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For more information on this release:
E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Mary Brew (+353) 1 498 4365 Derek Stynes (+353) 1 498 4303
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-6178
CSO statistical release, 11 October 2017, 11am

Government Finance Statistics Quarterly Results

Quarter 2 2017

 General Government Finances
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €mGDP€m GDP€m GDP
2015 Q1-2,240-3.6203,53096.5167,76879.5
2015 Q2-485-0.8204,24890.5166,64473.9
2015 Q3-1,350-2.0203,51483.6165,73068.1
2015 Q4-892-1.3201,58976.9172,51465.8
2016 Q1-1,932-3.0207,17878.3173,93665.7
2016 Q21630.2200,37474.9173,15964.7
2016 Q3-1,643-2.3202,43175.1174,10964.6
2016 Q41,5052.0200,59272.8175,61763.7
2017 Q1-1,290-1.9208,22874.7176,84063.4
2017 Q2-222-0.3211,18874.3172,73460.8

Government deficit of 1.1% of GDP for the first half of 2017

Figure 1 General Government Deficit
go to full release

For the first half of 2017, the government had a deficit of €1,512 million (1.1% of  GDP) compared with a deficit of €1,769 (1.4% of GDP) for the same period last year (Table 1).

In the first six months of 2017, government revenue increased by 3.5% to €35.6 billion from the same period last year. This change was driven by increases in Taxes (+3.8%), Social contributions (+4.3%) and Sales of goods and services (+5.0%) (Tables 1 and 3).

In the first six months of 2017, expenditure levels of government increased by €951million (+2.6%) on the first six months of 2016. The main driving factors were Compensation of employees/Pay (+5.6%) and Other current transfers (+11.7%) driven mainly by EU budget contributions (Tables 1 and 4).

Government gross debt at 74.3% of GDP at end Q2 2017

General government gross debt (GG Debt) was €211.2 billion (74.3% of annualised GDP) at the end of Q2 2017.  This compares with a debt level of €208.2 billion (74.7% of GDP) at the end of Q1 2017.  The rise in the nominal debt level in Q2 2017 is driven by the continued issuance of both short term and long term debt securities (F3) (Table 5).

At the end of Q2 2017, general government net debt was €172.7 billion (60.8% of GDP).  This is a reduction on the net debt level of a year earlier which stood at €173.2 billion.  Although the level of gross debt increased over this period, the corresponding debt instrument assets increased to a greater extent resulting in a reduction in the level of net debt (Tables 2 and 7).

National accounts are compiled in the EU according to the European System of National Accounts framework - ESA 2010.

The data in this release are subject to the normal Excessive Deficit Procedure (EDP) verification process by Eurostat until 23 October 2017 and are therefore provisional.

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

The calculation methods for quarterly Government Finance Statistics (GFS) are similar to those used in deriving the annual GFS. As some of the available sources are of lesser reliability than those used for the annual GFS, 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.

 

GG Gross DebtGG Net Debt
Q1 2014 117.488.4
Q2 2014112.588.1
Q3 2014110.287.4
Q4 2014104.586
Q1 201596.579.5
Q2 201590.573.9
Q3 201583.668.1
Q4 201576.965.8
Q1 201678.365.7
Q2 201674.964.7
Q3 201675.164.6
Q4 201672.863.7
Q1 201774.763.4
Q2 201774.360.8
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                     €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q2
General Government transactions                   
RevenueTR14,11615,37814,87717,14314,97516,34015,94118,68615,99817,42416,60520,57716,21918,13016,84521,45117,14018,416
Taxes and social contributionsD2 + D5 + D91 + D6112,35212,30013,25715,01713,24313,33614,16816,70214,23714,33014,88218,72514,89115,44514,89219,74815,55915,969
TaxesD2 + D5 + D919,7839,75910,74512,22910,47010,70011,54313,75411,35911,59612,18115,65011,87912,56412,02416,46112,37913,003
Social contributions D612,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0122,8812,8683,2873,1802,966
Sales of goods and servicesP1O1,1841,2191,0961,3691,0521,1731,1791,3351,1361,2671,2731,4431,0481,1621,1671,3151,1011,219
Investment incomeD44891,7794355685391,7254443604161,6813282861081,3381172583271,090
Current transfer revenue (excluding taxes)D74035383864646489112715455706640556752
Capital transfer revenue (excluding taxes)D9N51455115177428620197756868101119629758688
  
ExpenditureTE18,32917,23917,70619,25917,85017,80518,00619,38118,23817,90917,95521,46918,15117,96718,48819,94618,43118,638
ExpenseExpense17,69517,56718,18118,65217,59917,53918,10818,89417,97717,68917,88521,13917,87817,61118,25719,58117,99918,382
Compensation of employeesD14,8334,7334,5454,4834,7694,6704,4834,4224,9134,8114,6194,5565,0324,9274,7304,6655,3165,205
Use of goods and services plus taxes payableP2 + D5 + D291,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,1762,326
Depreciation (Consumption of fixed capital)P51c794794794794832832832832881881881881935935935935935935
Interest (excluding FISIM)D411,9601,9111,9531,9501,8931,9251,9131,8731,7331,6981,7041,7231,6451,5641,5291,4491,5131,423
SubsidiesD3412431456608400417439607379395414578353369389563378395
Social benefitsD62 + D6326,8146,8147,2147,6846,5876,6747,2027,6136,6566,7547,3037,7086,6436,7617,3957,6956,7416,902
Other current transfersD78126487696799004935928009196762447258414556391,078611836
Capital transfersD9373248324713302593003444252653732,415314339234574330360
  
