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For more information on this release:
E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Mary Brew (+353) 1 498 4365 Derek Stynes (+353) 1 498 4303
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-6178
CSO statistical release, 16 January 2018, 11am

Government Finance Statistics Quarterly Results

Quarter 3 2017

 General Government Finances
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €mGDP€m GDP€m GDP
2016 Q1-1,932-3.0207,17878.3173,93665.7
2016 Q21630.2200,37474.9173,15964.7
2016 Q3-1,643-2.3202,43175.1174,10964.6
2016 Q41,5052.0200,59272.8175,61763.7
2017 Q1-1,288-1.9207,88674.5176,44963.3
2017 Q2-150-0.2210,90974.0172,40460.5
2017 Q3-1,645-2.1210,71472.1172,87659.2
2016 Q1-Q3-3,412-1.7    
2017 Q1-Q3-3,083-1.4    

Government deficit of 1.4% of GDP in the first nine months to September 2017

Figure 1 General Government Deficit
go to full release

The government recorded a deficit of €3.1 billion (-1.4% of GDP) for the first nine months of 2017. This compares with a deficit of €3.4 billion (-1.7% of GDP) for the same period of 2016 (Table 1). In the first nine months of 2017, government revenue increased by €1.9 billion (3.7%) compared with the same period of 2016. The main driving factor was a 5.1% increase in Taxes and social contributions  (Tables 1 and 3). Expenditure levels of government increased by €1.6 billion (2.9%) when comparing the first nine months of 2017 and 2016. Increases in Subsidies and Other current transfers were partially offset by a decrease in Interest (Tables 1 and 4).

Government Gross Debt at 72.1% of GDP in Q3 2017

General Government Gross Debt (GG Debt) stood at €210.7 billion (72.1% of annualised GDP) at the end of September 2017, compared with a debt level of €202.4 billion (75.1%) for Q3 2016. The fall in the ratio was due to an increase in GDP over the year (Table 2).

At the end of September 2017, General Government Net Debt was €172.9 billion (59.2% of annualised GDP) compared with €174.1 billion (64.6%) for Q3 2016. Net debt decreased due to an increase in the assets held by government in the EDP debt instruments.

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

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

 

GG Gross DebtGG Net Debt
Q1 2014 117.488.4
Q2 2014112.588.1
Q3 2014110.287.4
Q4 2014104.586
Q1 201596.579.5
Q2 201590.573.9
Q3 201583.668.1
Q4 201576.965.8
Q1 201678.365.7
Q2 201674.964.7
Q3 201675.164.6
Q4 201672.863.7
Q1 201774.563.3
Q2 20177460.5
Q3 201772.159.2
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                      €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q3
General Government transactions                    
RevenueTR14,11615,37814,87717,14314,97516,34015,94118,68615,99817,42416,60520,57716,21918,13016,84521,45117,15118,50117,430
Taxes and social contributionsD2 + D5 + D91 + D6112,35212,30013,25715,01713,24313,33614,16816,70214,23714,33014,88218,72514,89115,44514,89219,74815,55816,05415,940
TaxesD2 + D5 + D919,7839,75910,74512,22910,47010,70011,54313,75411,35911,59612,18115,65011,87912,56412,02416,46112,37813,00412,916
Social contributions D612,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0122,8812,8683,2873,1803,0503,024
Sales of goods and servicesP1O1,1841,2191,0961,3691,0521,1731,1791,3351,1361,2671,2731,4431,0481,1621,1671,3151,1131,2191,231
Investment incomeD44891,7794355685391,7254443604161,6813282861081,3381172583271,090112
Current transfer revenue (excluding taxes)D7403538386464648911271545570664055685255
Capital transfer revenue (excluding taxes)D9N5145511517742862019775686810111962975868891
   
