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For more information on this release:
E-mail: gfs@cso.ie Máire O'Mahony (+353) 1 498 4308 Elaine O'Sullivan (+353) 1 498 4203
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 3 2015

 General Government Deficit, Gross Debt and Net Debt
 General Government Surplus/Deficit General Government Gross Debt General Government Net Debt
 €m% quarterly GDP €m% annualised GDP €m% annualised GDP
2014 Q1-2,594-5.8 215,074118.8 161,08389.0
2014 Q2-1,366-2.9 209,707114.5 163,06389.0
2014 Q3-2,094-4.3 208,218112.6 164,19988.8
2014 Q4-1,277-2.6 203,187107.5 166,06087.8
2015 Q1-2,321-4.7 203,734104.7 167,21385.9
2015 Q2-404-0.8 204,439102.1 166,13283.0
2015 Q3-1,217-2.2 204,20999.4 165,90180.8

Government Deficit of -2.5% of GDP in the first nine months to September 2015

Figure 1 General Government Deficit
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The Government recorded a deficit of €3.9 billion, or -2.5% of GDP, for the first nine months of 2015. This compares to a nine month deficit of €6.1 billion, or -4.3% of GDP, for the same period of 2014.

The deficit for the third quarter of 2015 was €1.2 billion, or -2.2% of GDP adding to a deficit of €2.7 billion in the first half of the year. 

Government revenue for Q3 2015 stood at €16.32 billion, an increase of €755 million on the same period last year.  This is mainly due to increased revenue from taxes and social contributions, partially offset by reductions in other revenue categories.  Government expenditure for Q3 2015 was €17.54 billion, reflecting a decrease of €122 million on the same period last year.  There were decreases across most categories except for an increase in expenditure on fixed assets and employee costs. (Table 1)  

Government Debt at 99.4% of GDP at end Q3 2015 

General Government Gross Debt (GG Debt) at €204.2 billion fell to 99.4% of GDP by the end of Q3 2015. This compares to a debt level of 102.1% of GDP three months earlier. This fall in the ratio is mainly due to the growth in GDP in the period.

General Government Net Debt was €166 billion, or 80.8% of GDP at the end of September 2015. This is an improvement on the ratio which was 83% of GDP in June, and is due to the growth in GDP in the period. (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.

For this publication, GFS quarterly results are aligned to the 2014 National Income and Expenditure Release and Quarterly National Account.

 

X-axis labelGG Gross DebtGG Net Debt
Q3 2011110.375.9
Q4 2011109.377.6
Q1 2012111.679.5
Q2 2012113.982.6
Q3 2012119.983.7
Q4 2012120.286.7
Q1 2013124.387.8
Q2 2013125.390.2
Q3 2013122.888.6
Q4 201312089.7
Q1 2014118.889
Q2 2014114.589
Q3 2014112.688.8
Q4 2014107.587.8
Q1 2015104.785.9
Q2 2015102.183
Q3 201599.480.8
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                      €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q3
   
General Government transactions                    
    
RevenueTR13,14013,54214,15916,48013,53114,48914,58516,45614,00115,24414,77217,02215,18816,23515,56717,98215,53517,03716,322
Taxes and social contributionsD2 + D5 + D91 + D6111,51011,02512,30213,99511,86311,63912,62114,44612,31312,26013,21814,97813,21013,30214,11016,67414,08514,18814,786
TaxesD2 + D5 + D918,8758,5889,93011,4679,5719,24010,29411,8149,7729,74710,73412,21710,45810,68711,50513,74711,20411,45012,102
Social contributions D612,6352,4372,3722,5292,2932,3992,3272,6322,5422,5142,4852,7612,7522,6152,6042,9272,8822,7382,684
Sales of goods and servicesP1O1,1361,2601,2521,5151,0501,1411,2371,4971,1211,1401,0241,2881,2951,1349538009381,0971,138
Investment incomeD42631,1344895594611,5875943794491,7383975254911,6723883103921,663300
Current transfer revenue (excluding taxes)D779635868695854746661567765595569665955
Capital transfer revenue (excluding taxes)D9N1526059343876379595145761541276761130533144
              
ExpenditureTE17,32716,98825,10619,70317,83018,19917,74819,34917,05217,12517,63519,37917,78217,60117,66119,25917,85517,44117,539
ExpenseExpense17,40016,99524,94518,84017,81617,68918,27119,00217,61317,48818,09918,78817,63617,55517,90018,99017,55117,34017,556
Compensation of employeesD14,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8334,7334,5464,4854,8914,7904,601
Use of goods and services plus taxes payableP2 + D5 + D291,9032,2132,1752,2921,8081,9992,1402,2971,6951,9862,1232,3821,8442,1362,2852,5171,8822,1942,243
Depreciation (Consumption of fixed capital)P51c792792842842839839839839852852852852882882882882882882882
Interest (excluding FISIM)D411,1911,2671,8221,6081,6461,7241,8461,9411,9351,8841,9251,9231,8681,9001,8891,8491,6601,6781,681
SubsidiesD3398393420513404424447616391409432582398417439603438458482
Social benefitsD62 + D6326,9356,9647,2437,6666,9927,1307,3787,9366,7996,8297,1647,7576,7086,6977,0957,6226,6156,5256,980
Other current transfersD7801447591694907309615548792576772677800559515690758548337
Capital transfersD95052377,103357300617323169300205271117303232249340425265350
              
 Net operating balanceNOB-4,260-3,454-10,785-2,360-4,286-3,200-3,686-2,546-3,612-2,244-3,327-1,766-2,448-1,321-2,333-1,008-2,017-302-1,234
              
Net acquisition of non-financial assetsP5 + NP - P51c-73-716286214510-523347-561-363-46459114646-239269304102-17
                        