 Net operating balanceNOB-3,579-2,189-3,304-1,509-2,623-1,199-2,167-208-1,980-265-1,280-562-1,659519-1,4121,870-85934
  
Net acquisition of non-financial assetsP5 + NP - P51c634-328-475607251266-10248726022070330273356231364432257
                       
 General Government Surplus/DeficitB9-4,213-1,862-2,829-2,116-2,874-1,465-2,064-695-2,240-485-1,350-892-1,932163-1,6431,505-1,290-222
equals  
Net acquisition of financial assetsΔFA5,622-2,729-1,614-6,955-2,666-7,379-2,316-6,510-1,22525912-6,5354,131-7,8211,363-1,8805,2902,364
Debt instrumentsF2 + F3 + F46,493-2,812-404-7,599-665-8,244-2,351-8,337-831,146168-8,4534,173-6,0661,067-3,4796,3977,140
Equity and Investment Fund SharesF556477-1,297-543-1,194569282252477-830-36629630-1,509551-5717-4,420
Other financial assetsF6 + F7 + F8 -927-394871,187-807296-2471,575-1,619-57-1201,289-672-246-2551,656-1,124-356
less  
Net incurrence of liabilitiesΔL9,835-8671,215-4,839208-5,914-252-5,8151,0157441,362-5,6436,063-7,9843,006-3,3856,5802,586
Debt instrumentsF2 + F3 + F49,936-8321,264-4,867106-5,935-214-6,5178845041,284-5,5045,995-7,9933,282-3,3416,6522,563
Other liabilitiesF5 + F6 + F7 + F8 -101-35-492810221-3870213124078-139689-276-44-7223
      
Memo: Net derivative flows on debt interest swap contracts -80-58-58-77-69-68-74-53-22-74-73-71-71-70-69-65-62-57
General Government Surplus/Deficit (% of quarterly GDP) -9.8-4.2-5.9-4.7-6.3-3.1-4.1-1.4-3.6-0.8-2.0-1.3-3.00.2-2.32.0-1.9-0.3
Quarterly GDP at current market prices 42,87744,69447,67345,05545,68447,72950,58050,54562,05862,45168,43569,09464,60865,44770,35175,16267,91470,741
Table 2 General Government Net Worth, Gross and Net Debt
      €million
Description ESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q2
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-42,588-40,003
equals                  
Non-financial assets at market valueNFA88,57388,81388,90790,08191,34992,63393,54995,05396,54998,00599,311100,877102,390103,985105,456107,059107,491107,747
plus                  
Financial net worth at market value, excluding pension liabilitiesFNW-141,260-142,928-146,130-143,585-147,320-152,934-157,920-153,103-151,528-149,802-150,835-149,104-150,765-151,286-153,315-151,084-150,079-147,750
equals                  
 Financial assets at market valueFA98,23295,10493,47894,29293,92985,94584,77084,00889,29984,45885,33384,29489,27581,95582,93779,83984,85189,214
EDP debt instrumentsF2 + F3 + F463,15960,13459,90853,83753,16545,52042,98536,12035,76237,60537,78629,07633,24327,21528,32324,97531,38838,455
Equity and Investment Fund SharesF526,65427,00325,29330,79531,98831,80833,64638,20144,18937,93538,96845,26047,48546,47146,61345,23044,98442,309
Other financial assetsF6 + F7 + F8 8,4197,9678,2779,6608,7768,6178,1399,6879,3488,9188,5799,9588,5478,2698,0019,6348,4798,450
less                  
Liabilities at market valueL239,492238,032239,608237,877241,249238,879242,690237,111240,827234,260236,168233,398240,040233,241236,252230,923234,930236,964
EDP debt instrumentsF2 + F3 + F4229,997228,964230,510228,858231,960229,342232,374227,779230,534223,893225,747223,144229,381222,725226,276221,003225,197227,504
Other liabilitiesF5 + F6 + F7 + F89,4959,0689,0989,0199,2899,53710,3169,33210,29310,36710,42110,25410,65910,5169,9769,9209,7339,460
                  
Memo: Estimated pension liabilities of government98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
Memo: Net worth, including pension liabilities-150,687-152,115-155,223-151,504-153,971-158,301-162,371-156,050-152,979-149,797-149,524-146,227-146,375-145,301-145,859-142,025-140,588-138,003
Contingent liabilities59,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,32510,32510,32510,32510,32510,325
Memo: Net worth, including pension liabilities and contingent liabilities -210,209-211,637-214,745-211,026-183,382-187,712-191,783-185,462-170,234-167,052-166,779-163,482-156,700-155,626-156,185-152,350-150,913-148,328
                  
