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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, 15 January 2015, 11am

Government Finance Statistics Quarterly Results

Quarter 3 2014

	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	-3,288	-7.8	218,358	125.7	154,501	88.9
2013 Q2	-1,875	-4.4	218,678	125.2	157,670	90.3
2013 Q3	-2,853	-6.4	218,543	124.2	157,707	89.6
2013 Q4	-1,946	-4.3	215,550	123.3	160,963	92.1
2014 Q1	-3,120	-7.1	215,075	121.9	161,113	91.3
2014 Q2	-1,533	-3.3	209,696	117.0	162,936	90.9
2014 Q3	-1,871	-4.0	208,194	114.8	163,891	90.4

Government Deficit of -4.0% of quarterly GDP in Q3 2014

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Ireland’s General Government Deficit (GG Deficit) amounted to -€1,871 million in the third quarter of 2014 representing -4.0% of quarterly GDP. In the corresponding quarter of 2013, the deficit amounted to -€2,853 million or -6.4% of quarterly GDP.

Ireland’s GG Deficit showed substantial variation during the quarters of 2010 and 2011, reaching -42.4% of Q4 2010 GDP before reducing to -6.8% of Q4 2011 GDP, its lowest point in that period (see Figure 1 and Table 1). Since Q2 2012, the quarterly GG Deficit series shows a falling trend.

Government revenue for Q3 2014 at €15,600 million was higher by €793 million than Q3 2013 revenue of €14,807 million, mainly due to increased revenue from taxes and social contributions. Government expenditure of €17,471 million in Q3 2014 reflected a decrease of €190 million compared to Q3 2013 expenditure of €17,661 million with reductions across most categories (Table 1).

Ireland’s General Government Deficit amounted to -€6,524 million for the first three quarters of 2014, representing -4.8% of GDP. For the corresponding period of 2013 the deficit amounted to -€8,016 million or -6.2% of GDP.

Government Debt at 114.8% of GDP at end Q3 2014

Ireland’s General Government Gross Debt (GG Debt) at face value stood at €208,194 million or 114.8% of annualised GDP at the end of Q3 2014, compared to a level of €209,696 million or 117.0% of annualised GDP at the end of Q2 2014.

General Government Net Debt amounted to €163,891 million in Q3 2014, or 90.4% of annualised GDP compared to €162,936 million or 90.9% of annualised GDP in Q2 2014 (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.

GFS quarterly results are benchmarked to the most recent Excessive Deficit Procedure (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. These preliminary estimates will be revised when the next detailed annual results, including the first 2014 estimate of excessive deficit procedure are published in April 2015.

	GG Gross Debt	GG Net Debt
Q3 2010	83.8	59.8
Q4 2010	87.4	67.5
Q1 2011	94.4	68.3
Q2 2011	95.3	70.7
Q3 2011	112	77.4
Q4 2011	111.1	79.1
Q1 2012	113.4	81
Q2 2012	117.5	85.4
Q3 2012	123.6	86.4
Q4 2012	121.7	87.9
Q1 2013	125.7	88.9
Q2 2013	125.2	90.3
Q3 2013	124.2	89.6
Q4 2013	123.3	92.1
Q1 2014	121.9	91.3
Q2 2014	117	90.9
Q3 2014	114.8	90.4

Show Table 1 General Government Transactions: Revenue, Expenditure, Financing and Deficit Q1 2010 to Q3 2014

Table 1 General Government transactions: revenue, expenditure, financing and deficit
																							€million
Description				ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	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

General Government transactions

	Revenue			TR	12,716	13,315	13,015	16,440	13,115	13,515	14,139	16,550	13,528	14,486	14,582	16,487	13,858	15,290	14,807	16,885	14,661	16,055	15,600
		Taxes and social contributions		D2 + D5 + D91 + D61	11,211	11,124	11,496	13,741	11,520	11,034	12,317	14,101	11,892	11,668	12,650	14,506	12,299	12,301	13,224	14,970	13,212	13,286	14,176
			Taxes	D2 + D5 + D91	8,721	8,769	9,364	11,235	8,885	8,598	9,945	11,572	9,599	9,269	10,322	11,874	9,758	9,787	10,739	12,209	10,446	10,657	11,567
			Social contributions	D61	2,491	2,356	2,132	2,507	2,635	2,437	2,372	2,528	2,293	2,399	2,327	2,632	2,542	2,514	2,485	2,761	2,766	2,628	2,608
		Sales of goods and services		P1O	1,097	936	1,061	2,190	1,136	1,260	1,252	1,515	1,051	1,141	1,237	1,497	1,012	1,167	1,101	1,181	858	1,008	917
		Investment income		D4	270	1,115	337	389	263	1,134	489	559	461	1,587	594	381	458	1,746	405	533	505	1,686	434
		Current transfer revenue (excluding taxes)		D7	79	37	36	36	44	27	22	33	37	26	22	42	37	31	27	47	37	31	27
		Capital transfer revenue (excluding taxes)		D9N	59	102	86	84	152	60	59	343	88	63	79	60	51	45	51	154	49	43	47

	Expenditure			TE	29,265	19,507	26,736	33,446	17,389	16,942	25,082	19,496	17,989	18,181	17,768	19,046	17,147	17,165	17,661	18,832	17,781	17,588	17,471
		Expense		Expense	28,851	19,296	26,368	32,068	17,369	17,049	24,968	18,494	17,723	18,004	18,347	18,637	17,455	17,518	18,116	18,391	17,357	17,409	17,703
			Compensation of employees	D1	4,829	4,636	4,764	5,064	4,876	4,682	4,749	4,868	4,920	4,647	4,683	4,656	4,848	4,747	4,559	4,498	4,698	4,601	4,419
			Use of goods and services plus taxes payable	P2 + D5 + D29	2,128	1,950	1,890	3,114	1,933	2,243	2,205	2,322	1,853	2,044	2,185	2,342	1,723	2,005	2,143	2,401	1,690	1,969	2,143
			Depreciation (Consumption of fixed capital)	P51c	769	769	769	769	752	752	801	801	788	788	788	788	768	768	768	768	729	729	729
			Interest (excluding FISIM)	D41	1,163	1,090	1,588	1,079	1,191	1,267	1,822	1,608	1,637	1,735	1,899	1,886	1,957	1,885	1,925	1,891	1,864	1,909	1,915
			Subsidies	D3	431	386	420	552	363	358	385	478	327	346	368	506	321	339	361	487	312	329	350
			Social benefits	D62 + D631	6,932	7,253	7,229	7,359	6,979	7,093	7,341	7,382	7,045	7,282	7,540	7,539	6,806	7,017	7,334	7,446	6,962	7,054	7,227
			Other current transfers	D7	890	546	570	514	771	418	562	678	853	543	561	494	768	552	781	616	818	568	676
			Capital transfers	D9	11,708	2,666	9,138	13,617	505	237	7,103	357	300	617	323	426	265	205	246	284	283	251	245

	Net operating balance			NOB	-16,135	-5,982	-13,353	-15,628	-4,254	-3,534	-10,829	-1,944	-4,194	-3,518	-3,766	-2,150	-3,597	-2,228	-3,308	-1,506	-2,696	-1,354	-2,102

		Net acquisition of non-financial assets		P5 + NP - P51c	413	210	368	1,378	20	-108	114	1,002	267	177	-580	408	-309	-353	-455	441	424	179	-232