ExpenditureTE18,32917,23917,70619,25917,85017,80518,00619,38118,23817,90917,95521,46918,15117,96718,48819,94618,43918,65219,076
ExpenseExpense17,69517,56718,18118,65217,59917,53918,10818,89417,97717,68917,88521,13917,87817,61118,25719,58118,00718,39518,612
Compensation of employeesD14,8334,7334,5454,4834,7694,6704,4834,4224,9134,8114,6194,5565,0324,9274,7304,6655,3165,2054,996
Use of goods and services plus taxes payableP2 + D5 + D291,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,1762,3262,476
Depreciation (Consumption of fixed capital)P51c794794794794832832832832881881881881935935935935935935935
Interest (excluding FISIM)D411,9601,9111,9531,9501,8931,9251,9131,8731,7331,6981,7041,7231,6451,5641,5291,4491,5131,4231,510
SubsidiesD3412431456608400417439607379395414578353369389563378395433
Social benefitsD62 + D6326,8146,8147,2147,6846,5876,6747,2027,6136,6566,7547,3037,7086,6436,7617,3957,6956,7416,9027,391
Other current transfersD78126487696799004935928009196762447258414556391,078620850631
Capital transfersD9373248324713302593003444252653732,415314339234574330360240
   
 Net operating balanceNOB-3,579-2,189-3,304-1,509-2,623-1,199-2,167-208-1,980-265-1,280-562-1,659519-1,4121,870-856106-1,181
   
Net acquisition of non-financial assetsP5 + NP - P51c634-328-475607251266-10248726022070330273356231364432257464
                        
 General Government Surplus/DeficitB9-4,213-1,862-2,829-2,116-2,874-1,465-2,064-695-2,240-485-1,350-892-1,932163-1,6431,505-1,288-150-1,645
equals   
Net acquisition of financial assetsΔFA5,622-2,729-1,614-6,955-2,666-7,379-2,316-6,510-1,22525912-6,5354,131-7,8211,363-1,8805,1852,450-871
Debt instrumentsF2 + F3 + F46,493-2,812-404-7,599-665-8,244-2,351-8,337-831,146168-8,4534,173-6,0661,067-3,4796,3887,140-625
Equity and Investment Fund SharesF556477-1,297-543-1,194569282252477-830-36629630-1,509551-5717-4,420-17
Other financial assetsF6 + F7 + F8 -927-394871,187-807296-2471,575-1,619-57-1201,289-672-246-2551,656-1,220-270-229
less   
Net incurrence of liabilitiesΔL9,835-8671,215-4,839208-5,914-252-5,8151,0157441,362-5,6436,063-7,9843,006-3,3856,4732,600774
Debt instrumentsF2 + F3 + F49,936-8321,264-4,867106-5,935-214-6,5178845041,284-5,5045,995-7,9933,282-3,3416,5452,577832
Other liabilitiesF5 + F6 + F7 + F8 -101-35-492810221-3870213124078-139689-276-44-7223-58
       
Memo: Net derivative flows on debt interest swap contracts -80-58-58-77-69-68-74-53-22-74-73-71-71-70-69-65-62-57-56
General Government Surplus/Deficit (% of quarterly GDP) -9.8-4.2-5.9-4.7-6.3-3.1-4.1-1.4-3.6-0.8-2.0-1.3-3.00.2-2.32.0-1.9-0.2-2.1
Quarterly GDP at current market prices 42,87744,69447,67345,05545,68447,72950,58050,54562,05862,45168,43569,09464,60865,44770,35175,16267,94971,52377,502
Table 2 General Government Net Worth, Gross and Net Debt
       €million
Description ESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q3
General Government net worth                    
Net worth at market value, excluding pension liabilitiesNW-52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-38,506-35,859-36,521
equals                   
Non-financial assets at market valueNFA88,57388,81388,90790,08191,34992,63393,54995,05396,54998,00599,311100,877102,390103,985105,456107,059107,491107,747108,211
plus                   
Financial net worth at market value, excluding pension liabilitiesFNW-141,260-142,928-146,130-143,585-147,320-152,934-157,920-153,103-151,528-149,802-150,835-149,104-150,765-151,286-153,315-151,084-145,997-143,606-144,732
equals                   
 Financial assets at market valueFA98,23295,10493,47894,29293,92985,94584,77084,00889,29984,45885,33384,29489,27581,95582,93779,83988,92793,35192,906
EDP debt instrumentsF2 + F3 + F463,15960,13459,90853,83753,16545,52042,98536,12035,76237,60537,78629,07633,24327,21528,32324,97531,43738,50537,837
Equity and Investment Fund SharesF526,65427,00325,29330,79531,98831,80833,64638,20144,18937,93538,96845,26047,48546,47146,61345,23049,01146,31046,793
Other financial assetsF6 + F7 + F8 8,4197,9678,2779,6608,7768,6178,1399,6879,3488,9188,5799,9588,5478,2698,0019,6348,4798,5368,276
less                   
Liabilities at market valueL239,492238,032239,608237,877241,249238,879242,690237,111240,827234,260236,168233,398240,040233,241236,252230,923234,924236,957237,638
EDP debt instrumentsF2 + F3 + F4229,997228,964230,510228,858231,960229,342232,374227,779230,534223,893225,747223,144229,381222,725226,276221,003225,191227,497228,380
Other liabilitiesF5 + F6 + F7 + F89,4959,0689,0989,0199,2899,53710,3169,33210,29310,36710,42110,25410,65910,5169,9769,9209,7339,4609,258
                   