General Government: changes in net worth                  
Opening net worth-49,476-52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-42,588
Change in net worth due to transactions-3,579-2,189-3,304-1,509-2,623-1,199-2,167-208-1,980-265-1,280-562-1,659519-1,4121,870-85934
Net acquisition of non-financial assets P5 + NP - P51c634-328-475607251266-10248726022070330273356231364432257
Net lending/net borrowingB9-4,213-1,862-2,829-2,116-2,874-1,465-2,064-695-2,240-485-1,350-892-1,932163-1,6431,505-1,290-222
Change in net worth due to other economic flowsKx3687621955,229157-3,131-1,9046,5305,0513,4471,5533,8591,5115558541,9652,2952,551
Other changes in non-financial assets5685685685681,0181,0181,0181,0181,2361,2361,2361,2361,2391,2391,2391,23900
Other changes in financial assets1-399-127,7692,303-6051,1415,7486,516-5,1008635,496850501-381-1,218-2781,999
Other changes in liabilities-201593-361-3,108-3,164-3,544-4,063-236-2,7017,311-546-2,873-579-1,185-51,9442,573552
Closing net worth -52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-42,588-40,003
                        
General Government Debt (GGDebt)                  
Debt instrument liabilities at market valueF2 + F3 + F4229,997228,964230,510228,858231,960229,342232,374227,779230,534223,893225,747223,144229,381222,725226,276221,003225,197227,504
+ Difference between EDP face value and market value-11,737-10,561-11,988-13,562-16,946-19,849-24,097-24,453-27,004-19,645-22,233-21,555-22,203-22,351-23,845-20,411-16,969-16,316
Gross General Government Debt (EDP face value)GGDebt218,260218,403218,522215,296215,014209,493208,277203,326203,530204,248203,514201,589207,178200,374202,431200,592208,228211,188
less EDP debt instrument assetsF2 + F3 + F4-63,158-60,134-59,908-53,836-53,167-45,519-42,984-36,120-35,762-37,604-37,784-29,075-33,242-27,215-28,322-24,975-31,388-38,454
Net General Government Debt GGNetDebt155,102158,269158,614161,460161,847163,974165,293167,206167,768166,644165,730172,514173,936173,159174,109175,617176,840172,734
                  
Closing Net Worth (% of annualised GDP)-30-30.8-32-29.7-30.6-32.4-34.1-29.8-26.1-23-21.2-18.4-18.3-17.7-17.8-16-15.3-14.1
Gross General Government Debt (% of annualised GDP)124.2124.2122.3119.4117.4112.5110.2104.596.590.583.676.978.374.975.172.874.774.3
Net General Government Debt (% of annualised GDP)88.29088.889.688.488.187.48679.573.968.165.865.764.764.663.763.460.8
Annualised GDP 175,770175,865178,649180,298183,105186,140189,047194,537210,911225,633243,488262,037264,587267,583269,499275,567278,873284,167
Table 3 General Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q2
Total RevenueTR14,11615,37814,87717,14314,97516,34015,94118,68615,99817,42416,60520,57716,21918,13016,84521,45117,14018,416
 Taxes and social contributions12,35212,30013,25715,01713,24313,33614,16816,70214,23714,33014,88218,72514,89115,44514,89219,74815,55915,969
  TaxesD2 + D5 + D919,7839,75910,74512,22910,47010,70011,54313,75411,35911,59612,18115,65011,87912,56412,02416,46112,37913,003
   Indirect taxes (taxes on production and imports)D25,1303,9835,6514,5385,5434,6145,7895,2645,9604,8806,2905,3946,2175,2086,4315,5756,5034,938
    Taxes on productsD214,5403,3375,0173,8554,7003,8855,0794,5725,0414,1725,5784,6505,6084,5135,7634,8895,6574,229
    of which Value-Added TaxD2113,0251,8123,4342,1013,2002,1653,4812,6753,3252,2593,7582,6143,6302,2764,0212,9004,0392,208
    Other taxes on production D29590647634682843728710693919708712744609694668686846709
   Direct taxesD54,6325,7505,0577,4974,8976,0505,7108,2405,3686,6815,8359,9765,6277,2945,53010,6355,8398,018
    Taxes on income, profits and capital gainsD514,3625,4674,2627,2074,5835,7594,7297,9455,0576,4035,4079,7225,3347,0285,27510,4035,5457,760
    Other current direct taxesD59269283795289314291981295311278428255293267255233294258
   Capital taxesD912126371952936432503135562803562632513746
  Social contributions D612,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0122,8812,8683,2873,1802,966
   Actual social contributionsD611 + D6132,2182,1902,1612,4372,4262,2892,2782,6012,5832,4392,4062,7792,6942,5622,5492,9682,8612,647
    PRSI receipts D611 + D613(pt)1,7911,7631,7342,0102,0151,8771,8662,1892,1592,0151,9822,3562,3072,1762,1622,5822,4742,261
    Government employees' social contributionsD613(pt)427427427427412412412412424424424424387387387387387387
   Employers' imputed social contributionsD612351351351351347347347347295295295295319319319319319319
 Sales of goods and servicesP1O1,1841,2191,0961,3691,0521,1731,1791,3351,1361,2671,2731,4431,0481,1621,1671,3151,1011,219
  Sales of market establishments (= market output)P11248248248248260260260260279279279279302302302302331331
  Imputed sales related to production of own-use capital assets (= output for own final use)P12888888885555555555
Incidental sales and fees of non-market establishmentsP1319289638411,1137849059101,0678519839891,1587418558601,008765882
Investment incomeD44891,7794355685391,7254443604161,6813282861081,3381172583271,090
Interest (excluding FISIM)D41406327333331322292216212178172163151767164294519
DividendsD42581,426762121911,4072031222111,48313910971,241272032551,044
Rent of land and subsoil assetsD45262626262626262626262626262626262626
Current transfer revenueD39 + D74035383864646489112715455706640556752
SubsidiesD39000000000000000000
Other current transfersD74035383864646489112715455706640556752
Non-life insurance claimsD72222222222222222222
Other Domestic - Current D7N_S1333333336060606049474750494747504947
From Rest of World - CurrentD7N_S25033333276223532017-83173
Capital transfer revenueD9N51455115177428620197756868101119629758688
                        
