face value)		GGNetDebt	111,976	116,789	129,198	134,953	138,578	144,980	146,949	151,531	154,279	157,445	157,683	160,898	161,083	163,063	164,199	166,060	167,456	166,557
	By category:
	Currency and deposits		F2	-16,802	-18,608	44,921	39,102	38,294	40,511	30,276	36,820	-2,380	654	1,255	7,332	2,221	-3,835	-4,363	2,766	1,548	230
	Debt securities		F3	83,213	85,367	89,166	86,093	79,610	76,920	82,549	77,827	115,992	111,975	109,686	102,416	104,328	105,875	105,987	109,432	119,599	120,342
		Short-term	F31	2,012	680	684	3,764	3,494	4,023	5,043	1,489	2,969	3,571	2,110	-1,355	-1,053	-190	311	1,391	4,302	2,837
		Long-term	F32	81,202	84,687	88,482	82,329	76,116	72,897	77,506	76,338	113,023	108,404	107,577	103,771	105,381	106,065	105,677	108,041	115,298	117,505
	Loans		F4	45,564	50,030	-4,890	9,757	20,674	27,549	34,124	36,884	40,667	44,815	46,742	51,150	54,535	61,023	62,574	53,862	46,308	45,985
		Short-term	F41	686	351	-191	-327	-547	740	736	-68	-79	-230	-814	-846	-914	-1,018	-306	-196	165	89
		Long-term	F42	44,878	49,679	-4,699	10,085	21,221	26,809	33,388	36,952	40,745	45,045	47,556	51,996	55,449	62,041	62,881	54,057	46,143	45,895

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Show Table 8 Reconciliation of Exchequer Balance to General Government Deficit

Table 8 Reconciliation of Exchequer Balance to General Government Deficit
																			€ million
Description	ESA2010 code	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2	2014 Q3	2014 Q4	2015 Q1	2015 Q2

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	-2,222	197	-489

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	-988	-1,909
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	-1,909
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation		0	0	0	0	0	0	0	0	0	0	0	-5	0	0	0	-13	0	0

Exclude cash outflows which do not reduce financial net worth		2,517	0	4,530	288	250	1,502	0	515	1,117	409	28	763	1,151	1,319	1,070	1,072	804	1,201
Acquisition of financial assets		0	0	4,530	288	250	1,502	0	515	1,117	396	28	763	1,151	1,306	1,070	1,072	801	1,201
Repayment of promissory notes notional loan principal		2,517	0	0	0	0	0	0	0	0	13	0	0	0	13	0	0	0	0
Redemption of Exchequer liability to Central Bank for notes and coins in circulation		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	0

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	-1,968	14	-1,198

Adjust for impact of non-cash revenue and disposals of non-financial asset (+)		-439	-278	104	1,339	-1,005	-125	-163	654	-176	-152	104	1,036	-612	235	-217	1,000	-1,203	27
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts		234	-278	51	555	-309	-200	70	261	-121	-196	251	227	33	175	4	267	-509	-18
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF)		-673	0	0	709	-771	0	-8	768	-785	-10	0	755	-698	6	-74	679	-748	1
Accrual of interest due on contingent capital assets assigned to banks		0	0	53	75	75	75	-225	75	4	51	-150	51	50	50	-151	50	50	40
Licence sales		0	0	0	0	0	0	0	-450	727	4	4	4	4	4	4	4	4	4
Other accrued revenue		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Adjust for impact of non-cash expenditure (-)		638	499	-1,244	468	300	664	-1,249	-30	68	728	-1,332	718	17	586	-1,213	317	352	530
Capital transfers to financial institutions financed by promissory notes		0	0	0	0	0	0	0	0	0	13	0	0	0	13	0	0	0	0
Difference between interest paid and accrued		615	463	-1,279	295	308	663	-1,252	-28	-13	670	-1,376	790	139	530	-1,259	766	307	489
Difference between Exchequer cash issues and accrued net spending of departments and offices		-9	-9	-9	129	-44	-42	-40	-7	18	18	17	-57	18	20	23	-26	0	0
Other accrued expenditure		32	45	44	44	36	44	43	6	62	27	26	-14	-139	23	22	-423	45	40

Surplus/Deficit of Exchequer	B9_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	-837	-641

Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer		-205	-56	-330	221	137	51	-46	-28	28	-101	-22	-56	224	111	209	-399	212	407
Social Insurance Fund		-104	-22	-45	-21	50	-29	-44	22	78	-46	-38	-20	114	25	0	-59	20	-66
Bank & Deposit Guarantee Schemes		312	-223	-379	183	-20	-12	-25	-41	-40	-118	-31	-2	-14	-10	-16	28	-14	-6
Capital Services Redemption Account		-577	53	-26	-49	30	37	-18	-50	23	35	9	-67	25	28	-1	-52	10	8
Small Savings Reserve Fund		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Extra-Budgetary Funds		130	102	84	58	104	79	63	50	-35	25	35	30	85	53	210	-331	197	471
Health Service Executive		34	35	36	50	-26	-25	-23	-9	3	3	3	3	15	15	15	15	0	0