	General Government Surplus/Deficit			B9	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,288	-1,875	-2,853	-1,946	-3,120	-1,533	-1,871
	equals
		Net acquisition of financial assets		ΔFA	4,598	-7,122	3,028	-12,003	8,345	-1,882	-341	-2,046	1,405	348	7,914	-3,960	6,037	-2,626	-1,427	-7,053	-2,234	-7,437	-1,814
			Debt instruments	F2 + F3 + F4	4,584	-9,352	2,310	-6,477	11,212	-1,644	-6,883	-2,407	1,462	-502	8,498	-5,059	6,654	-2,639	-348	-7,600	-506	-7,866	-2,139
			Equity and Investment Fund Shares	F5	604	2,129	698	-5,819	-3,791	788	7,441	-737	-50	1,389	5	483	27	476	-1,297	-543	-1,194	568	467
			Other financial assets	F6 + F7 + F8	-590	101	20	293	924	-1,026	-899	1,098	-7	-539	-589	616	-644	-463	218	1,090	-534	-139	-142
	less
		Net incurrence of liabilities		ΔL	21,146	-930	16,749	5,003	12,619	1,544	10,602	899	5,866	4,043	11,100	-1,401	9,325	-751	1,426	-5,107	886	-5,904	57
			Debt instruments	F2 + F3 + F4	20,142	-1,456	16,793	5,373	11,404	1,801	10,742	1,801	4,761	4,411	11,436	-1,312	10,010	-652	1,065	-4,739	387	-5,634	-72
			Other liabilities	F5 + F6 + F7 + F8	1,004	526	-44	-370	1,215	-257	-140	-902	1,105	-368	-336	-89	-685	-99	361	-368	499	-270	129

		Memo: Net derivative flows on debt interest swap contracts			3	3	3	3	-33	-33	-33	-33	-49	-54	-55	-63	-80	-58	-58	-77	-69	-68	-74

General Government Surplus/Deficit (% of quarterly GDP)					-40.3	-14.8	-32.7	-42.4	-10.5	-7.9	-25.3	-6.8	-10.8	-8.8	-7.3	-5.6	-7.8	-4.4	-6.4	-4.3	-7.1	-3.3	-4.0

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Show Table 2 General Government: Net Worth, Gross and Net Debt Q1 2010 to Q3 2014

Table 2 General Government Net Worth, Gross and Net Debt
																								€million
Description					ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	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
General Government net worth
	Net worth at market value, excluding pension liabilities				NW	28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,070	-44,337	-50,346	-53,474	-55,969	-59,787	-57,620	-60,773	-65,857	-69,466
	equals
		Non-financial assets at market value			NFA	87,205	85,832	84,617	84,412	84,332	84,126	84,141	85,043	85,745	86,358	86,214	87,058	87,297	87,492	87,586	88,575	88,999	89,178	88,946
	plus
		Financial net worth at market value, excluding pension liabilities			FNW	-58,497	-62,120	-71,303	-78,826	-75,835	-76,306	-102,429	-104,681	-115,886	-123,428	-130,551	-137,404	-140,771	-143,461	-147,373	-146,195	-149,772	-155,035	-158,412
		equals
			Financial assets at market value		FA	78,977	70,279	73,203	61,676	72,600	69,614	92,555	88,138	89,085	87,881	96,160	92,076	98,475	95,255	93,640	93,696	94,020	86,461	85,259
				EDP debt instruments	F2 + F3 + F4	46,821	37,538	39,870	32,874	42,890	40,987	58,058	54,874	55,619	54,572	63,166	58,444	63,858	61,008	60,836	54,587	53,960	46,761	44,305
				Equity and Investment Fund Shares	F5	23,394	24,207	25,020	20,130	20,106	20,010	24,689	22,975	23,465	23,714	23,906	24,601	26,498	26,685	24,810	29,865	31,454	31,670	33,330
				Other financial assets	F6 + F7 + F8	8,762	8,534	8,313	8,672	9,604	8,617	9,808	10,289	10,001	9,595	9,088	9,031	8,119	7,562	7,994	9,244	8,606	8,030	7,624
		less
			Liabilities at market value		L	137,474	132,399	144,506	140,502	148,435	145,920	194,984	192,819	204,971	211,309	226,711	229,480	239,246	238,716	241,013	239,891	243,792	241,496	243,671
				EDP debt instruments	F2 + F3 + F4	130,042	124,446	136,509	132,934	139,635	137,374	183,530	182,260	193,798	200,711	216,247	218,855	230,611	230,573	232,430	231,783	234,994	232,733	233,963
				Other liabilities	F5 + F6 + F7 + F8	7,432	7,953	7,997	7,568	8,800	8,546	11,454	10,559	11,173	10,598	10,464	10,625	8,635	8,143	8,583	8,108	8,798	8,763	9,708

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

	Memo: Net worth, including pension liabilities					-87,292	-92,288	-102,686	-110,414	-107,503	-108,180	-134,288	-135,638	-128,141	-135,070	-142,337	-148,346	-151,474	-153,969	-157,787	-155,620	-158,773	-163,857	-167,466

		Contingent liabilities				163,269	163,269	163,269	163,269	148,537	148,537	148,537	148,537	120,606	120,606	120,606	120,606	61,231	61,231	61,231	61,231	61,426	61,708	61,708

	Memo: Net worth, including pension liabilities and contingent liabilities					-250,561	-255,557	-265,955	-273,684	-256,039	-256,717	-282,825	-284,174	-248,747	-255,676	-262,943	-268,952	-212,704	-215,199	-219,018	-216,851	-220,199	-225,565	-229,174
General Government: changes in net worth
	Opening net worth					46,298	28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,070	-44,337	-50,346	-53,474	-55,969	-59,787	-57,620	-60,773	-65,857

	Change in net worth due to transactions					-16,135	-5,982	-13,353	-15,628	-4,254	-3,534	-10,829	-1,944	-4,194	-3,518	-3,766	-2,150	-3,597	-2,228	-3,308	-1,506	-2,696	-1,354	-2,102
		Net acquisition of non-financial assets			P5 + NP - P51c	413	210	368	1,378	20	-108	114	1,002	267	177	-580	408	-309	-353	-455	441	424	179	-232
		Net lending/net borrowing			B9	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,288	-1,875	-2,853	-1,946	-3,120	-1,533	-1,871

	Change in net worth due to other economic flows				Kx	-1,455	986	2,955	7,900	7,166	2,856	-15,279	594	-6,308	-3,411	-3,502	-3,859	470	-267	-510	3,673	-457	-3,730	-1,506
		Other changes in non-financial assets				-1,583	-1,583	-1,583	-1,583	-99	-99	-99	-99	435	435	435	435	548	548	548	548	0	0	0
		Other changes in financial assets				1,690	-1,576	-104	476	2,579	-1,104	23,282	-2,371	-458	-1,552	365	-124	362	-594	-188	7,109	2,558	-122	612
		Other changes in liabilities				-1,562	4,145	4,642	9,007	4,686	4,059	-38,462	3,064	-6,286	-2,295	-4,302	-4,170	-441	-221	-871	-3,985	-3,015	-3,608	-2,118

Closing net worth						28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,070	-44,337	-50,346	-53,474	-55,969	-59,787	-57,620	-60,773	-65,857	-69,466

General Government Debt (GGDebt)
		Debt instrument liabilities at market value			F2 + F3 + F4	130,042	124,446	136,509	132,934	139,635	137,374	183,530	182,260	193,798	200,711	216,247	218,855	230,611	230,573	232,430	231,783	234,994	232,733	233,963
		+ Difference between EDP face value and market value				-5,886	-794	2,534	11,229	15,842	21,287	4,354	7,851	686	-884	-5,912	-8,629	-12,253	-11,895	-13,887	-16,233	-19,919	-23,037	-25,769

	Gross General Government Debt (EDP face value)				GGDebt	124,156	123,652	139,043	144,163	155,477	158,661	187,884	190,111	194,484	199,827	210,335	210,226	218,358	218,678	218,543	215,550	215,075	209,696	208,194

		less EDP debt instrument assets			F2 + F3 + F4	-46,821	-37,538	-39,870	-32,874	-42,891	-40,987	-58,058	-54,876	-55,618	-54,573	-63,166	-58,444	-63,857	-61,008	-60,836	-54,587	-53,962	-46,760	-44,303
	Net General Government Debt				GGNetDebt	77,335	86,114	99,173	111,289	112,586	117,674	129,826	135,235	138,866	145,254	147,169	151,782	154,501	157,670	157,707	160,963	161,113	162,936	163,891