Output P17,4197,6097,5587,7537,5897,8717,7647,7597,9828,0187,9648,1078,2198,2608,2088,3608,5938,632
Market output (sales of market establishments)P11248248248248260260260260279279279279302302302302331331
Output for own final useP12888888885555555555
Non-market outputP137,1637,3537,3037,4977,3217,6037,4967,4917,6977,7347,6807,8237,9127,9537,9018,0538,2578,296
= Non-market compensation of employeesD1_nonmarket4,8254,7244,5374,4754,7614,6614,4754,4144,9084,8054,6144,5515,0274,9224,7244,6605,3115,199
= Total compensation of employeesD14,8334,7334,5454,4834,7694,6704,4834,4224,9134,8114,6194,5565,0324,9274,7304,6655,3165,205
- Compensation of employees of market establishmentsD1_market000000000000000000
- Compensation related to production of own-use capital assetsD1_own-use-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5-5-5
+ Non-market intermediate consumptionP2_nonmarket1,6431,9342,0712,3281,8322,2142,2932,3492,0142,1532,2912,4972,0592,2052,3502,5672,1202,270
= Total intermediate consumptionP21,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,1762,326
- Intermediate consumption of market establishmentsP2_market-55-55-55-55-55-55-55-55-56-56-56-56-56-56-56-56-56-56
- Intermediate consumption related to production of own-use capital assetsP2_own-use000000000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket694694694694728728728728776776776776826826826826826826
= Total consumption of fixed capitalP51c794794794794832832832832881881881881935935935935935935
- Consumption of fixed capital by market establishmentsP51c_market-99-99-99-99-104-104-104-104-106-106-106-106-109-109-109-109-109-109
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000000000000000
+ Other taxes on production, payable D29_pay000000000000000000
  - Other subsidies on production, receivableD39_rec000000000000000000
Table 4 General Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q2
Total ExpenditureTE18,32917,23917,70619,25917,85017,80518,00619,38118,23817,90917,95521,46918,15117,96718,48819,94618,43118,638
Expense17,69517,56718,18118,65217,59917,53918,10818,89417,97717,68917,88521,13917,87817,61118,25719,58117,99918,382
Compensation of employeesD14,8334,7334,5454,4834,7694,6704,4834,4224,9134,8114,6194,5565,0324,9274,7304,6655,3165,205
Of which: Related to production of own-use capital assets888888885555555555
Use of goods and services plus taxes payableP2 + D5 + D291,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,1762,326
Use of goods and services [Intermediate consumption]P21,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,1762,326
Of which: Intermediate consumption of market establishments 555555555555555556565656565656565656
Taxes, payableD5000000000000000000
Depreciation (Consumption of fixed capital)P51c794794794794832832832832881881881881935935935935935935
Of which: Depreciation by market establishments 99999999104104104104106106106106109109109109109109
Interest (excluding FISIM)D411,9601,9111,9531,9501,8931,9251,9131,8731,7331,6981,7041,7231,6451,5641,5291,4491,5131,423
Other domestic interest payableD41_S1772763796805738741733702612618600631579566570564554525
Interest payable to rest of worldD41_S21,1881,1481,1571,1451,1551,1841,1801,1711,1211,0801,1041,0921,066998960885958898
SubsidiesD3412431456608400417439607379395414578353369389563378395
Product subsidiesD31244264288275213231251261196213232241182199218248211229
Other subsidies on productionD39168167168332187186187345183182183337171170171315167166
Social benefitsD62 + D6326,8146,8147,2147,6846,5876,6747,2027,6136,6566,7547,3037,7086,6436,7617,3957,6956,7416,902
Social benefits in cashD625,9145,7025,6836,2425,7715,5645,5466,0925,7835,5735,5526,1025,7295,5075,4686,0235,7435,535
Social benefits in kind (via market producers)D6329001,1131,5311,4428161,1101,6561,5218731,1811,7511,6069141,2541,9271,6739981,367
Other current transfersD78126487696799004935928009196762447258414556391,078611836
Net non-life insurance premiumsD71141414141919191920202020202020202020
Current international cooperationD7475177145133927213913282158931418510410414595117
Miscellaneous current transfersD75187157309111243852482162161802485189931582038899
VAT and GNI based EU budget contributionD76535300301421546317186434602318108479546238357709408601
VAT-based EU own resourcesD761784747238247284683452563793353556373
GNI-based EU own resourcesD76245725325439846526915838851927383416468205304655345528
Capital transfersD9373248324713302593003444252653732,415314339234574330360
Investment grantsD9233524832471330259289162425265373304314339234574330360
Other capital transfersD993800000111820002,111000000
Net acquisition of non-financial assetsP5 + NP - P51c634-328-475607251266-10248726022070330273356231364432257
= Gross investment in non-financial assetsP5 + NP1,4284663191,4001,0831,0997301,3191,1421,1029521,2121,2081,2911,1661,2991,3661,191
Gross fixed capital formationP511,4074452991,3801,0681,0847151,3041,1271,0879371,1971,1931,2761,1511,2841,3511,176
Net acquisition of stocksP52212121211515151515151515151515151515
Net acquisition of unproduced assetsNP000000000000000000
- Consumption of fixed capitalP51c-794-794-794-794-832-832-832-832-881-881-881-881-935-935-935-935-935-935
Net expenditure on current goods and servicesP3 excl. D6326,2356,3896,4626,3856,5376,6986,5856,4246,8466,7516,6916,6647,1717,0987,0417,0457,4927,413
= OutputP17,4197,6097,5587,7537,5897,8717,7647,7597,9828,0187,9648,1078,2198,2608,2088,3608,5938,632
- Sales of goods and services P11+P12+P131-1,184-1,219-1,096-1,369-1,052-1,173-1,179-1,335-1,136-1,267-1,273-1,443-1,048-1,162-1,167-1,315-1,101-1,219
Market output (sales of market establishments)P11-248-248-248-248-260-260-260-260-279-279-279-279-302-302-302-302-331-331
Output for own final useP12-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5-5-5
Incidental sales and fees of non-market establishmentsP131-928-963-841-1,113-784-905-910-1,067-851-983-989-1,158-741-855-860-1,008-765-882
Final consumption expenditureP37,1357,5027,9937,8277,3537,8098,2417,9457,7197,9328,4438,2718,0858,3518,9688,7178,4908,780
= Net expenditure on current goods and servicesP3 excl. D6326,2356,3896,4626,3856,5376,6986,5856,4246,8466,7516,6916,6647,1717,0987,0417,0457,4927,413
+ Social transfers in kind via market producers D6329001,1131,5311,4428161,1101,6561,5218731,1811,7511,6069141,2541,9271,6739981,367
made up of                  
Individual consumption (= social transfers in kind)P31 (= D63)4,7825,0305,3625,2504,9635,2715,5635,3635,1945,3365,6795,5645,4505,6216,0245,8605,7615,958
Social transfers in kind (via market producers)D6329001,1131,5311,4428161,1101,6561,5218731,1811,7511,6069141,2541,9271,6739981,367
Social transfers in kind (provided directly by government)D6313,8833,9173,8313,8084,1484,1613,9073,8424,3214,1563,9283,9574,5364,3674,0974,1874,7644,592
Collective consumption (= actual final consumption of government)P322,3522,4722,6312,5772,3892,5372,6782,5822,5252,5952,7642,7072,6352,7302,9442,8582,7282,822
Total social transfersD62 + D6310,69610,73211,04511,49210,73510,83511,10911,45510,97710,90911,23111,66511,17911,12811,49211,88211,50411,494
Social benefits in cashD62 5,9145,7025,6836,2425,7715,5645,5466,0925,7835,5735,5526,1025,7295,5075,4686,0235,7435,535