 General Government Surplus/DeficitB9-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,892-3,051-1,881-2,863-2,357-2,594-1,366-2,094-1,277-2,321-404-1,217
equals              
Net acquisition of financial assetsΔFA8,463-1,628-597-2,5731,5923518,066-4,2236,296-2,633-1,600-7,687-1,791-7,394-2,403-6,917-1,294334-160
Debt instrumentsF2 + F3 + F411,212-1,391-7,140-2,7521,462-5028,498-5,0906,643-2,636-550-7,968-416-7,903-2,403-8,327-2921,09722
Equity and Investment Fund SharesF5-3,7917887,441-735-501,390548156477-1,297-543-1,194569282252477-959-30
Other financial assetsF6 + F7 + F8 1,042-1,025-898914180-537-437386-403-474247824-181-60-2821,158-1,479196-152
less              
Net incurrence of liabilitiesΔL12,6501,81810,3506505,8924,06111,229-1,3309,347-7521,263-5,330803-6,028-309-5,6401,0277381,057
Debt instrumentsF2 + F3 + F411,6742,09810,5151,2714,7844,42611,561-1,24510,041-645909-4,957262-5,800-481-6,2767975921,154
Other liabilitiesF5 + F6 + F7 + F8 976-280-165-6211,108-365-332-85-694-107354-373541-228172636230146-97
                   
  Memo: Net derivative flows on debt interest swap contracts -33-33-33-33-49-54-55-63-80-58-58-77-69-68-74-53-22-74-73
                   
 General Government Surplus/Deficit (% of quarterly GDP) -10.0-7.8-25.0-7.3-10.2-8.2-7.2-6.6-7.1-4.3-6.0-5.2-5.8-2.9-4.3-2.6-4.7-0.8-2.2
                        
 Quarterly GDP at current market prices 41,67644,18443,84344,23641,94145,44843,91343,54442,81044,23747,34945,05244,38646,33349,07949,24949,88851,94754,346
Table 2 General Government Net Worth, Gross and Net Debt
                         €million
Description ESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q3
General Government net worth                    
Net worth at market value, excluding pension liabilitiesNW9,4839,224-17,048-19,357-29,984-36,608-43,739-49,536-52,785-55,028-58,759-56,127-57,726-61,398-63,505-57,924-56,591-54,879-59,570
equals                   
Non-financial assets at market valueNFA84,47984,39284,47585,25785,69486,62686,52687,29587,38187,66587,84789,08490,57991,97393,08394,70095,12695,35095,333
plus                   
Financial net worth at market value, excluding pension liabilitiesFNW-74,996-75,168-101,523-104,614-115,678-123,234-130,265-136,831-140,166-142,693-146,606-145,211-148,305-153,371-156,588-152,624-151,717-150,229-154,903
equals                   
Financial assets at market valueFA73,27470,54193,22688,28189,41488,21296,64292,79499,08296,01694,39294,42394,96387,30186,04684,84990,08585,49986,192
EDP debt instrumentsF2 + F3 + F443,53241,88258,69655,16855,91354,86663,46158,70664,11061,26360,89054,43553,98946,64544,02137,12736,52138,30838,309
Equity and Investment Fund SharesF520,10620,01024,68922,97523,46523,71323,90425,09826,65427,00325,29330,79532,05732,22534,13038,75144,74138,51639,578
Other financial assetsF6 + F7 + F8 9,6368,6499,84110,13810,0369,6339,2778,9908,3187,7508,2099,1938,9178,4317,8958,9718,8238,6758,305
less                   
Liabilities at market valueL148,270145,709194,749192,895205,092211,446226,907229,625239,248238,709240,998239,634243,268240,672242,634237,473241,802235,728241,095
EDP debt instrumentsF2 + F3 + F4139,667137,383183,540182,300193,805200,730216,322218,876230,640230,603232,459231,574234,500231,905232,877228,766231,954225,901231,389
Other liabilitiesF5 + F6 + F7 + F88,6038,32611,20910,59511,28710,71610,58510,7498,6088,1068,5398,0608,7688,7679,7578,7079,8489,8279,706
                   
Memo: Estimated pension liabilities of government116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                   
Memo: Net worth, including pension liabilities-106,517-106,776-133,048-135,357-127,984-134,608-141,739-147,536-150,785-153,028-156,759-154,127-155,726-159,398-161,505-155,924-154,591-152,879-157,570
                   
Contingent liabilities142,298142,298142,298142,298119,131119,131119,131119,13159,72359,72359,72359,72328,84828,84828,84828,84828,84828,84828,848
                   
 Memo: Net worth, including pension liabilities and contingent liabilities -248,815-249,074-275,347-277,655-247,115-253,739-260,870-266,666-210,507-212,751-216,482-213,849-184,574-188,246-190,353-184,772-183,439-181,727-186,418
General Government: changes in net worth                    
Opening net worth6,2559,4839,224-17,048-19,357-29,984-36,608-43,739-49,536-52,785-55,028-58,759-56,127-57,726-61,398-63,505-57,924-56,591-55,001
                   
Change in net worth due to transactions-4,260-3,454-10,785-2,360-4,286-3,200-3,686-2,546-3,611-2,244-3,327-1,766-2,448-1,321-2,333-1,008-2,017-302-1,234
Net acquisition of non-financial assets P5 + NP - P51c-73-716286214510-523347-560-363-46459114646-239269304102-17
Net lending/net borrowingB9-4,187-3,446-10,947-3,223-4,300-3,710-3,163-2,893-3,051-1,881-2,863-2,357-2,594-1,366-2,094-1,277-2,321-404-1,217
                   
Change in net worth due to other economic flowsKx7,4883,195-15,48852-6,342-3,424-3,445-3,2513620-4044,399849-2,3512266,5893,3501,892-3,457
Other changes in non-financial assets-80-80-80-804224224224226466466466461,3491,3491,3491,349000
Other changes in financial assets2,580-1,10523,282-2,372-459-1,553364375-8-433-247,7182,331-2681,1485,7206,571-4,920853
Other changes in liabilities4,9884,379-38,6902,504-6,305-2,293-4,232-4,048-276-213-1,026-3,966-2,831-3,432-2,271-479-3,2216,812-4,310
                          
Closing net worth 9,4839,224-17,048-19,357-29,984-36,608-43,739-49,536-52,785-55,028-58,759-56,127-57,726-61,398-63,505-57,924-56,591-55,001-59,692
                          