Closing Net Worth (% of annualised GDP)						17.3	14.3	8.0	3.4	5.2	4.7	-10.9	-11.5	-17.6	-21.8	-26.0	-29.1	-30.8	-32.0	-34.0	-33.0	-34.4	-36.7	-38.3
Gross General Government Debt (% of annualised GDP)						74.6	74.8	83.8	87.4	94.4	95.3	112.0	111.1	113.4	117.5	123.6	121.7	125.7	125.2	124.2	123.3	121.9	117.0	114.8
Net General Government Debt (% of annualised GDP)						46.5	52.1	59.8	67.5	68.3	70.7	77.4	79.1	81.0	85.4	86.4	87.9	88.9	90.3	89.6	92.1	91.3	90.9	90.4

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Show Table 3 General Government: Detailed classification of revenue Q1 2010 to Q3 2014

Table 3 General Government: detailed classification of revenue and output
																								€million
Description					ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	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

Total Revenue					TR	12,716	13,315	13,015	16,440	13,115	13,515	14,139	16,550	13,528	14,486	14,582	16,487	13,858	15,290	14,807	16,885	14,661	16,055	15,600
	Taxes and social contributions					11,211	11,124	11,496	13,741	11,520	11,034	12,317	14,101	11,892	11,668	12,650	14,506	12,299	12,301	13,224	14,970	13,212	13,286	14,176
		Taxes			D2 + D5 + D91	8,721	8,769	9,364	11,235	8,885	8,598	9,945	11,572	9,599	9,269	10,322	11,874	9,758	9,787	10,739	12,209	10,446	10,657	11,567
			Indirect taxes (taxes on production and imports)		D2	4,701	3,748	5,327	4,183	4,771	3,613	5,017	4,197	4,858	3,748	5,393	4,188	5,031	3,951	5,580	4,456	5,449	4,504	5,708
				Taxes on products	D21	4,223	3,273	4,857	3,723	4,290	3,135	4,544	3,730	4,328	3,222	4,871	3,671	4,534	3,330	5,010	3,848	4,695	3,879	5,104
				of which Value-Added Tax	D211	2,933	1,868	3,147	2,120	2,966	1,748	2,931	2,110	3,050	1,860	3,149	2,161	3,025	1,812	3,434	2,100	3,201	2,164	3,484
				Other taxes on production	D29	478	475	471	460	482	478	473	467	530	526	522	518	497	621	570	608	754	626	604
			Direct taxes		D5	3,966	4,944	4,005	6,978	4,092	4,960	4,838	7,271	4,720	5,495	4,887	7,493	4,706	5,811	5,122	7,558	4,968	6,117	5,816
				Taxes on income, profits and capital gains	D51	3,703	4,690	3,764	6,770	3,835	4,715	4,148	6,804	4,708	5,244	4,172	7,259	4,443	5,546	4,339	7,286	4,682	5,842	4,866
				Other current direct taxes	D59	263	255	240	208	257	245	689	467	12	251	715	234	263	265	783	272	286	275	951
			Capital taxes		D91	54	76	32	74	23	25	90	105	21	26	42	193	21	26	37	195	29	36	43
		Social contributions			D61	2,491	2,356	2,132	2,507	2,635	2,437	2,372	2,528	2,293	2,399	2,327	2,632	2,542	2,514	2,485	2,761	2,766	2,628	2,608
			Actual social contributions		D611 + D613	1,890	1,755	1,532	1,906	2,055	1,857	1,792	1,948	1,676	1,783	1,711	2,016	1,888	1,860	1,831	2,107	2,112	1,975	1,955
			Employers' imputed social contributions		D612	600	600	600	600	580	580	580	580	616	616	616	616	654	654	654	654	654	654	654
	Sales of goods and services				P1O	1,097	936	1,061	2,190	1,136	1,260	1,252	1,515	1,051	1,141	1,237	1,497	1,012	1,167	1,101	1,181	858	1,008	917
		Sales of market establishments (= market output)			P11	219	219	219	219	226	226	226	226	242	242	242	242	258	258	258	258	258	258	258
		Imputed sales related to production of own-use capital assets (= output for own final use)			P12	14	14	14	14	14	14	14	14	9	9	9	9	8	8	8	8	8	8	8
		Incidental sales and fees of non-market establishments			P131	864	703	827	1,956	895	1,019	1,011	1,274	799	890	985	1,246	746	901	834	915	592	742	650
	Investment income				D4	270	1,115	337	389	263	1,134	489	559	461	1,587	594	381	458	1,746	405	533	505	1,686	434
		Interest (excluding FISIM)			D41	214	193	217	226	250	270	462	378	369	454	408	358	400	318	327	320	313	279	230
		Dividends			D42	56	922	120	162	12	863	26	180	91	1,132	185	22	58	1,426	76	212	191	1,407	203
	Current transfer revenue				D39 + D7	79	37	36	36	44	27	22	33	37	26	22	42	37	31	27	47	37	31	27
		Subsidies			D39	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
		Other current transfers			D7	79	37	36	36	44	27	22	33	37	26	22	42	37	31	27	47	37	31	27
			Non-life insurance claims		D72	4	4	4	4	3	3	3	3	4	4	4	4	3	3	3	3	3	3	3
			Other Domestic - Current		D7N_S1	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18
			From Rest of World - Current		D7N_S2	57	15	14	14	22	6	1	11	16	5	1	21	16	10	6	26	16	10	6
	Capital transfer revenue				D9N	59	102	86	84	152	60	59	343	88	63	79	60	51	45	51	154	49	43	47

Output					P1	7,794	7,422	7,490	9,015	7,633	7,750	7,827	8,064	7,652	7,571	7,747	7,878	7,444	7,626	7,575	7,772	7,223	7,405	7,396
	Market output (sales of market establishments)				P11	219	219	219	219	226	226	226	226	242	242	242	242	258	258	258	258	258	258	258
	Output for own final use				P12	14	14	14	14	14	14	14	14	9	9	9	9	8	8	8	8	8	8	8
	Non-market output				P13	7,560	7,188	7,257	8,781	7,392	7,509	7,586	7,823	7,401	7,319	7,496	7,626	7,178	7,359	7,309	7,506	6,957	7,138	7,130
		= Non-market compensation of employees			D1_nonmarket	4,815	4,621	4,749	5,049	4,861	4,667	4,734	4,854	4,911	4,638	4,674	4,647	4,839	4,739	4,551	4,490	4,690	4,592	4,410
			= Total compensation of employees		D1	4,829	4,636	4,764	5,064	4,876	4,682	4,749	4,868	4,920	4,647	4,683	4,656	4,848	4,747	4,559	4,498	4,698	4,601	4,419
			- Compensation of employees of market establishments		D1_market
			- Compensation related to production of own-use capital assets		D1_own-use	-14	-14	-14	-14	-14	-14	-14	-14	-9	-9	-9	-9	-8	-8	-8	-8	-8	-8	-8
		+ Non-market intermediate consumption			P2_nonmarket	2,072	1,894	1,834	3,058	1,876	2,186	2,148	2,265	1,800	1,991	2,131	2,289	1,670	1,952	2,090	2,348	1,637	1,916	2,090
			= Total intermediate consumption		P2	2,128	1,949	1,890	3,114	1,932	2,242	2,204	2,322	1,853	2,044	2,185	2,342	1,723	2,005	2,143	2,401	1,690	1,969	2,143
			- Intermediate consumption of market establishments		P2_market	-56	-56	-56	-56	-57	-57	-57	-57	-53	-53	-53	-53	-53	-53	-53	-53	-53	-53	-53
			- Intermediate consumption related to production of own-use capital assets		P2_own-use
		+ Non-market consumption of fixed capital			P51c_nonmarket	673	673	673	673	656	656	704	704	690	690	690	690	668	668	668	668	630	630	630
			= Total consumption of fixed capital		P51c_nonmarket	769	769	769	769	752	752	801	801	788	788	788	788	768	768	768	768	729	729	729
			- Consumption of fixed capital by market establishments		P51c_market	-96	-96	-96	-96	-96	-96	-96	-96	-97	-97	-97	-97	-99	-99	-99	-99	-99	-99	-99
			- 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	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	0