 Social transfers in kind (= individual consumption)D634,7825,0305,3625,2504,9635,2715,5635,3635,1945,3365,6795,5645,4505,6216,0245,8605,7615,958
Table 5 General Government financial transactions
      €million
Description 2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q2
Net lending (+) / net borrowing (-)B.9-4,213-1,862-2,829-2,116-2,874-1,465-2,064-695-2,240-485-1,350-892-1,932163-1,6431,505-1,290-222
equals                    
Net acquisition of financial assets ΔA5,622-2,729-1,614-6,955-2,666-7,379-2,316-6,510-1,22525912-6,5354,131-7,8211,363-1,8805,2902,364
EDP debt instruments F2 + F3 + F46,493-2,812-404-7,599-665-8,244-2,351-8,337-831,146168-8,4534,173-6,0661,067-3,4796,3977,140
 Currency and deposits F28,582-2,433-631-6,7372,235-1,038-283-7,2928891,639767-3,6334,594-6,6002,288-3,2037,1516,924
Debt securities F3-860-10813279-21455-686-584-714-397-153-4,570-719529-1,225282-626122
Short-term F31945111,750-201126-341-957-802258-135-505-832-201-1110-3048
Long-term F32-1,805-109131-1,671-13-71-34537388-655-18-4,065113730-1,214272-59674
Loans F4-1,229-27195-941-2,686-7,261-1,382-461-258-96-446-25029854-558-12894
Short-term loans F41-44-24834030114533-776-190-111-103-109-20719429-29-2401034
Long-term loans F42-1,185-23-245-1,242-2,831-7,294-606-271-1477-337-43104-2433-318-13860
Equity and Investment Fund Shares F556477-1,297-543-1,194569282252477-830-36629630-1,509551-5717-4,420
Other financial assets F6 + F7 + F8 -927-394871,187-807296-2471,575-1,619-57-1201,289-672-246-2551,656-1,124-356
Insurance, Pensions and Standardised Guarantees F600000001000-1000000
Financial derivatives and Employee Stock Options F7164-26-13417721737-3374081101-230-193
Other accounts receivable/payableF8-1,091-368881,153-824224-2641,537-1,282-97-1281,289-673-246-2561,658-1,154-163
less                    
Net incurrence of liabilities ΔL9,835-8671,215-4,839208-5,914-252-5,8151,0157441,362-5,6436,063-7,9843,006-3,3856,5802,586
EDP debt instruments F2 + F3 + F49,936-8321,264-4,867106-5,935-214-6,5178845041,284-5,5045,995-7,9933,282-3,3416,6522,563
Currency and deposits F2-30,613575172-841-2,842-6,962-567-103-4467786362311931256012473
Debt securities F339,284-4,812-1,043-7,2512,0751,0284452,51911,1546261,373-5,7766,418-8,3432,964-3,6396,8352,787
Short-term F312,390605-1,458-1,709999921061301,875-780-1,084-2,4203,389-9701,670-3,0432,4031,258
Long-term F3236,894-5,417415-5,5421,976363392,3899,2791,4062,457-3,3563,029-7,3731,294-5964,4321,529
Loans F41,2653,4052,1353,225873-1-92-8,933-9,824-199-175236-654157193238-307-297
Short-term loans F41-119-386-20823150-53-18-117266-143-310-57-367-3-140170108-373
Long-term loans F421,3843,7912,3432,99482352-74-8,816-10,090-56135293-28716033368-41576
Other liabilities F5 + F6 + F7 + F8 -101-35-492810221-3870213124078-139689-276-44-7223
Equity and Investment Fund Shares F5000000000000000000
Insurance, Pensions and Standardised Guarantees F6000-100000000000000
Financial derivatives and Employee Stock Options F7000-1000-1000-1000000
   Other accounts receivable/payable F8-101-35-493010221-3870313124078-138689-276-44-7223
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q2
General Government balance sheet                   
 Net worth at market value, excluding pension liabilitiesNW-52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-42,588-40,003
 equals                   
  Non-financial assets at market valueNFA88,57388,81388,90790,08191,34992,63393,54995,05396,54998,00599,311100,877102,390103,985105,456107,059107,491107,747
 plus                   
  Financial net worth at market value, excluding pension liabilitiesFNW-141,260-142,928-146,130-143,585-147,320-152,934-157,920-153,103-151,528-149,802-150,835-149,104-150,765-151,286-153,315-151,084-150,079-147,750
  equals                   
   Financial assets at market valueFA98,23295,10493,47894,29293,92985,94584,77084,00889,29984,45885,33384,29489,27581,95582,93779,83984,85189,214
    EDP debt instrumentsF2 + F3 + F463,15960,13459,90853,83753,16545,52042,98536,12035,76237,60537,78629,07633,24327,21528,32324,97531,38838,455
     Currency and depositsF233,43530,99930,36923,63125,86524,83924,57917,32318,24619,87520,64317,20721,78515,18817,47514,28621,43428,349
     Debt securitiesF38,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,3633,2892,5523,0821,8542,1621,5181,581
      Short-termF311,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143178221
      Long-termF326,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9331,7182,0191,3401,360
     LoansF421,11420,64820,91919,95717,15410,4428,8469,1518,5579,2108,7808,5808,9068,9458,9948,5278,4368,525
      Short-term loansF411,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983
      Long-term loansF4219,20518,98618,91717,65314,7067,9607,1407,6357,1527,9087,5877,5947,7267,7377,8147,5887,4877,541
    Equity and Investment Fund SharesF526,65427,00325,29330,79531,98831,80833,64638,20144,18937,93538,96845,26047,48546,47146,61345,23044,98442,309
    Other financial assetsF6 + F7 + F8 8,4197,9678,2779,6608,7768,6178,1399,6879,3488,9188,5799,9588,5478,2698,0019,6348,4798,450
     Insurance, Pensions and Standardised GuaranteesF6000000011110000000
     Financial derivatives and Employee Stock OptionsF77927009141,1351,0486393983521,28794772881172402822136
     Other accounts receivable/payableF87,6277,2677,3638,5257,7287,9787,7419,3348,0607,9707,8509,1478,4758,2297,9739,6328,4778,314
  less                   
   Liabilities at market valueL239,492238,032239,608237,877241,249238,879242,690237,111240,827234,260236,168233,398240,040233,241236,252230,923234,930236,964
    EDP debt instrumentsF2 + F3 + F4229,997228,964230,510228,858231,960229,342232,374227,779230,534223,893225,747223,144229,381222,725226,276221,003225,197227,504
     Currency and depositsF231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,512
     Debt securitiesF3135,126130,471129,904126,146131,141135,128137,789141,988153,702147,209149,326146,317153,414146,492149,899144,254148,614151,504
      Short-termF314,9495,5634,1022,3912,4903,4793,6393,7635,8604,8763,7491,3864,6883,7415,4122,4004,7825,903
      Long-termF32130,178124,908125,802123,755128,651131,649134,150138,225147,842142,333145,577144,931148,726142,752144,487141,853143,832145,602
     LoansF463,41866,45868,42571,35672,29472,64273,57264,87356,35456,12355,76956,11455,02555,10155,12255,43455,14454,488
      Short-term loansF411,7691,3761,1701,4401,4751,3991,3801,2901,5341,3851,0691,029646643509683834410
      Long-term loansF4261,64865,08267,25569,91770,81971,24372,19263,58354,82054,73854,69955,08554,37954,45854,61354,75154,31054,077
    Other liabilitiesF5 + F6 + F7 + F89,4959,0689,0989,0199,2899,53710,3169,33210,29310,36710,42110,25410,65910,5169,9769,9209,7339,460
     Equity and Investment Fund SharesF5000000000000000000
     Insurance, Pensions and Standardised GuaranteesF6111000000000000000
     Financial derivatives and Employee Stock OptionsF71,3549611,0409321,1001,3272,1444571,2861,1201,0961,0671,4041,252987976860564
     Other accounts receivable/payableF88,1408,1068,0578,0878,1898,2108,1728,8759,0079,2479,3259,1879,2559,2648,9898,9448,8738,896
                          