Memo: Estimated pension liabilities of government98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
Memo: Net worth, including pension liabilities-150,687-152,115-155,223-151,504-153,971-158,301-162,371-156,050-152,979-149,797-149,524-146,227-146,375-145,301-145,859-142,025-136,506-133,859-134,521
Contingent liabilities59,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,32510,32510,32510,32510,32510,32510,325
Memo: Net worth, including pension liabilities and contingent liabilities -210,209-211,637-214,745-211,026-183,382-187,712-191,783-185,462-170,234-167,052-166,779-163,482-156,700-155,626-156,185-152,350-146,831-144,184-144,846
                   
General Government: changes in net worth                   
Opening net worth-49,476-52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-38,117-38,506-35,859
Change in net worth due to transactions-3,579-2,189-3,304-1,509-2,623-1,199-2,167-208-1,980-265-1,280-562-1,659519-1,4121,870-856106-1,181
Net acquisition of non-financial assets P5 + NP - P51c634-328-475607251266-10248726022070330273356231364432257464
Net lending/net borrowingB9-4,213-1,862-2,829-2,116-2,874-1,465-2,064-695-2,240-485-1,350-892-1,932163-1,6431,505-1,288-150-1,645
Change in net worth due to other economic flowsKx3687621955,229157-3,131-1,9046,5305,0513,4471,5533,8591,5115558541,9654672,541519
Other changes in non-financial assets5685685685681,0181,0181,0181,0181,2361,2361,2361,2361,2391,2391,2391,239000
Other changes in financial assets1-399-127,7692,303-6051,1415,7486,516-5,1008635,496850501-381-1,218-2,0051,974426
Other changes in liabilities-201593-361-3,108-3,164-3,544-4,063-236-2,7017,311-546-2,873-579-1,185-51,9442,47256793
Closing net worth -52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-38,506-35,859-36,521
                         
General Government Debt (GGDebt)                   
Debt instrument liabilities at market valueF2 + F3 + F4229,997228,964230,510228,858231,960229,342232,374227,779230,534223,893225,747223,144229,381222,725226,276221,003225,191227,497228,380
+ Difference between EDP face value and market value-11,737-10,561-11,988-13,562-16,946-19,849-24,097-24,453-27,004-19,645-22,233-21,555-22,203-22,351-23,845-20,411-17,305-16,588-17,666
Gross General Government Debt (EDP face value)GGDebt218,260218,403218,522215,296215,014209,493208,277203,326203,530204,248203,514201,589207,178200,374202,431200,592207,886210,909210,714
less EDP debt instrument assetsF2 + F3 + F4-63,158-60,134-59,908-53,836-53,167-45,519-42,984-36,120-35,762-37,604-37,784-29,075-33,242-27,215-28,322-24,975-31,437-38,505-37,838
Net General Government Debt GGNetDebt155,102158,269158,614161,460161,847163,974165,293167,206167,768166,644165,730172,514173,936173,159174,109175,617176,449172,404172,876
                   