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Show Table 4 General Government: Detailed classification of expenditure Q1 2010 to Q3 2014

Table 4 General Government: detailed classification of expenditure and consumption
																								€million
Description					ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	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

Total Expenditure					TE	29,265	19,507	26,736	33,446	17,389	16,942	25,082	19,496	17,989	18,181	17,768	19,046	17,147	17,165	17,661	18,832	17,781	17,588	17,471

	Expense					28,851	19,296	26,368	32,068	17,369	17,049	24,968	18,494	17,723	18,004	18,347	18,637	17,455	17,518	18,116	18,391	17,357	17,409	17,703
		Compensation of employees			D1	4,829	4,636	4,764	5,064	4,876	4,682	4,749	4,868	4,920	4,647	4,683	4,656	4,848	4,747	4,559	4,498	4,698	4,601	4,419
			Of which: Related to production of own-use capital assets			14	14	14	14	14	14	14	14	9	9	9	9	8	8	8	8	8	8	8
		Use of goods and services plus taxes payable			P2 + D5 + D29	2,128	1,950	1,890	3,114	1,933	2,243	2,205	2,322	1,853	2,044	2,185	2,342	1,723	2,005	2,143	2,401	1,690	1,969	2,143
			Use of goods and services [Intermediate consumption]		P2	2,128	1,949	1,890	3,114	1,932	2,242	2,204	2,322	1,853	2,044	2,185	2,342	1,723	2,005	2,143	2,401	1,690	1,969	2,143
				Of which: Intermediate consumption of market establishments		56	56	56	56	57	57	57	57	53	53	53	53	53	53	53	53	53	53	53
			Taxes, payable		D5	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
		Depreciation (Consumption of fixed capital)			P51c	769	769	769	769	752	752	801	801	788	788	788	788	768	768	768	768	729	729	729
				Of which: Depreciation by market establishments		96	96	96	96	96	96	96	96	97	97	97	97	99	99	99	99	99	99	99
		Interest (excluding FISIM)			D41	1,163	1,090	1,588	1,079	1,191	1,267	1,822	1,608	1,637	1,735	1,899	1,886	1,957	1,885	1,925	1,891	1,864	1,909	1,915
		Subsidies			D3	431	386	420	552	363	358	385	478	327	346	368	506	321	339	361	487	312	329	350
			Product subsidies		D31	270	220	285	308	239	246	274	301	219	240	261	315	218	237	258	247	212	230	250
			Other subsidies on production		D39	161	166	135	244	124	113	111	176	108	107	108	192	103	102	103	241	100	99	100
		Social benefits			D62 + D631	6,932	7,253	7,229	7,359	6,979	7,093	7,341	7,382	7,045	7,282	7,540	7,539	6,806	7,017	7,334	7,446	6,962	7,054	7,227
			Social benefits in cash		D62	6,108	6,126	5,735	6,344	6,153	5,974	5,844	6,355	6,158	6,076	5,893	6,543	6,008	5,828	5,751	6,421	5,814	5,756	5,679
			Social benefits in kind (via market producers)		D631	824	1,127	1,494	1,015	826	1,119	1,497	1,027	887	1,207	1,647	996	797	1,189	1,583	1,025	1,148	1,298	1,548
		Other current transfers			D7	890	546	570	514	771	418	562	678	853	543	561	494	768	552	781	616	818	568	676
			Net non-life insurance premiums		D71	18	18	18	18	18	18	18	18	23	23	23	23	23	23	23	23	23	23	23
			Current international cooperation		D74	158	144	144	101	135	70	122	220	102	137	187	120	88	117	160	103	85	113	205
			Miscellaneous current transfers		D75	249	193	111	180	165	140	152	202	246	148	117	115	123	113	297	110	124	115	262
			VAT and GNI based EU budget contribution		D76	465	191	296	215	453	190	269	238	482	237	234	237	535	300	301	381	586	317	186
				VAT-based EU own resources	D761	76	29	47	42	71	30	48	44	81	39	40	32	78	47	47	23	82	47	28
				GNI-based EU own resources	D762	389	163	249	173	381	160	221	194	402	198	194	205	457	253	254	358	505	269	158
		Capital transfers			D9	11,708	2,666	9,138	13,617	505	237	7,103	357	300	617	323	426	265	205	246	284	283	251	245
			Investment grants		D92	491	99	558	154	498	124	102	357	300	337	323	426	265	205	246	284	283	251	245
			Other capital transfers		D99	11,217	2,567	8,580	13,463	7	113	7,001	0	0	280	0	0	0	0	0	0	0	0	0

	Net acquisition of non-financial assets				P5 + NP - P51c	413	210	368	1,378	20	-108	114	1,002	267	177	-580	408	-309	-353	-455	441	424	179	-232
		= Gross investment in non-financial assets			P5 + NP	1,183	979	1,137	2,147	772	644	914	1,802	1,054	965	208	1,196	459	414	313	1,208	1,153	908	498
			Gross fixed capital formation		P51	1,203	999	1,157	2,167	744	616	887	1,774	1,034	944	187	1,175	1,161	394	292	1,187	1,153	908	498
			Net acquisition of stocks		P52	-20	-20	-20	-20	28	28	28	28	21	21	21	21	21	21	21	21	0	0	0
			Net acquisition of unproduced assets		NP	0	0	0	0	0	0	0	0	0	0	0	0	-723	0	0	0	0	0	0
		- Consumption of fixed capital			P51c	-769	-769	-769	-769	-752	-752	-801	-801	-788	-788	-788	-788	-768	-768	-768	-768	-729	-729	-729

Net expenditure on current goods and services					P3 excl. D631	6,697	6,486	6,430	6,825	6,497	6,489	6,575	6,549	6,602	6,430	6,511	6,380	6,431	6,459	6,475	6,591	6,365	6,396	6,480
	= Output				P1	7,794	7,422	7,490	9,015	7,633	7,750	7,827	8,064	7,652	7,571	7,747	7,878	7,444	7,626	7,575	7,772	7,223	7,405	7,396
	- Sales of goods and services				P11+P12+P131	-1,097	-936	-1,061	-2,190	-1,136	-1,260	-1,252	-1,515	-1,051	-1,141	-1,237	-1,497	-1,012	-1,167	-1,101	-1,181	-858	-1,008	-917
			Market output (sales of market establishments)		P11	-219	-219	-219	-219	-226	-226	-226	-226	-242	-242	-242	-242	-258	-258	-258	-258	-258	-258	-258
			Output for own final use		P12	-14	-14	-14	-14	-14	-14	-14	-14	-9	-9	-9	-9	-8	-8	-8	-8	-8	-8	-8
			Incidental sales and fees of non-market establishments		P131	-864	-703	-827	-1,956	-895	-1,019	-1,011	-1,274	-799	-890	-985	-1,246	-746	-901	-834	-915	-592	-742	-650