Memo: Estimated pension liabilities of government 98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
Memo: Net worth, including pension liabilities -150,687-152,115-155,223-151,504-153,971-158,301-162,371-156,050-152,979-149,797-149,524-146,227-146,375-145,301-145,859-142,025-140,588-138,003
Contingent liabilities 59,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,32510,32510,32510,32510,32510,325
Guarantees 56,02056,02056,02056,02025,14525,14525,14525,14512,60412,60412,60412,6045,2735,2735,2735,2735,2735,273
Off-balance sheet PPPs and concessions 3,5023,5023,5023,5024,2664,2664,2664,2664,6514,6514,6514,6515,0525,0525,0525,0525,0525,052
Memo: Net worth, including pension liabilities and contingent liabilities -210,209-211,637-214,745-211,026-183,382-187,712-191,783-185,462-170,234-167,052-166,779-163,482-156,700-155,626-156,185-152,350-150,913-148,328
Change in net worth of government                   
 Opening net worth -49,476-52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-42,588
                          
 Change in net worth due to transactions -3,579-2,189-3,304-1,509-2,623-1,199-2,167-208-1,980-265-1,280-562-1,659519-1,4121,870-85934
  Net acquisition of non-financial assets P5 + NP - P51c634-328-475607251266-10248726022070330273356231364432257
  Net lending/net borrowingB9-4,213-1,862-2,829-2,116-2,874-1,465-2,064-695-2,240-485-1,350-892-1,932163-1,6431,505-1,290-222
   = Net acquisition of financial assets 5,622-2,729-1,614-6,955-2,666-7,379-2,316-6,510-1,22525912-6,5354,131-7,8211,363-1,8805,2902,364
   - Net incurrence of liabilities -9,835867-1,2154,839-2085,9142525,815-1,015-744-1,3625,643-6,0637,984-3,0063,385-6,580-2,586
                          