General Government Debt (GGDebt)                    
Debt instrument liabilities at market valueF2 + F3 + F4139,667137,383183,540182,300193,805200,730216,322218,876230,640230,603232,459231,574234,500231,905232,877228,766231,954225,901231,389
+ Difference between EDP face value and market value15,84221,2884,3547,823685-883-5,912-8,638-12,252-11,895-13,886-16,241-19,426-22,198-24,659-25,579-28,220-21,462-27,180
                          
 Gross General Government Debt (EDP face value)GGDebt155,509158,671187,894190,123194,490199,847210,410210,238218,388218,708218,573215,333215,074209,707208,218203,187203,734204,439204,209
                   
less EDP debt instrument assetsF2 + F3 + F4-43,533-41,882-58,696-55,170-55,912-54,867-63,461-58,707-64,109-61,263-60,890-54,435-53,991-46,644-44,019-37,127-36,521-38,307-38,308
 Net General Government Debt GGNetDebt111,976116,789129,198134,953138,578144,980146,949151,531154,279157,445157,683160,898161,083163,063164,199166,060167,213166,132165,901
    
Closing Net Worth (% of annualised GDP) 5.75.5-10.0-11.1-17.2-20.9-24.9-28.3-30.0-31.5-33.0-31.3-31.9-33.5-34.4-30.6-29.1-27.5-29.1
Gross General Government Debt (% of annualised GDP)93.494.0110.3109.3111.6113.9119.9120.2124.3125.3122.8120.0118.8114.5112.6107.5104.7102.199.4
Net General Government Debt (% of annualised GDP) 67.269.275.977.679.582.683.786.787.890.288.689.789.089.088.887.885.983.080.8
Annualised GDP 166,526168,752170,293173,939174,204175,468175,538174,846175,715174,504177,940179,448181,024183,120184,850189,047194,549200,163205,430
Table 3 General Government: detailed classification of revenue and output
                        €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q3
                         
Total RevenueTR13,14013,54214,15916,48013,53114,48914,58516,45614,00115,24414,77217,02215,18816,23515,56717,98215,53517,03716,322
 Taxes and social contributions 11,51011,02512,30213,99511,86311,63912,62114,44612,31312,26013,21814,97813,21013,30214,11016,67414,08514,18814,786
  TaxesD2 + D5 + D918,8758,5889,93011,4679,5719,24010,29411,8149,7729,74710,73412,21710,45810,68711,50513,74711,20411,45012,102
   Indirect taxes (taxes on production and imports)D24,8443,6845,0804,1684,8993,7955,4384,2055,1223,9745,6424,5295,5354,6055,7565,2075,9234,8046,273
    Taxes on productsD214,2913,1374,5453,7324,3293,2244,8733,6734,5353,3325,0123,8514,6963,8815,0754,5145,0174,1095,574
    of which Value-Added TaxD2112,9661,7482,9312,1103,0501,8603,1492,1613,0251,8123,4342,1013,2002,1653,4812,6493,2952,2183,745
    Other taxes on production D29552548534436570571565532586643630679840724682693906696699
   Direct taxesD54,0094,8794,7607,1944,6505,4204,8147,4174,6295,7475,0547,4934,8936,0465,7068,2925,2506,6115,773
    Taxes on income, profits and capital gainsD513,7524,6344,0716,9784,3875,1694,0997,1824,3635,4674,2627,2074,5835,7594,7298,0014,9416,3355,348
    Other current direct taxesD59257245689216263251715234266280792286310287977291309276425
   Capital taxesD91232590105212642193212637195293643248313556
  Social contributions D612,6352,4372,3722,5292,2932,3992,3272,6322,5422,5142,4852,7612,7522,6152,6042,9272,8822,7382,684
   Actual social contributionsD611 + D6132,3932,1942,1292,2861,9982,1052,0332,3382,2232,1952,1662,4422,4302,2932,2822,6042,5602,4152,362
   Employers' imputed social contributionsD612243243243243294294294294319319319319322322322322322322322
 Sales of goods and servicesP1O1,1361,2601,2521,5151,0501,1411,2371,4971,1211,1401,0241,2881,2951,1349538009381,0971,138
  Sales of market establishments (= market output)P11226226226226245245245245262262262262284284284284300300300
  Imputed sales related to production of own-use capital assets (= output for own final use)P12141414141010101088888888888
  Incidental sales and fees of non-market establishmentsP1318951,0191,0111,2747968879831,2438518707541,0181,003842661507630788830
 Investment incomeD42631,1344895594611,5875943794491,7383975254911,6723883103921,663300
  Interest (excluding FISIM)D41250270462378369454408358391311319312299265184186180179161
  DividendsD421286326180911,13218520581,426762121911,4072031222111,483139
 Current transfer revenueD39 + D779635868695854746661567765595569665955
  SubsidiesD390000000000000000000
  Other current transfersD779635868695854746661567765595569665955
   Non-life insurance claimsD723333222222222222222
   Other Domestic - Current D7N_S154545454525252524949494947474747494747
   From Rest of World - CurrentD7N_S22261111651211610626161062016106
 Capital transfer revenueD9N1526059343876379595145761541276761130533144
                         
Output P17,6447,7607,8398,0767,6607,5797,7567,8867,5047,6947,6447,8417,6877,8797,8418,0127,7998,0097,870
 Market output (sales of market establishments)P11226226226226245245245245262262262262284284284284300300300
 Output for own final useP12141414141010101088888888888
 Non-market outputP137,4037,5197,5987,8357,4067,3257,5027,6327,2347,4247,3747,5717,3957,5877,5487,7207,4917,7017,561
  = Non-market compensation of employeesD1_nonmarket4,8614,6674,7344,8544,9104,6384,6744,6464,8404,7394,5514,4904,8254,7254,5384,4774,8834,7824,593
   = Total compensation of employeesD14,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8334,7334,5464,4854,8914,7904,601
   - Compensation of employees of market establishmentsD1_market                    
   - Compensation related to production of own-use capital assetsD1_own-use-14-14-14-14-10-10-10-10-8-8-8-8-8-8-8-8-8-8-8
  + Non-market intermediate consumptionP2_nonmarket1,8462,1562,1182,2351,7541,9462,0862,2441,6411,9312,0692,3271,7902,0812,2302,4631,8272,1392,188
   = Total intermediate consumptionP21,9032,2132,1752,2921,8071,9992,1392,2971,6951,9862,1232,3821,8442,1362,2852,5171,8822,1942,243
   - Intermediate consumption of market establishmentsP2_market-57-57-57-57-53-53-53-53-55-55-55-55-55-55-55-55-55-55-55
   - Intermediate consumption related to production of own-use capital assetsP2_own-use                   
  + Non-market consumption of fixed capitalP51c_nonmarket695695745745742742742742754754754754780780780780780780780
   = Total consumption of fixed capitalP51c_nonmarket792792842842839839839839852852852852882882882882882882882
   - Consumption of fixed capital by market establishmentsP51c_market-96-96-96-96-97-97-97-97-98-98-98-98-102-102-102-102-102-102-102
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use                   
  + Other taxes on production, payable D29_pay0000000000000000000
  - Other subsidies on production, receivable D39_rec0000000000000000000
Table 4 General Government: detailed classification of expenditure and consumption
                        €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q3
                         