Final consumption expenditure					P3	7,520	7,613	7,924	7,840	7,324	7,608	8,072	7,576	7,489	7,636	8,157	7,376	7,229	7,648	8,058	7,616	7,513	7,694	8,028
	= Net expenditure on current goods and services				P3 excl. D631	6,697	6,486	6,430	6,825	6,497	6,489	6,575	6,549	6,602	6,430	6,511	6,380	6,431	6,459	6,475	6,591	6,365	6,396	6,480
	+ Social transfers in kind via market producers				D631	824	1,127	1,494	1,015	826	1,119	1,497	1,027	887	1,207	1,647	996	797	1,189	1,583	1,025	1,148	1,298	1,548
made up of
	Individual consumption (= social transfers in kind)				P31 (= D63)	5,185	5,246	5,596	5,291	5,068	5,273	5,680	5,001	5,075	5,182	5,712	4,906	4,839	5,248	5,652	5,167	5,148	5,318	5,620
		Social transfers in kind (via market producers)			D631	824	1,127	1,494	1,015	826	1,119	1,497	1,027	887	1,207	1,647	996	797	1,189	1,583	1,025	1,148	1,298	1,548
		Social transfers in kind (provided directly by government)			D632	4,361	4,119	4,102	4,276	4,242	4,154	4,183	3,974	4,187	3,975	4,065	3,910	4,042	4,059	4,069	4,142	4,000	4,020	4,072
	Collective consumption (= actual final consumption of government)				P32	2,335	2,367	2,328	2,548	2,256	2,335	2,393	2,576	2,414	2,454	2,445	2,470	2,390	2,400	2,406	2,449	2,365	2,377	2,408

Total social transfers					D62 + D63	11,293	11,372	11,331	11,635	11,221	11,248	11,524	11,356	11,233	11,258	11,605	11,449	10,847	11,076	11,403	11,588	10,962	11,073	11,299
	Social benefits in cash				D62	6,108	6,126	5,735	6,344	6,153	5,974	5,844	6,355	6,158	6,076	5,893	6,543	6,008	5,828	5,751	6,421	5,814	5,756	5,679
	Social transfers in kind (= individual consumption)				D63	5,185	5,246	5,596	5,291	5,068	5,273	5,680	5,001	5,075	5,182	5,712	4,906	4,839	5,248	5,652	5,167	5,148	5,318	5,620

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Show Table 5 General Government financial transactions Q1 2010 to Q3 2014

Table 5 General Government financial transactions
																									€million
							2010 Q1	2010 Q2	2010 Q3	2010 Q4	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
Description						ESA2010 code
	Net lending (+) / net borrowing (-)					B.9	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,288	-1,875	-2,853	-1,946	-3,120	-1,533	-1,871
	equals
		Net acquisition of financial assets				ΔA	4,598	-7,122	3,028	-12,003	8,345	-1,882	-341	-2,046	1,405	348	7,914	-3,960	6,037	-2,626	-1,427	-7,053	-2,234	-7,437	-1,814
			EDP debt instruments			F2 + F3 + F4	4,584	-9,352	2,310	-6,477	11,212	-1,644	-6,883	-2,407	1,462	-502	8,498	-5,059	6,654	-2,639	-348	-7,600	-506	-7,866	-2,139
				Currency and deposits		F2	4,551	-7,582	2,198	-10,388	11,615	1,873	-16,146	2,356	1,769	456	9,683	-6,042	8,571	-2,453	-455	-6,912	2,316	-873	7
				Debt securities		F3	-121	-1,785	117	3,646	-632	-3,657	2,819	822	-1	-116	-123	1,197	-860	-108	333	241	-123	57	-469
					Short-term	F31	-46	-2	-9	20	0	-1	-8	-27	-9	-3	0	1,046	945	1	1	1,750	-201	126	-341
					Long-term	F32	-75	-1,783	126	3,626	-632	-3,656	2,827	849	8	-113	-123	151	-1,805	-109	332	-1,509	78	-69	-128
				Loans		F4	154	15	-5	265	229	140	6,444	-5,585	-306	-842	-1,062	-214	-1,057	-78	-226	-929	-2,699	-7,050	-1,677
					Short-term loans	F41	0	0	0	0	0	158	459	268	231	-30	414	454	-44	-248	340	301	145	33	-776
					Long-term loans	F42	154	15	-5	265	229	-18	5,985	-5,853	-537	-812	-1,476	-668	-1,013	170	-566	-1,230	-2,844	-7,083	-901
			Equity and Investment Fund Shares			F5	604	2,129	698	-5,819	-3,791	788	7,441	-737	-50	1,389	5	483	27	476	-1,297	-543	-1,194	568	467
			Other financial assets			F6 + F7 + F8	-590	101	20	293	924	-1,026	-899	1,098	-7	-539	-589	616	-644	-463	218	1,090	-534	-139	-142
				Insurance, Pensions and Standardised Guarantees		F6	0	0	0	0	0	0	0	0	0	0	0	-1	0	0	0	0	0	0	0
				Financial derivatives and Employee Stock Options		F7	0	99	195	-40	-40	-232	0	1	-75	0	0	0	164	0	0	32	17	27	23
				Other accounts receivable/payable		F8	-590	2	-175	333	964	-794	-899	1,097	68	-539	-589	617	-808	-463	218	1,058	-551	-166	-165
	less
		Net incurrence of liabilities				ΔL	21,146	-930	16,749	5,003	12,619	1,544	10,602	899	5,866	4,043	11,100	-1,401	9,325	-751	1,426	-5,107	886	-5,904	57
			EDP debt instruments			F2 + F3 + F4	20,142	-1,456	16,793	5,373	11,404	1,801	10,742	1,801	4,761	4,411	11,436	-1,312	10,010	-652	1,065	-4,739	387	-5,634	-72
				Currency and deposits		F2	722	926	970	804	833	374	5,590	-3,904	939	2,681	-534	716	-30,613	575	172	-841	-2,842	-6,962	-567
				Debt securities		F3	8,816	-4,675	7,143	-5,106	-5,193	-2,883	1,813	-2,602	-6,015	-3,675	6,593	-4,550	39,364	-5,067	-1,148	-7,413	2,163	1,120	602
					Short-term	F31	-1,981	-7,641	1,600	-5,153	-5,243	-1,415	34	3,130	-384	483	1,031	-2,409	2,317	637	-1,432	-1,682	109	1,023	90
					Long-term	F32	10,797	2,966	5,543	47	50	-1,468	1,779	-5,732	-5,631	-4,158	5,562	-2,141	37,047	-5,704	284	-5,731	2,054	97	512
				Loans		F4	10,604	2,293	8,680	9,675	15,764	4,310	3,339	8,307	9,837	5,405	5,377	2,522	1,259	3,840	2,041	3,515	1,066	208	-107
					Short-term loans	F41	65	-282	-148	393	-43	-175	-80	133	11	1,257	409	-340	-50	-397	-244	233	94	-48	-63
					Long-term loans	F42	10,539	2,575	8,828	9,282	15,807	4,485	3,419	8,174	9,826	4,148	4,968	2,862	1,309	4,237	2,285	3,282	972	256	-44
			Other liabilities			F5 + F6 + F7 + F8	1,004	526	-44	-370	1,215	-257	-140	-902	1,105	-368	-336	-89	-685	-99	361	-368	499	-270	129
				Equity and Investment Fund Shares		F5	0	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	0	0	0	0	1	0	0	0	-1	0	0	0
				Financial derivatives and Employee Stock Options		F7	0	0	0	0	0	0	0	3	0	0	0	0	0	0	0	0	0	0	0
				Other accounts receivable/payable		F8	1,004	526	-44	-370	1,215	-257	-140	-905	1,105	-368	-336	-90	-685	-99	361	-367	499	-270	129

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Show Table 6 General Government: Detailed breakdown of net worth Q1 2010 to Q3 2014

Table 6 General Government: detailed breakdown of net worth
																										€million
Description							ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	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