Surplus/Deficit of Budgetary Central Government	B9_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	-1,051	-626	-235

Surplus/Deficit of other Central Government bodies		157	233	-4,231	-925	-10	-508	29	37	313	236	203	94	71	131	-9	99	-1,721	-64
National Pensions Reserve Fund		162	235	-4,042	-728	180	-199	153	200	112	181	146	-8	-2	118	19	86	-1,618	32
Non-market State corporations and agencies		0	1	-188	-197	-188	-307	-122	-163	193	46	49	93	72	12	-29	12	-103	-97
Voluntary and joint board hospitals		-5	-3	-2	0	-2	-2	-2	0	9	9	9	9	1	1	1	1	0	1


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	-2,791	-1,395	-2,190	-952	-2,347	-298

Surplus/Deficit of Local Government	B9_S1313	211	-81	56	-295	293	-111	-42	-275	309	-21	12	-258	197	29	96	-325	0	0

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	-2,358	-2,594	-1,366	-2,094	-1,277	-2,347	-298

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Background Notes

Introduction

This detailed release along with the headline figures published on 12 October 2015 together comprise the official publication by CSO of quarterly Government Finance Statistics results for the period Q1 2011 to Q2 2015.

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-September 2015 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 annual deficit and debt levels for all EU member states is due on Wednesday 21 October 2015. Quarterly EU deficit and debt data are due for publication on Friday 23^rd October 2015.

Significant events arising since the last release that impact Deficit/Debt

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 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 changes in the composition of the government sector since the previous update. Some additions to the Register since April 2015 include:

1. Irish Water has been classified to Sector S.1311 (Central Government) *.

*This had been a preliminary and provisional classification at the time of the publication of the March EDP. The final classification decision was published by Eurostat on 28 July 2015(letter dated 24 July 2015) and the Register of Public Sector bodies has been updated accordingly. Copies of documents relating to this classification decision can be seen at:

http://www.cso.ie/en/surveysandmethodology/nationalaccounts/classificationdecisions/

A detailed explanation of the application of these rules and the most up-to-date list of public sector bodies (including general government bodies) for Ireland is also shown at this link.

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

Sale of National Lottery Licence

In October 2013, the Department of Public Expenditure and Reform announced that Premier Lotteries Ireland had been selected as the licence holder of the National Lottery Licence for a 20 year period. The actual transfer took place on 30^th November 2014. As the licence holder is unable to sell the permit to a third party government is not deemed to have sold an asset. Rather it is found to have granted permission to limit the number of individual units entitled to engage in this activity and therefore the receipt is to be recorded as ‘other taxes’ (D.29 (e)) over the life of the licence. The present value of the cash received up front in 2014 is recorded in the ‘Other accounts payable’ liability (AF.8) which will in turn be reduced each year by the future tax revenue accruals.

Transfer of pension obligations to government

The Government assumed the pension fund liability of Waterford Crystal under an agreement reached at the end of 2014. As the liabilities exceed the assets of the scheme, we are required to recognise the difference in the assets and liabilities at the time of the transfer, which we record as expenditure (D.9) capital transfer. An ‘accounts payable’ (AF.8) liability is recorded in the government accounts at the time of the transfer and as cash payments are made in future periods this liability decreases accordingly.

Other changes since the last release

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. These revisions have also resulted in updated debt and deficit ratios reported since the last release.

Contingent Liabilities

(a) Public Private Partnerships (PPPs)

The figures previously included in Table 6 for the value of off-balance sheet PPPs has been revised for all periods. This is mainly due to the capital value for a number of projects which were previously reported as the contract value (construction, operation & maintenance, lifecycle and overheads including cost of finance expressed in NPV terms at financial close of the relevant project) being revised to report nominal design and construction value. This was done in order to better align the concepts used in these tables with the concepts used in other reporting of contingent liabilities to Eurostat.

(b) Guarantees

This item refers to the stock of debt of non-government bodies guaranteed by government. The figure for 2011 has been revised due to the classification of IBRC in the Government Sector which means their borrowings are no longer regarded as external to Government.

(c) 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 value shown for years 2009-2011 of €116 billion was calculated by the Comptroller and Auditor General. The value of this liability is reduced by €18 billion to €98 billion with effect from 2012. This 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 801 Quarterly Non-financial accounts by sector

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 available at http://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334

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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Government Finance Statistics Quarterly Results

Quarter 2 2015

Government Deficit of -2.6% of GDP in the first six months of 2015

Government Debt at 102% of GDP at end Q2 2015

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