Total ExpenditureTE17,32716,98825,10619,70317,83018,19917,74819,34917,05317,12517,63519,37917,78217,60117,66119,25917,85517,44117,539
                         
 Expense 17,40016,99524,94518,84017,81617,68918,27119,00217,61317,48818,09918,78817,63617,55517,90018,99017,55117,34017,556
  Compensation of employeesD14,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8334,7334,5464,4854,8914,7904,601
   Of which: Related to production of own-use capital assets 141414141010101088888888888
  Use of goods and services plus taxes payableP2 + D5 + D291,9032,2132,1752,2921,8081,9992,1402,2971,6951,9862,1232,3821,8442,1362,2852,5171,8822,1942,243
   Use of goods and services [Intermediate consumption]P21,9032,2132,1752,2921,8071,9992,1392,2971,6951,9862,1232,3821,8442,1362,2852,5171,8822,1942,243
    Of which: Intermediate consumption of market establishments 57575757535353535555555555555555555555
   Taxes, payableD50000000000000000000
  Depreciation (Consumption of fixed capital)P51c792792842842839839839839852852852852882882882882882882882
    Of which: Depreciation by market establishments 969696969797979798989898102102102102102102102
  Interest (excluding FISIM)D411,1911,2671,8221,6081,6461,7241,8461,9411,9351,8841,9251,9231,8681,9001,8891,8491,6601,6781,681
  SubsidiesD3398393420513404424447616391409432582398417439603438458482
   Product subsidiesD31239246274301225246268323227246267256217236257267244265288
   Other subsidies on productionD39159148146212179178179293165163165326182181182337194193194
  Social benefitsD62 + D6326,9356,9647,2437,6666,9927,1307,3787,9366,7996,8297,1647,7576,7086,6977,0957,6226,6156,5256,980
   Social benefits in cashD626,0335,8555,7256,2366,0395,9575,7746,4245,8835,7015,6216,3025,7655,5375,5086,1265,6455,3895,426
   Social benefits in kind (via market producers)D6329011,1091,5171,4309531,1721,6041,5129171,1281,5431,4559431,1601,5871,4969701,1361,554
  Other current transfersD7801447591694907309615548792576772677800559515690758548337
   Net non-life insurance premiumsD7112121212191919191414141414141414141414
   Current international cooperationD74135701222201021371871207517714513392721391328215870
   Miscellaneous current transfersD75202176187224303-83174172168853121091481561761106057146
   VAT and GNI based EU budget contributionD76453190269238482237234237535300301421546317186434602318108
    VAT-based EU own resourcesD76171304844813940327847472382472846834525
    GNI-based EU own resourcesD76238116022119440219819420545725325439846526915838851927383
  Capital transfersD95052377,103357300617323169300205271117303232249340425265350
   Investment grantsD92498124102357300337323169262205271117303232238158425265350
   Other capital transfersD9971137,0010028000380000011182000
                         
 Net acquisition of non-financial assetsP5 + NP - P51c-73-716286214510-523347-560-363-46459114646-239269304102-17
  = Gross investment in non-financial assetsP5 + NP7187841,0041,7048531,3493161,1862914893881,4431,0289286431,1511,186984865
   Gross fixed capital formationP516917579761,6768321,3282961,1669944683671,4221,0139136281,1361,171969850
   Net acquisition of stocksP5228282828212121212121212115151515151515
   Net acquisition of unproduced assetsNP00000000-7230000000000
  - Consumption of fixed capitalP51c-792-792-842-842-839-839-839-839-852-852-852-852-882-882-882-882-882-882-882
                         
Net expenditure on current goods and servicesP3 excl. D6326,5086,5006,5876,5616,6106,4386,5196,3896,3846,5546,6206,5536,3926,7456,8887,2126,8616,9136,732
 = OutputP17,6447,7607,8398,0767,6607,5797,7567,8867,5047,6947,6447,8417,6877,8797,8418,0127,7998,0097,870
 - Sales of goods and services P11+P12+P131-1,136-1,260-1,252-1,515-1,050-1,141-1,237-1,497-1,121-1,140-1,024-1,288-1,295-1,134-953-800-938-1,097-1,138
   Market output (sales of market establishments)P11-226-226-226-226-245-245-245-245-262-262-262-262-284-284-284-284-300-300-300
   Output for own final useP12-14-14-14-14-10-10-10-10-8-8-8-8-8-8-8-8-8-8-8
   Incidental sales and fees of non-market establishmentsP131-895-1,019-1,011-1,274-796-887-983-1,243-851-870-754-1,018-1,003-842-661-507-630-788-830
                         