General Government balance sheet

	Net worth at market value, excluding pension liabilities						NW	28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,070	-44,337	-50,346	-53,474	-55,969	-59,787	-57,620	-60,773	-65,857	-69,466
	equals
		Non-financial assets at market value					NFA	87,205	85,832	84,617	84,412	84,332	84,126	84,141	85,043	85,745	86,358	86,214	87,058	87,297	87,492	87,586	88,575	88,999	89,178	88,946
	plus
		Financial net worth at market value, excluding pension liabilities					FNW	-58,497	-62,120	-71,303	-78,826	-75,835	-76,306	-102,429	-104,681	-115,886	-123,428	-130,551	-137,404	-140,771	-143,461	-147,373	-146,195	-149,772	-155,035	-158,412
		equals
			Financial assets at market value				FA	78,977	70,279	73,203	61,676	72,600	69,614	92,555	88,138	89,085	87,881	96,160	92,076	98,475	95,255	93,640	93,696	94,020	86,461	85,259
				EDP debt instruments			F2 + F3 + F4	46,821	37,538	39,870	32,874	42,890	40,987	58,058	54,874	55,619	54,572	63,166	58,444	63,858	61,008	60,836	54,587	53,960	46,761	44,305
					Currency and deposits		F2	34,719	27,141	29,369	19,020	30,632	32,504	16,633	18,990	20,758	21,215	30,897	25,017	33,589	31,134	30,679	23,766	26,082	25,221	25,251
					Debt securities		F3	8,646	6,923	7,029	10,114	8,289	4,374	7,085	7,919	8,069	8,021	7,926	9,470	8,610	8,487	8,821	10,450	10,347	10,440	9,977
						Short-term	F31	39	38	29	49	49	48	40	13	3	0	0	1,046	1,990	1,991	1,992	3,744	3,542	3,667	3,326
						Long-term	F32	8,607	6,885	7,000	10,065	8,241	4,326	7,045	7,907	8,066	8,021	7,926	8,424	6,619	6,496	6,829	6,706	6,806	6,772	6,650
					Loans		F4	3,456	3,474	3,472	3,740	3,969	4,109	34,340	27,965	26,792	25,336	24,343	23,957	21,659	21,387	21,336	20,371	17,531	11,100	9,077
						Short-term loans	F41	0	0	0	0	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
						Long-term loans	F42	3,456	3,474	3,472	3,740	3,969	3,951	33,723	27,081	25,675	24,250	22,843	22,003	19,750	19,725	19,334	18,083	15,083	8,618	7,370
				Equity and Investment Fund Shares			F5	23,394	24,207	25,020	20,130	20,106	20,010	24,689	22,975	23,465	23,714	23,906	24,601	26,498	26,685	24,810	29,865	31,454	31,670	33,330
				Other financial assets			F6 + F7 + F8	8,762	8,534	8,313	8,672	9,604	8,617	9,808	10,289	10,001	9,595	9,088	9,031	8,119	7,562	7,994	9,244	8,606	8,030	7,624
					Insurance, Pensions and Standardised Guarantees		F6	1	1	1	1	1	1	1	1	1	1	1	0	0	0	0	0	0	0	0
					Financial derivatives and Employee Stock Options		F7	844	616	571	606	575	381	2,296	1,694	1,339	1,474	1,557	898	794	701	915	1,136	1,049	640	399
					Other accounts receivable/payable		F8	7,917	7,917	7,741	8,065	9,028	8,235	7,511	8,594	8,661	8,120	7,530	8,133	7,325	6,861	7,079	8,108	7,557	7,390	7,225
		less
			Liabilities at market value				L	137,474	132,399	144,506	140,502	148,435	145,920	194,984	192,819	204,971	211,309	226,711	229,480	239,246	238,716	241,013	239,891	243,792	241,496	243,671
				EDP debt instruments			F2 + F3 + F4	130,042	124,446	136,509	132,934	139,635	137,374	183,530	182,260	193,798	200,711	216,247	218,855	230,611	230,573	232,430	231,783	234,994	232,733	233,963
					Currency and deposits		F2	11,029	11,896	12,850	13,711	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
					Debt securities		F3	105,038	96,293	98,714	84,048	74,744	67,628	90,876	85,182	85,913	83,126	94,730	94,274	135,234	130,577	130,009	126,288	131,280	135,403	138,041
						Short-term	F31	18,217	10,891	12,497	7,231	2,089	741	717	3,796	3,520	4,039	5,052	2,572	4,969	5,587	4,128	2,423	2,512	3,508	3,650
						Long-term	F32	86,822	85,402	86,217	76,817	72,654	66,887	90,159	81,386	82,393	79,086	89,679	91,703	130,264	124,991	125,880	123,865	128,768	131,895	134,390
					Loans		F4	13,975	16,257	24,945	35,175	50,419	54,955	30,462	38,690	48,539	55,565	60,049	62,482	63,924	67,961	70,240	74,139	75,189	75,758	74,909
						Short-term loans	F41	773	490	342	735	691	516	436	569	580	1,838	2,246	1,907	1,856	1,460	1,216	1,468	1,559	1,485	1,418
						Long-term loans	F42	13,202	15,767	24,603	34,441	49,727	54,439	30,026	38,121	47,959	53,728	57,803	60,575	62,067	66,502	69,025	72,671	73,630	74,272	73,491
				Other liabilities			F5 + F6 + F7 + F8	7,432	7,953	7,997	7,568	8,800	8,546	11,454	10,559	11,173	10,598	10,464	10,625	8,635	8,143	8,583	8,108	8,798	8,763	9,708
					Equity and Investment Fund Shares		F5	0	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	0	0	0	0	1	1	1	1	0	0	0	0
					Financial derivatives and Employee Stock Options		F7	14	9	97	38	55	58	2,964	2,974	2,483	2,276	2,478	2,727	1,422	1,029	1,108	1,001	1,192	1,427	2,244
					Other accounts receivable/payable		F8	7,418	7,944	7,900	7,530	8,745	8,488	8,490	7,585	8,690	8,322	7,986	7,897	7,212	7,113	7,474	7,107	7,606	7,336	7,464


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

	Memo: Net worth, including pension liabilities							-87,292	-92,288	-102,686	-110,414	-107,503	-108,180	-134,288	-135,638	-128,141	-135,070	-142,337	-148,346	-151,474	-153,969	-157,787	-155,620	-158,773	-163,857	-167,466

		Contingent liabilities						163,269	163,269	163,269	163,269	148,537	148,537	148,537	148,537	120,606	120,606	120,606	120,606	61,231	61,231	61,231	61,231	61,426	61,708	61,708
			Guarantees					158,327	158,327	158,327	158,327	143,488	143,488	143,488	143,488	115,557	115,557	115,557	115,557	56,182	56,182	56,182	56,182	56,182	56,182	56,182
			Off-balance sheet PPPs					4,942	4,942	4,942	4,942	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,245	5,527	5,527

	Memo: Net worth, including pension liabilities and contingent liabilities							-250,561	-255,557	-265,955	-273,684	-256,039	-256,717	-282,825	-284,174	-248,747	-255,676	-262,943	-268,952	-212,704	-215,199	-219,018	-216,851	-220,199	-225,565	-229,174

Change in net worth of government

	Opening net worth							46,298	28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,070	-44,337	-50,346	-53,474	-55,969	-59,787	-57,620	-60,773	-65,857

	Change in net worth due to transactions							-16,135	-5,982	-13,353	-15,628	-4,254	-3,534	-10,829	-1,944	-4,194	-3,518	-3,766	-2,150	-3,597	-2,228	-3,308	-1,506	-2,696	-1,354	-2,102
		Net acquisition of non-financial assets					P5 + NP - P51c	413	210	368	1,378	20	-108	114	1,002	267	177	-580	408	-309	-353	-455	441	424	179	-232
		Net lending/net borrowing					B9	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,288	-1,875	-2,853	-1,946	-3,120	-1,533	-1,871
			= Net acquisition of financial assets					4,598	-7,122	3,028	-12,003	8,345	-1,882	-341	-2,046	1,405	348	7,914	-3,960	6,037	-2,626	-1,427	-7,053	-2,234	-7,437	-1,814
			- Net incurrence of liabilities					-21,146	930	-16,749	-5,003	-12,619	-1,544	-10,602	-899	-5,866	-4,043	-11,100	1,401	-9,325	751	-1,426	5,107	-886	5,904	-57