 Change in net worth due to other economic flowsKx3687621955,229157-3,131-1,9046,5305,0513,4471,5533,8591,5115558541,9652,2952,551
  Other changes in non-financial assets 5685685685681,0181,0181,0181,0181,2361,2361,2361,2361,2391,2391,2391,23900
  Other changes in financial net worth -200194-3734,661-861-4,149-2,9225,5123,8152,2113172,623271-684-3867262,2952,551
   = Other changes in financial assets 1-399-127,7692,303-6051,1415,7486,516-5,1008635,496850501-381-1,218-2781,999
     EDP debt instruments -1,239-2131781,528-7599-1841,472-27569713-257-6384113116-73
     Equity and Investment Fund Shares 1,500-128-4136,0452,387-7491,5564,3035,511-5,4241,0695,6631,595495-409-1,326-2631,745
     Other financial assets -260-58223196-77-455-231-271,280-373-21990-739-32-13-23-31327
   - Other changes in liabilities -201593-361-3,108-3,164-3,544-4,063-236-2,7017,311-546-2,873-579-1,185-51,9442,573552
     EDP debt instruments -1,649201-282-3,215-2,996-3,317-3,246-1,922-1,8717,145-570-2,901-242-1,337-2691,9322,458256
     Other liabilities 1,448392-79107-168-227-8171,686-8301662428-33715226412115296
                          
Closing net worth -52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-42,588-40,003
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q2
General Government Debt                   
  Debt instrument liabilities at market value229,997228,964230,510228,858231,960229,342232,374227,779230,534223,893225,747223,144229,381222,725226,276221,003225,197227,504
  + Difference between face value and market value -11,737-10,561-11,988-13,562-16,946-19,849-24,097-24,453-27,004-19,645-22,233-21,555-22,203-22,351-23,845-20,411-16,969-16,316
Gross General Government Debt (face value)GGDebt218,260218,403218,522215,296215,014209,493208,277203,326203,530204,248203,514201,589207,178200,374202,431200,592208,228211,188
By category:                   
 Currency and deposits F231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,512
 Debt securitiesF3124,601120,462118,306112,665114,475116,113115,546119,078128,539129,080128,202125,763131,433124,322126,157124,148131,671134,881
  Short-termF314,9595,5624,1022,3892,4893,4773,6373,7605,8494,8633,7331,3804,6803,7345,4062,3954,7805,897
  Long-termF32119,642114,900114,205110,276111,986112,636111,910115,318122,690124,217124,469124,383126,753120,589120,751121,752126,891128,983
 LoansF462,20665,90568,03671,27572,01571,80871,71863,33054,51254,60654,66055,11354,80354,92055,01955,12955,11854,795
  Short-termF411,7691,3761,1701,4401,4751,3991,3801,2901,5341,3491,0691,026646643509681834410
  Long-termF4260,43664,52966,86569,83670,54070,40870,33862,04052,97953,25753,59154,08754,15754,27754,51154,44854,28354,385
                       