Final consumption expenditureP37,4097,6098,1047,9917,5637,6108,1237,9007,3007,6828,1638,0077,3357,9058,4758,7087,8308,0498,286
 = Net expenditure on current goods and servicesP3 excl. D6326,5086,5006,5876,5616,6106,4386,5196,3896,3846,5546,6206,5536,3926,7456,8887,2126,8616,9136,732
 + Social transfers in kind via market producers D6329011,1091,5171,4309531,1721,6041,5129171,1281,5431,4559431,1601,5871,4969701,1361,554
made up of                     
 Individual consumption (= social transfers in kind)P31 (= D63)5,0685,2735,6805,0015,0755,1825,7124,9064,8955,2135,6695,5394,9275,3645,8805,9915,3725,5725,874
  Social transfers in kind (via market producers)D6329011,1091,5171,4309531,1721,6041,5129171,1281,5431,4559431,1601,5871,4969701,1361,554
  Social transfers in kind (provided directly by government)D6314,1674,1644,1623,5714,1224,0094,1083,3943,9794,0854,1264,0843,9844,2044,2934,4954,4034,4364,320
 Collective consumption (= actual final consumption of government)P322,3412,3362,4252,9902,4882,4292,4112,9942,4052,4692,4942,4692,4082,5412,5952,7172,4582,4772,412
                         
Total social transfersD62 + D6311,10111,12811,40511,23711,11411,13911,48611,33010,77810,91411,29011,84110,69210,90011,38812,11711,01710,96111,300
 Social benefits in cashD62 6,0335,8555,7256,2366,0395,9575,7746,4245,8835,7015,6216,3025,7655,5375,5086,1265,6455,3895,426
 Social transfers in kind (= individual consumption)D635,0685,2735,6805,0015,0755,1825,7124,9064,8955,2135,6695,5394,9275,3645,8805,9915,3725,5725,874
Table 5 General Government financial transactions
          €million
 2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q12015 Q22015 Q3
DescriptionESA2010 code                   
 Net lending (+) / net borrowing (-)B.9-4,187-3,446-10,947-3,223-4,300-3,710-3,163-2,893-3,051-1,881-2,863-2,357-2,594-1,366-2,094-1,277-2,321-404-1,217
equals                     
Net acquisition of financial assets ΔA8,463-1,628-597-2,5731,5923518,066-4,2236,296-2,633-1,600-7,687-1,791-7,394-2,403-6,917-1,294334-160
EDP debt instruments F2 + F3 + F411,212-1,391-7,140-2,7521,462-5028,498-5,0906,643-2,636-550-7,968-416-7,903-2,403-8,327-2921,09722
 Currency and deposits F211,6152,126-16,4032,0111,7694569,683-6,0818,560-2,450-456-6,9012,280-908-55-7,2619911,615115
Debt securities F3-632-3,6572,819822-1-116-1231,197-860-10813279-21455-686-584-714-397-89
Short-term F310-1-8-27-9-301,046945111,750-201126-341-957-802258-70
Long-term F32-632-3,6562,8278498-113-123151-1,805-109131-1,671-13-71-34537388-655-19
Loans F42291406,444-5,585-306-842-1,062-206-1,057-78-226-1,146-2,482-7,050-1,662-482-569-121-4
Short-term loans F410158459268231-30414454-44-24834030114533-776-190-111-103-109
Long-term loans F42229-185,985-5,853-537-812-1,476-660-1,013170-566-1,447-2,627-7,083-886-292-458-18105
Equity and Investment Fund Shares F5-3,7917887,441-735-501,390548156477-1,297-543-1,194569282252477-959-30
Other financial assets F6 + F7 + F8 1,042-1,025-898914180-537-437386-403-474247824-181-60-2821,158-1,479196-152
Insurance, Pensions and Standardised Guarantees F60000000-100000001000
Financial derivatives and Employee Stock Options F7-40-23201-75000164003217272329-3724-1
Other accounts receivable/payableF81,082-793-898913255-537-437387-567-474247792-198-87-3051,128-1,107192-151
less                     
Net incurrence of liabilities ΔL12,6501,81810,3506505,8924,06111,229-1,3309,347-7521,263-5,330803-6,028-309-5,6401,0277381,057
EDP debt instruments F2 + F3 + F411,6742,09810,5151,2714,7844,42611,561-1,24510,041-645909-4,957262-5,800-481-6,2767975921,154
Currency and deposits F28333745,590-3,9049392,681-534716-30,613575172-841-2,842-6,962-567-103-4467786
Debt securities F3-4,922-2,5861,586-3,133-5,995-3,6646,716-4,47639,401-5,059-1,304-7,4152,3141,2974622,5099,958274553
Short-term F31-5,243-1,415343,158-4124831,031-2,4012,309637-1,432-1,6731011,0231121791,881-974-882
Long-term F32321-1,1711,552-6,291-5,583-4,1475,685-2,07537,092-5,696128-5,7422,2132743502,3308,0771,2481,435
Loans F415,7634,3103,3398,3089,8405,4095,3792,5151,2533,8392,0413,299790-135-376-8,682-8,715241515
Short-term loans F41-45-177-82131111,258409-349-56-398-24423496-45-60-103275-134-301
Long-term loans F4215,8084,4873,4218,1779,8294,1514,9702,8641,3094,2372,2853,065694-90-316-8,579-8,990375816
Other liabilities F5 + F6 + F7 + F8 976-280-165-6211,108-365-332-85-694-107354-373541-228172636230146-97
Equity and Investment Fund Shares F50000000000000000000
Insurance, Pensions and Standardised Guarantees F600000001000-10000000
Financial derivatives and Employee Stock Options F70003000000000000000
    Other accounts receivable/payable F8976-280-165-6241,108-365-332-86-694-107354-372541-228172636230146-97
Table 6 General Government: detailed breakdown of net worth
                          €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q3
                 