	Change in net worth due to other economic flows						Kx	-1,455	986	2,955	7,900	7,166	2,856	-15,279	594	-6,308	-3,411	-3,502	-3,859	470	-267	-510	3,673	-457	-3,730	-1,506
		Other changes in non-financial assets						-1,583	-1,583	-1,583	-1,583	-99	-99	-99	-99	435	435	435	435	548	548	548	548	0	0	0
		Other changes in financial net worth						128	2,569	4,538	9,483	7,265	2,955	-15,180	693	-6,744	-3,847	-3,937	-4,294	-79	-815	-1,059	3,124	-457	-3,730	-1,506
			= Other changes in financial assets					1,690	-1,576	-104	476	2,579	-1,104	23,282	-2,371	-458	-1,552	365	-124	362	-594	-188	7,109	2,558	-122	612
					EDP debt instruments			256	69	22	-519	-1,196	-259	23,954	-777	-717	-545	96	337	-1,240	-211	176	1,351	-121	667	-317
					Equity and Investment Fund Shares			1,002	-1,316	115	929	3,767	-884	-2,762	-977	540	-1,140	187	212	1,870	-289	-578	5,598	2,783	-352	1,193
					Other financial assets			432	-329	-241	66	8	39	2,090	-617	-281	133	82	-673	-268	-94	214	160	-104	-437	-264
			- Other changes in liabilities					-1,562	4,145	4,642	9,007	4,686	4,059	-38,462	3,064	-6,286	-2,295	-4,302	-4,170	-441	-221	-871	-3,985	-3,015	-3,608	-2,118
					EDP debt instruments			-1,565	4,140	4,730	8,948	4,703	4,062	-35,414	3,071	-6,777	-2,502	-4,100	-3,920	-1,746	-614	-792	-4,092	-2,824	-3,373	-1,302
					Other liabilities			3	5	-88	59	-17	-3	-3,048	-7	491	207	-202	-250	1,305	393	-79	107	-191	-235	-816


Closing net worth								28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,070	-44,337	-50,346	-53,474	-55,969	-59,787	-57,620	-60,773	-65,857	-69,466

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Show Table 7 General Government Gross and Net Debt Q1 2010 to Q3 2014

Table 7 General Government Gross and Net Debt
																						€million
Description			ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	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

General Government Debt

		Debt instrument liabilities at market value		130,042	124,446	136,509	132,934	139,635	137,374	183,530	182,260	193,798	200,711	216,247	218,855	230,611	230,573	232,430	231,783	234,994	232,733	233,963
		+ Difference between face value and market value		-5,886	-794	2,534	11,229	15,842	21,287	4,354	7,851	686	-884	-5,912	-8,629	-12,253	-11,895	-13,887	-16,233	-19,919	-23,037	-25,769

Gross General Government Debt (face value)			GGDebt	124,156	123,652	139,043	144,163	155,477	158,661	187,884	190,111	194,484	199,827	210,335	210,226	218,358	218,678	218,543	215,550	215,075	209,696	208,194
By category:
	Currency and deposits		F2	11,029	11,896	12,850	13,708	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
	Debt securities		F3	99,657	95,991	101,729	96,317	91,471	89,731	96,241	94,001	87,676	84,928	90,408	87,285	124,566	120,426	118,269	112,660	114,471	116,099	115,521
		Short-term	F31	18,466	10,895	12,514	7,203	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	3,636
		Long-term	F32	81,192	85,096	89,215	89,114	89,411	89,003	95,517	90,224	84,179	80,905	85,365	84,750	119,607	114,863	114,168	110,270	111,983	112,622	111,884
	Loans		F4	13,469	15,765	24,464	34,138	49,533	54,139	29,450	37,723	47,461	52,879	58,458	60,849	62,339	66,217	68,093	71,534	72,079	72,025	71,660
		Short-term	F41	773	490	342	735	691	516	436	569	580	1,838	2,246	1,907	1,856	1,460	1,216	1,468	1,559	1,485	1,418
		Long-term	F42	12,696	15,274	24,122	33,403	48,842	53,623	29,015	37,154	46,881	51,042	56,212	58,942	60,483	64,758	66,877	70,066	70,521	70,540	70,242

less EDP debt instrument assets			F2 + F3 + F4	46,821	37,538	39,870	32,874	42,891	40,987	58,058	54,876	55,618	54,573	63,166	58,444	63,857	61,008	60,836	54,587	53,962	46,760	44,303
	By category:
	Currency and deposits		F2	34,719	27,141	29,369	19,020	30,632	32,504	16,633	18,990	20,758	21,215	30,897	25,017	33,589	31,134	30,679	23,766	26,082	25,221	25,251
	Debt securities		F3	8,646	6,923	7,029	10,114	8,290	4,374	7,085	7,920	8,069	8,021	7,926	9,470	8,609	8,487	8,821	10,450	10,348	10,439	9,976
		Short-term	F31	39	38	29	49	49	48	40	13	3	0	0	1,046	1,990	1,991	1,992	3,744	3,542	3,667	3,326
		Long-term	F32	8,607	6,885	7,000	10,065	8,241	4,326	7,045	7,907	8,066	8,021	7,926	8,424	6,619	6,496	6,829	6,706	6,806	6,772	6,650
	Loans		F4	3,456	3,474	3,472	3,740	3,969	4,109	34,340	27,966	26,791	25,337	24,343	23,957	21,659	21,387	21,336	20,371	17,532	11,100	9,076
		Short-term	F41	0	0	0	0	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
		Long-term	F42	3,456	3,474	3,472	3,740	3,969	3,951	33,723	27,081	25,675	24,250	22,843	22,003	19,750	19,725	19,334	18,083	15,083	8,618	7,370

	Net General Government Debt (face value)		GGNetDebt	77,335	86,114	99,173	111,289	112,586	117,674	129,826	135,235	138,866	145,254	147,169	151,782	154,501	157,670	157,707	160,963	161,113	162,936	163,891
	By category:
	Currency and deposits		F2	-23,690	-15,245	-16,519	-5,312	-16,160	-17,713	45,559	39,396	38,588	40,805	30,571	37,075	-2,136	901	1,502	7,590	2,443	-3,649	-4,238
	Debt securities		F3	91,011	89,068	94,700	86,203	83,181	85,357	89,156	86,081	79,607	76,907	82,482	77,815	115,957	111,939	109,448	102,210	104,123	105,660	105,545
		Short-term	F31	18,427	10,857	12,485	7,154	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	310
		Long-term	F32	72,585	78,211	82,215	79,049	81,170	84,677	88,472	82,317	76,113	72,884	77,439	76,326	112,988	108,367	107,339	103,564	105,177	105,850	105,234
	Loans		F4	10,013	12,291	20,992	30,398	45,564	50,030	-4,890	9,757	20,670	27,542	34,115	36,892	40,680	44,830	46,757	51,163	54,547	60,925	62,584
		Short-term	F41	773	490	342	735	691	358	-181	-316	-536	751	746	-47	-53	-202	-786	-820	-890	-997	-288
		Long-term	F42	9,240	11,800	20,650	29,663	44,873	49,672	-4,708	10,073	21,206	26,792	33,369	36,939	40,733	45,033	47,543	51,983	55,438	61,922	62,872

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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	2010 Q1	2010 Q2	2010 Q3	2010 Q4	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

Exchequer balance		-3,942	-4,946	-4,488	-5,369	-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

Deduct cash inflows which do not increase financial net worth		-1	-1	-1	-380	-1	-1	-1	-59	-2	-2	-2	-8	-1,020	-86	-1,310	-298	-1,330	-1,158	-1,010
Inflows from sale or redemption of financial assets		-1	-1	-1	-380	-1	-1	-1	-59	-2	-2	-2	-8	-1,020	-86	-1,310	-293	-1,330	-1,158	-1,010
Incurrence 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	-5	0	0	0