less EDP debt instrument assetsF2 + F3 + F463,15860,13459,90853,83653,16745,51942,98436,12035,76237,60437,78429,07533,24227,21528,32224,97531,38838,454
 By category:                   
 Currency and deposits F233,43530,99930,36923,63125,86524,83924,57917,32318,24619,87520,64317,20721,78515,18817,47514,28621,43428,349
 Debt securitiesF38,6098,4878,62010,24910,14710,2389,5599,6468,9598,5198,3623,2882,5513,0821,8542,1621,5181,581
  Short-termF311,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143178221
  Long-termF326,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9331,7182,0191,3401,360
 LoansF421,11420,64820,91919,95617,15510,4428,8469,1518,5579,2108,7798,5808,9068,9458,9938,5278,4368,524
  Short-termF411,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983
  Long-termF4219,20518,98618,91717,65314,7067,9607,1407,6357,1527,9087,5877,5947,7267,7377,8147,5887,4877,541
                       
 Net General Government Debt (face value)GGNetDebt155,102158,269158,614161,460161,847163,974165,293167,206167,768166,644165,730172,514173,936173,159174,109175,617176,840172,734
 By category:                   
 Currency and deposits F2-1,9821,0361,8127,7252,660-3,267-3,5663,5952,23268693,506-8435,9443,7807,0295-6,837
 Debt securities F3115,992111,975109,686102,416104,328105,875105,987109,432119,580120,561119,840122,475128,882121,240124,303121,986130,153133,300
  Short-termF312,9693,5712,110-1,355-1,053-1903111,3914,2823,0382,0441964,3283,5855,2702,2524,6025,676
  Long-termF32113,023108,404107,577103,771105,381106,065105,677108,041115,298117,523117,796122,279124,554117,656119,033119,733125,551127,623
 LoansF441,09245,25747,11751,31954,86061,36662,87254,17945,95545,39645,88146,53345,89745,97546,02646,60246,68246,271
  Short-termF41-140-286-832-863-974-1,083-326-22612947-12340-534-565-670-258-115-573
  Long-termF4241,23145,54347,94852,18355,83462,44863,19854,40545,82745,34946,00446,49346,43146,54046,69746,86046,79646,844

Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2013 to Q2 2017.

The results for 2016 remain provisional estimates pending completion of the normal Excessive Deficit Procedure (EDP) verification process by Eurostat.  They replace the data published as part of the EDP notification on 24 April 2017. The data published in this series are fully consistent with the Quarterly National Accounts.

The official publication by Eurostat of annual deficit and debt levels for all EU member states is due on 23 October 2017. Results for Quarter 2 2017 for all member states will be published on 24 October 2017.

The tables provide detailed revenue, expenditure and balance sheet data for general government. These data are also available on CSO Statbank, click here.

The full suite of GFS tables are also available on the CSO website by clicking here.

Data for all EU Member States are available on Eurostat’s data base here.

Changed treatment of sale of mobile telephony (UMTS) licences

On 27 March 2017 Eurostat published a Guidance Note on the treatment of mobile phone licences, exploration rights and other licences on the recording of revenues arising from the sale of licences by government - click here.

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

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

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

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

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

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

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

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

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

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

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

Investment income

The Central Bank paid a dividend to the exchequer of €1.2 billion in Quarter 2 2016 and €0.9 billion in Quarter 2 2017 which are recorded as Investment income. Dividends paid to the State are subject to the "super-dividend test" which excludes holding gains from the profit on which dividends may be paid. Payments to Government in excess of the allowable profit are recorded as equity withdrawals and are not part of revenue. In both 2016 and 2017, the Central Bank surplus paid to the Exchequer were split into two parts - dividend and equity withdrawal as a result of the "super-dividend test".

GDP figures used in publication

The GDP figures used in the current publication are consistent with those published in the latest Quarterly National Accounts published on 15 September 2017.

Revisions to general government deficit/surplus

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

Revisions to general government debt

Estimates of the general government debt (GG debt) for the quarters Q1 2013 to Q1 2017 have been revised since April 2017.  Changes are due to improved compilation processes and, in recent years, also reflect the availability of more up-to-date and detailed data sources.

Government Finance Statistics – concepts and definitions

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 0801 Quarterly non-financial accounts by sector

Table 2500 Quarterly short term statistics (revenue and expenditure) for general government

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

These data are available on the Eurostat website, click here.

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 (Tables 1 and 5).  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. For this Q2 2016 release, see note on revisions referred to earlier.

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 here.

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 (Pay) - the total remuneration of government employees.

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

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

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

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

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

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

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

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

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

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

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

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

Categories of financial flows

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

            F.11   Monetary gold

            F.12   Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21   Currency

            F.22   Transferable deposits

            F.29   Other deposits

F.3       Debt securities

            F.31   Short-term

            F.32   Long-term

F.4       Loans

            F.41   Short-term loans

            F.42   Long-term loans

F.5       Equity and investment fund share

            F.51   Equity

            F.52   Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71   Financial derivatives

            F.72   Employee stock options

F.8       Other accounts receivable/payable

            F.81   Trade credits and advances

            F.89   Other trade credits  

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