General Government balance sheet                    
                           
 Net worth at market value, excluding pension liabilitiesNW9,4839,224-17,048-19,357-29,984-36,608-43,739-49,536-52,785-55,028-58,759-56,127-57,726-61,398-63,505-57,924-56,591-54,879-59,570
 equals                    
  Non-financial assets at market valueNFA84,47984,39284,47585,25785,69486,62686,52687,29587,38187,66587,84789,08490,57991,97393,08394,70095,12695,35095,333
 plus                    
  Financial net worth at market value, excluding pension liabilitiesFNW-74,996-75,168-101,523-104,614-115,678-123,234-130,265-136,831-140,166-142,693-146,606-145,211-148,305-153,371-156,588-152,624-151,717-150,229-154,903
  equals                    
   Financial assets at market valueFA73,27470,54193,22688,28189,41488,21296,64292,79499,08296,01694,39294,42394,96387,30186,04684,84990,08585,49986,192
    EDP debt instrumentsF2 + F3 + F443,53241,88258,69655,16855,91354,86663,46158,70664,11061,26360,89054,43553,98946,64544,02137,12736,52138,30838,309
     Currency and depositsF231,27433,39917,27119,28421,05221,50931,19225,27233,83331,38130,92624,02426,30425,40725,37618,15219,17120,77620,892
     Debt securitiesF38,2894,3747,0857,9198,0698,0217,9269,4708,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,427
      Short-termF31494840133001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,754
      Long-termF328,2414,3267,0457,9078,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,672
     LoansF43,9694,10934,34027,96526,79225,33624,34323,96421,66721,39521,34420,16217,53910,9999,0859,3298,3919,0128,990
      Short-term loansF4101586178851,1161,0871,5001,9541,9091,6622,0022,2882,4492,4821,7061,5161,4051,3021,192
      Long-term loansF423,9693,95133,72327,08125,67524,25022,84322,01119,75819,73319,34217,87415,0918,5177,3787,8136,9867,7107,798
    Equity and Investment Fund SharesF520,10620,01024,68922,97523,46523,71323,90425,09826,65427,00325,29330,79532,05732,22534,13038,75144,74138,51639,578
    Other financial assetsF6 + F7 + F8 9,6368,6499,84110,13810,0369,6339,2778,9908,3187,7508,2099,1938,9178,4317,8958,9718,8238,6758,305
     Insurance, Pensions and Standardised GuaranteesF61111111000000001111
     Financial derivatives and Employee Stock OptionsF75753812,2961,6941,3391,4741,5578987947019151,1361,0496403993521,287947728
     Other accounts receivable/payableF89,0608,2677,5448,4438,6968,1587,7198,0927,5247,0497,2948,0577,8687,7917,4968,6187,5357,7277,576
  less                    
   Liabilities at market valueL148,270145,709194,749192,895205,092211,446226,907229,625239,248238,709240,998239,634243,268240,672242,634237,473241,802235,728241,095
    EDP debt instrumentsF2 + F3 + F4139,667137,383183,540182,300193,805200,730216,322218,876230,640230,603232,459231,574234,500231,905232,877228,766231,954225,901231,389
     Currency and depositsF214,47214,79162,19258,38859,34662,02061,46862,09931,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,652
     Debt securitiesF374,77667,63890,88685,22285,91683,13994,79794,295135,269130,614130,045126,302131,283135,416138,066142,410154,120147,522152,496
      Short-termF312,0897417173,8253,5204,0395,0522,5804,9695,5874,1282,4322,5123,5083,6503,8015,8804,6773,725
      Long-termF3272,68666,89790,16981,39882,39679,10089,74591,715130,300125,027125,917123,870128,771131,909134,416138,609148,241142,845148,771
     LoansF450,41954,95430,46238,69048,54355,57160,05762,48263,91867,95470,23373,91674,69274,91773,79865,43857,35657,81858,241
      Short-term loansF416865094265585691,8272,2361,8861,8301,4321,1881,4421,5351,4641,4001,3201,5701,4271,117
      Long-term loansF4249,73354,44630,03538,13347,97453,74557,82260,59662,08866,52269,04572,47573,15773,45272,39864,11755,78656,39057,124
    Other liabilitiesF5 + F6 + F7 + F88,6038,32611,20910,59511,28710,71610,58510,7498,6088,1068,5398,0608,7688,7679,7578,7079,8489,8279,706
     Equity and Investment Fund SharesF50000000000000000000
     Insurance, Pensions and Standardised GuaranteesF60000000111100000000
     Financial derivatives and Employee Stock OptionsF755582,9642,9742,5582,3512,5532,8021,3549601,0399331,1001,3272,1454591,2861,1201,096
     Other accounts receivable/payableF88,5488,2688,2457,6218,7298,3658,0327,9467,2537,1457,4997,1277,6687,4407,6128,2488,5628,7078,610
                           
                           
  Memo: Estimated pension liabilities of government 116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                           
 Memo: Net worth, including pension liabilities -106,517-106,776-133,048-135,357-127,984-134,608-141,739-147,536-150,785-153,028-156,759-154,127-155,726-159,398-161,505-155,924-154,591-152,879-157,570
                           
  Contingent liabilities 142,298142,298142,298142,298119,131119,131119,131119,13159,72359,72359,72359,72328,84828,84828,84828,84828,84828,84828,848
   Guarantees 138,723138,723138,723138,723115,555115,555115,555115,55556,02056,02056,02056,02025,14525,14525,14525,14525,14525,14525,145
   Off-balance sheet PPPs 3,5763,5763,5763,5763,5763,5763,5763,5763,7033,7033,7033,7033,7033,7033,7033,7033,7033,7033,703
                           
 Memo: Net worth, including pension liabilities and contingent liabilities -248,815-249,074-275,347-277,655-247,115-253,739-260,870-266,666-210,507-212,751-216,482-213,849-184,574-188,246-190,353-184,772-183,439-181,727-186,418
                           
Change in net worth of government                    
                           
 Opening net worth 6,2559,4839,224-17,048-19,357-29,984-36,608-43,739-49,536-52,785-55,028-58,759-56,127-57,726-61,398-63,505-57,924-56,591-55,001
                           
 Change in net worth due to transactions -4,260-3,454-10,785-2,360-4,286-3,200-3,686-2,546-3,611-2,244-3,327-1,766-2,448-1,321-2,333-1,008-2,017-302-1,234
  Net acquisition of non-financial assets P5 + NP - P51c-73-716286214510-523347-560-363-46459114646-239269304102-17
  Net lending/net borrowingB9-4,187-3,446-10,947-3,223-4,300-3,710-3,163-2,893-3,051-1,881-2,863-2,357-2,594-1,366-2,094-1,277-2,321-404-1,217
   = Net acquisition of financial assets 8,463-1,628-597-2,5731,5923518,066-4,2236,296-2,633-1,600-7,687-1,791-7,394-2,403-6,917-1,294334-160
   - Net incurrence of liabilities -12,650-1,818-10,350-650-5,892-4,061-11,2291,330-9,347752-1,2635,330-8036,0283095,640-1,027-738-1,057
                           