Exclude cash outflows which do not reduce financial net worth		0	0	0	650	2,517	0	4,530	288	250	1,502	0	515	1,117	409	28	763	1,179	1,352	1,194
Acquisition of financial assets		0	0	0	642	0	0	4,530	288	250	1,502	0	515	1,117	396	28	763	1,179	1,338	1,194
Repayment of promissory notes notional loan principal		0	0	0	0	2,517	0	0	0	0	0	0	0	0	13	0	0	0	13	0
Redemption of Exchequer liability to Central Bank for notes and coins in circulation		0	0	0	9	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Impact on financial net worth of Exchequer cash transactions		-3,942	-4,947	-4,489	-5,099	-4,550	-3,763	-5,302	-4,030	-4,014	-3,681	-1,692	-3,250	-3,598	-2,575	-1,832	-3,896	-2,467	-2,428	-839

Adjust for impact of non-cash revenue and disposals of non-financial asset (+)		-1,012	-29	69	792	-440	-280	102	1,337	-1,007	-127	-164	652	-177	-153	104	1,034	-687	185	-71
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts		-177	-31	69	121	233	-280	49	553	-311	-202	69	259	-123	-198	249	225	3	134	-51
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF)		-835	2	0	671	-673	0	0	709	-771	0	-8	768	-785	-10	0	755	-744	-3	-74
Accrual of interest due on contingent capital assets assigned to banks		0	0	0	0	0	0	53	75	75	75	-225	75	4	51	-149	51	50	50	50
Licence sales		0	0	0	0	0	0	0	0	0	0	0	-450	727	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	0

Adjust for impact of non-cash expenditure (-)		-11,762	-2,431	-9,637	-9,339	670	521	-1,244	466	321	678	-1,272	55	45	728	-1,332	751	-279	478	-1,325
Capital transfers to financial institutions financed by promissory notes		-10,900	-2,250	-8,580	-9,120	0	0	0	0	0	0	0	0	0	13	0	0	0	13	0
Difference between interest paid and accrued		-213	457	-1,186	-332	647	485	-1,279	293	329	676	-1,275	57	-36	669	-1,376	821	140	520	-1,270
Difference between Exchequer cash issues and accrued net spending of departments and offices		85	83	82	68	-9	-9	-9	129	-44	-42	-40	-7	18	18	17	-57	-78	-78	-78
Other accrued expenditure		-734	-722	46	45	32	45	44	44	36	44	43	6	63	28	27	-13	-342	23	22

Surplus/Deficit of Exchequer	B9_exchequer	-16,716	-7,407	-14,058	-13,646	-4,320	-3,523	-6,444	-2,227	-4,701	-3,130	-3,129	-2,543	-3,730	-2,001	-3,059	-2,112	-3,433	-1,765	-2,235

Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer		-449	86	-77	127	-204	-56	-324	318	137	51	-46	4	48	-87	-7	-60	190	64	279
Social Insurance Fund		-528	-283	-115	95	-104	-22	-45	-21	50	-29	-44	22	74	-34	-28	-15	92	-9	-31
Bank Guarantee Scheme receipts - special account		0	297	0	-556	313	-223	-373	280	-20	-12	-25	-10	-16	-116	-25	-10	-11	-5	-3
Capital Services Redemption Account		3	14	5	578	-577	53	-26	-49	30	37	-18	-50	23	35	9	-67	25	28	-1
Small Savings Reserve Fund		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Extra-Budgetary Funds		35	18	-6	-36	130	102	84	58	104	79	63	50	-35	25	35	30	84	51	314
Health Service Executive		41	40	39	46	34	35	36	50	-26	-25	-23	-9	3	3	3	3	0	0	0

Surplus/Deficit of Budgetary Central Government	B9_bcg	-17,165	-7,321	-14,135	-13,519	-4,523	-3,579	-6,768	-1,909	-4,563	-3,078	-3,175	-2,539	-3,682	-2,088	-3,066	-2,172	-3,243	-1,701	-1,956

Surplus/Deficit of other Central Government bodies		235	1,300	506	-3,453	157	233	-4,231	-925	-6	-506	32	29	311	235	201	254	155	139	-14
National Pensions Reserve Fund		164	1,228	433	-3,527	162	235	-4,042	-728	180	-199	153	200	112	181	146	154	90	119	21
Non-market State corporations and agencies		72	72	72	72	0	1	-188	-197	-187	-307	-122	-163	193	46	49	93	65	20	-35
Voluntary and joint board hospitals		-1	0	1	2	-5	-3	-1	0	1	1	0	-9	7	7	7	7	0	0	0


Surplus/Deficit of Central Government	B9_S1311	-16,930	-6,021	-13,629	-16,972	-4,367	-3,346	-10,999	-2,834	-4,569	-3,584	-3,144	-2,511	-3,371	-1,854	-2,865	-1,917	-3,088	-1,562	-1,970

Surplus/Deficit of Local Government	B9_S1313	382	-171	-92	-34	93	-81	56	-111	109	-111	-42	-48	82	-21	12	-29	-32	29	99

Surplus/Deficit of General Government	B9_S13	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,288	-1,875	-2,853	-1,946	-3,120	-1,533	-1,871

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Background Notes

Introduction

The figures in this release comprise the quarterly Government Finance Statistics results under the standards for National Accounts (ESA 2010).

National accounts are compiled in the EU according to the European System of National and Regional Accounts (ESA) framework. In 2014, the new ESA 2010 framework replaced the previous ESA 95 version and all EU member states were required to adopt ESA 2010 by September 2014. Quarterly Government Finance Statistics were published for the first time according to the new standard in July 2013.

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 currently produced according to the legally binding accounting rules of the European System of Accounts 2010 (ESA2010). The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA 2010 in the context of GFS. This manual can be located at http://ec.europa.eu/eurostat/web/products-manuals-and-guidelines/-/KS-GQ-14-010

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. In Ireland the CSO prepare the historic data while the Department of Finance produce current year forecasts. The data are reported in harmonised tables, which provide a consistent framework for the presentation of this data by Member States. The tables provide a structure for linking national budgetary aggregates with government deficit and debt.

Detailed statistics on Government revenue and expenditure are also provided to Eurostat under the ESA transmission programme. 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).

As part of the GFS production process the CSO is required to define the General Government and public sectors for Ireland. 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. A detailed explanation of the application of these rules and the most up-to-date list (reference year 2013) of public sector bodies (including general government bodies) for Ireland is shown at:http://www.cso.ie/en/surveysandmethodology/nationalaccounts/

General Government Surplus/Deficit is the standard European measure of the fiscal balance which is used to monitor compliance with the Stability and Growth Pact. It equals Total Revenue (TR) less Total Expenditure (TE). It also by definition equals Net Lending (+)/ Net Borrowing (-) which is the change in 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?version=1.0

A listing of some of the main items included in this release is shown below under the heading ‘Main Components of General Government Revenue and Expenditure’.

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 Expenditure 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/.

Other Changes in non-financial assets

Quarterly estimates are not available for the current year and so nil value is recorded.

GDP figures used

The GDP series used to calculate GGDeficit, GGDebt and GG Net Worth as percentage of GDP in this release is GDP at Current Market Prices, Table 2 in the Quarterly National Accounts Quarter 3 2014 release published on 11 December 2014.

http://www.cso.ie/en/releasesandpublications/er/na/quarterlynationalaccountsquarter32014/

“Annualised GDP” for a given quarter is the sum of these quarterly GDP figures for that period and for the three preceding quarters.

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 3 2014

Government Deficit of -4.0% of quarterly GDP in Q3 2014

Government Debt at 114.8% of GDP at end Q3 2014

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