 Change in net worth due to other economic flowsKx7,4883,195-15,48852-6,342-3,424-3,445-3,2513620-4044,399849-2,3512266,5893,3501,892-3,457
  Other changes in non-financial assets -80-80-80-804224224224226466466466461,3491,3491,3491,349000
  Other changes in financial net worth 7,5683,274-15,408132-6,764-3,846-3,868-3,673-284-646-1,0503,752-500-3,700-1,1235,2413,3501,892-3,457
   = Other changes in financial assets 2,580-1,10523,282-2,372-459-1,553364375-8-433-247,7182,331-2681,1485,7206,571-4,920853
     EDP debt instruments -1,196-25923,954-776-717-54597335-1,239-2111771,513-30559-2211,433-275690-21
     Equity and Investment Fund Shares 3,767-884-2,762-979540-1,1421867131,500-128-4136,0452,456-4011,6234,3695,539-5,2661,092
     Other financial assets 9382,090-617-28213481-673-269-94212160-95-426-254-821,307-344-218
   - Other changes in liabilities 4,9884,379-38,6902,504-6,305-2,293-4,232-4,048-276-213-1,026-3,966-2,831-3,432-2,271-479-3,2216,812-4,310
     EDP debt instruments 5,0054,382-35,6422,511-6,721-2,499-4,031-3,799-1,723-608-947-4,072-2,664-3,205-1,453-2,165-2,3926,645-4,334
     Other liabilities -17-3-3,048-7416206-201-2491,447395-79106-167-227-8181,686-82916724
                           
                           
Closing net worth 9,4839,224-17,048-19,357-29,984-36,608-43,739-49,536-52,785-55,028-58,759-56,127-57,726-61,398-63,505-57,924-56,591-55,001-59,692
Table 7 General Government Gross and Net Debt
                       €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q3
                        
General Government Debt                    
                        
  Debt instrument liabilities at market value 139,667137,383183,540182,300193,805200,730216,322218,876230,640230,603232,459231,574234,500231,905232,877228,766231,954225,901231,389
  + Difference between face value and market value 15,84221,2884,3547,823685-883-5,912-8,638-12,252-11,895-13,886-16,241-19,426-22,198-24,659-25,579-28,220-21,462-27,180
                        
Gross General Government Debt (face value)GGDebt155,509158,671187,894190,123194,490199,847210,410210,238218,388218,708218,573215,333215,074209,707208,218203,187203,734204,439204,209
By category:                    
 Currency and deposits F214,47214,79162,19258,38659,34662,02061,46862,09231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,652
 Debt securitiesF391,50389,74196,25194,01387,67984,94190,47587,297124,601120,462118,306112,665114,475116,113115,546119,078128,558128,849128,177
  Short-termF312,0617287243,7773,4974,0235,0432,5354,9595,5624,1022,3892,4893,4773,6373,7605,8694,6623,709
  Long-termF3289,44389,01395,52790,23684,18280,91885,43284,762119,642114,900114,205110,276111,986112,636111,910115,318122,690124,187124,468
 LoansF449,53354,13929,45037,72347,46552,88658,46760,84962,33466,21068,08671,31272,07572,02271,65863,19154,69755,02955,381
  Short-termF416865094265585691,8272,2361,8861,8301,4321,1881,4421,5351,4641,4001,3201,5701,4271,117
  Long-termF4248,84753,63029,02437,16646,89651,05956,23158,96360,50364,77866,89869,87070,54070,55870,25961,87053,12753,60254,264
                        
less EDP debt instrument assetsF2 + F3 + F443,53341,88258,69655,17055,91254,86763,46158,70764,10961,26360,89054,43553,99146,64444,01937,12736,52138,30738,308
 By category:                    
 Currency and deposits F231,27433,39917,27119,28421,05221,50931,19225,27233,83331,38130,92624,02426,30425,40725,37618,15219,17120,77620,892
 Debt securitiesF38,2904,3747,0857,9208,0698,0217,9269,4708,6098,4878,62010,24910,14710,2389,5599,6468,9598,5198,426
  Short-termF31494840133001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,754
  Long-termF328,2414,3267,0457,9078,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,672
 LoansF43,9694,10934,34027,96626,79125,33724,34323,96521,66721,39521,34420,16217,54010,9999,0849,3298,3919,0128,990
  Short-termF4101586178851,1161,0871,5001,9541,9091,6622,0022,2882,4492,4821,7061,5161,4051,3021,192
  Long-termF423,9693,95133,72327,08125,67524,25022,84322,01119,75819,73319,34217,87415,0918,5177,3787,8136,9867,7107,798
                        
 Net General Government Debt (face value)GGNetDebt111,976116,789129,198134,953138,578144,980146,949151,531154,279157,445157,683160,898161,083163,063164,199166,060167,213166,132165,901
 By category:                    
 Currency and deposits F2-16,802-18,60844,92139,10238,29440,51130,27636,820-2,3806541,2557,3322,221-3,835-4,3632,7661,307-215-240
 Debt securities F383,21385,36789,16686,09379,61076,92082,54977,827115,992111,975109,686102,416104,328105,875105,987109,432119,599120,330119,751
  Short-termF312,0126806843,7643,4944,0235,0431,4892,9693,5712,110-1,355-1,053-1903111,3914,3022,8371,955
  Long-termF3281,20284,68788,48282,32976,11672,89777,50676,338113,023108,404107,577103,771105,381106,065105,677108,041115,298117,493117,796
 LoansF445,56450,030-4,8909,75720,67427,54934,12436,88440,66744,81546,74251,15054,53561,02362,57453,86246,30646,01746,391
  Short-termF41686351-191-327-547740736-68-79-230-814-846-914-1,018-306-196165125-75
  Long-termF4244,87849,679-4,69910,08521,22126,80933,38836,95240,74545,04547,55651,99655,44962,04162,88154,05746,14145,89246,466
Table 8 Reconciliation of Exchequer Balance to General Government Deficit
                      € million
Description ESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q12015 Q22015 Q3
                     
Exchequer balance -7,066-3,762-9,831-4,259-4,263-5,181-1,691-3,758-3,695-2,898-549-4,361-2,316-2,622-1,023-2,222197-489188
                     
Deduct cash inflows which do not increase financial net worth -1-1-1-59-2-2-2-8-1,016-82-1,306-293-1,327-1,155-1,007-818-987-1,910-1,495
Inflows from sale or redemption of financial assets -1-1-1-59-2-2-2-8-1,016-82-1,306-289-1,327-1,155-1,007-805-987-1,910-1,495
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation 00000000000-5000-13000
                     
Exclude cash outflows which do not reduce financial net worth 2,51704,5302882501,50205151,117409287631,1511,3191,0701,0728041,1721,252
Acquisition of financial assets 004,5302882501,50205151,117396287631,1511,3061,0701,0728011,1861,252
Repayment of promissory notes notional loan principal 2,517000000001300013000-140
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 0000000000000000300
                     
Impact on financial net worth of Exchequer cash transactions -4,550-3,763-5,302-4,030-4,014-3,681-1,692-3,250-3,594-2,571-1,827-3,892-2,492-2,458-960-1,96815-1,227-55
                     
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) -439-2781041,339-1,005-125-163654-176-1521041,036-612235-2171,000-1,21235-186
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 234-27851555-309-20070261-121-196251227331754267-518-11-68
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -67300709-7710-8768-785-100755-6986-74679-7482-2
Accrual of interest due on contingent capital assets assigned to banks 0053757575-22575451-150515050-151505040-121
Licence sales 0000000-4507274444444444
Other accrued revenue 0000000000000000001
                     
Adjust for impact of non-cash expenditure (-) 638499-1,244468300664-1,249-3068728-1,33271817586-1,213317352544-1,177
Capital transfers to financial institutions financed by promissory notes 0000000001300013000110
Difference between interest paid and accrued 615463-1,279295308663-1,252-28-13670-1,376790139530-1,259766307493-1,255
Difference between Exchequer cash issues and accrued net spending of departments and offices -9-9-9129-44-42-40-7181817-57182023-26000
Other accrued expenditure 324544443644436622726-14-1392322-423454078
                     
Surplus/Deficit of ExchequerB9_exchequer-4,350-3,543-6,443-2,224-4,720-3,142-3,104-2,626-3,702-1,995-3,055-2,137-3,087-1,637-2,390-651-846-647-1,419
                     
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -205-56-33022113751-46-2828-101-22-56224111209-399211303-133
Social Insurance Fund -104-22-45-2150-29-442278-46-38-20114250-5920-23-46
Bank & Deposit Guarantee Schemes 312-223-379183-20-12-25-41-40-118-31-2-14-10-1628-14-6-1
Capital Services Redemption Account -57753-26-493037-18-5023359-672528-1-521086
Small Savings Reserve Fund 0000000000000000000
Other Extra-Budgetary Funds 1301028458104796350-352535308553210-331196324-93
Health Service Executive 34353650-26-25-23-9333315151515000
                     
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-4,555-3,599-6,772-2,002-4,582-3,090-3,151-2,654-3,674-2,096-3,078-2,194-2,862-1,526-2,181-1,051-635-345-1,552
                     
Surplus/Deficit of other Central Government bodies 157233-4,231-925-10-50829373132362039471131-999-1,687-59-92
National Pensions Reserve Fund 162235-4,042-728180-199153200112181146-8-21181986-1,618320
Non-market State corporations and agencies 01-188-197-188-307-122-1631934649937212-2912-68-92-93
Voluntary and joint board hospitals -5-3-20-2-2-2099991111011
                     
                     
Surplus/Deficit of Central Government B9_S1311-4,398-3,366-11,003-2,927-4,592-3,599-3,121-2,617-3,361-1,860-2,875-2,100-2,791-1,395-2,190-952-2,321-404-1,644
                     
Surplus/Deficit of Local Government B9_S1313211-8156-295293-111-42-275309-2112-2581972996-32500427
                     
Surplus/Deficit of General Government B9_S13-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,892-3,051-1,881-2,863-2,358-2,594-1,366-2,094-1,277-2,321-404-1,217

Background Notes

Introduction

This detailed release along with the headline figures published on 19 January 2016 together comprise the official publication by CSO of quarterly Government Finance Statistics results for the period Q1 2011 to Q3 2015.

The data published in this series are consistent with the General Government Deficit and Debt levels reported to Eurostat at end-December 2015.   Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

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

No revisions have been made to previously published figures for the quarters up to Q4 2014 inclusive. This is in keeping with the national income and expenditure (GDP) revision policy. Minor revisions have been made to previously published figures for Q1 and Q2 2015 with deficit estimates having been revised from -€2,347 million and -€299 million to -€2,321 million and -€404 million respectively, – an improvement of some €79 million.  These changes are mainly due to revisions in the estimates of current expenditure.   

Revisions to General Government Gross Debt (GG Debt)

No revisions have been made to previously published figures for the quarters up to Q4 2014 inclusive.

Minor revisions have been made to previously published debt figures for Q1 and Q2 2015.

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditure 2014 and the latest Quarterly National Accounts publication (of 10 December 2015). These revisions have also resulted in updated debt and deficit ratios reported since the last release.

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

There has been no significant events since the last release that impact Deficit/Debt

Government Finance Statistics – Concepts and Definitions

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

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

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

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

Table 801   Quarterly Non-financial accounts by sector  

Table 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.

Definition of general government and its subsectors

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

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

This measure is by definition equal to both Total Revenue (TR) less Total Expenditure (TE), and Net Acquisition of Financial Assets less Net Incurrence of Liabilities. In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG Deficit/Surplus. This adjustment has no impact on gross debt, net debt or net worth.

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

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

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

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

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

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

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

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

 Detailed codes and technical definitions can be seen in the ESA 2010 manual available at http://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334

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

Main Components of General Government Expenditure and Revenue

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

P.5       Gross capital formation.

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

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

            P.52     Changes in inventories.

            P.53     Acquisitions less disposals of valuables.

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

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

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

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

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

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

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

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

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

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).  This data series will be revised as part of the March 2016 EDP transmission.

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 shar

            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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