Closing Net Worth (% of annualised GDP)-30-30.8-32-29.7-30.6-32.4-34.1-29.8-26.1-23-21.2-18.4-18.3-17.7-17.8-16-13.8-12.6-12.5
Gross General Government Debt (% of annualised GDP)124.2124.2122.3119.4117.4112.5110.2104.596.590.583.676.978.374.975.172.874.57472.1
Net General Government Debt (% of annualised GDP)88.29088.889.688.488.187.48679.573.968.165.865.764.764.663.763.360.559.2
Annualised GDP 175,770175,865178,649180,298183,105186,140189,047194,537210,911225,633243,488262,037264,587267,583269,499275,567278,909284,985292,136
Table 3 General Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q3
Total RevenueTR14,11615,37814,87717,14314,97516,34015,94118,68615,99817,42416,60520,57716,21918,13016,84521,45117,15118,50117,430
 Taxes and social contributions12,35212,30013,25715,01713,24313,33614,16816,70214,23714,33014,88218,72514,89115,44514,89219,74815,55816,05415,940
  TaxesD2 + D5 + D919,7839,75910,74512,22910,47010,70011,54313,75411,35911,59612,18115,65011,87912,56412,02416,46112,37813,00412,916
   Indirect taxes (taxes on production and imports)D25,1303,9835,6514,5385,5434,6145,7895,2645,9604,8806,2905,3946,2175,2086,4315,5756,5024,9396,826
    Taxes on productsD214,5403,3375,0173,8554,7003,8855,0794,5725,0414,1725,5784,6505,6084,5135,7634,8895,6564,2316,156
    of which Value-Added TaxD2113,0251,8123,4342,1013,2002,1653,4812,6753,3252,2593,7582,6143,6302,2764,0212,9004,0392,2104,200
    Other taxes on production D29590647634682843728710693919708712744609694668686845708670
   Direct taxesD54,6325,7505,0577,4974,8976,0505,7108,2405,3686,6815,8359,9765,6277,2945,53010,6355,8398,0186,015
    Taxes on income, profits and capital gainsD514,3625,4674,2627,2074,5835,7594,7297,9455,0576,4035,4079,7225,3347,0285,27510,4035,5457,7605,769
    Other current direct taxesD59269283795289314291981295311278428255293267255233294258247
   Capital taxesD91212637195293643250313556280356263251374675
  Social contributions D612,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0122,8812,8683,2873,1803,0503,024
   Actual social contributionsD611 + D6132,2182,1902,1612,4372,4262,2892,2782,6012,5832,4392,4062,7792,6942,5622,5492,9682,8612,7312,705
    PRSI receipts D611 + D613(pt)1,7911,7631,7342,0102,0151,8771,8662,1892,1592,0151,9822,3562,3072,1762,1622,5822,4742,3442,318
    Government employees' social contributionsD613(pt)427427427427412412412412424424424424387387387387387387387
   Employers' imputed social contributionsD612351351351351347347347347295295295295319319319319319319319
 Sales of goods and servicesP1O1,1841,2191,0961,3691,0521,1731,1791,3351,1361,2671,2731,4431,0481,1621,1671,3151,1131,2191,231
  Sales of market establishments (= market output)P11248248248248260260260260279279279279302302302302331331331
  Imputed sales related to production of own-use capital assets (= output for own final use)P128888888855555555555
Incidental sales and fees of non-market establishmentsP1319289638411,1137849059101,0678519839891,1587418558601,008777882895
Investment incomeD44891,7794355685391,7254443604161,6813282861081,3381172583271,090112
Interest (excluding FISIM)D4140632733333132229221621217817216315176716429451910
DividendsD42581,426762121911,4072031222111,48313910971,241272032551,04477
Rent of land and subsoil assetsD4526262626262626262626262626262626262626
Current transfer revenueD39 + D7403538386464648911271545570664055685255
SubsidiesD390000000000000000000
Other current transfersD7403538386464648911271545570664055685255
Non-life insurance claimsD722222222222222222222
Other Domestic - Current D7N_S133333333606060604947475049474750494747
From Rest of World - CurrentD7N_S25033333276223532017-831737
Capital transfer revenueD9N5145511517742862019775686810111962975868891
                         
Output P17,4197,6097,5587,7537,5897,8717,7647,7597,9828,0187,9648,1078,2198,2608,2088,3608,5938,6328,573
Market output (sales of market establishments)P11248248248248260260260260279279279279302302302302331331331
Output for own final useP128888888855555555555
Non-market outputP137,1637,3537,3037,4977,3217,6037,4967,4917,6977,7347,6807,8237,9127,9537,9018,0538,2568,2958,237
= Non-market compensation of employeesD1_nonmarket4,8254,7244,5374,4754,7614,6614,4754,4144,9084,8054,6144,5515,0274,9224,7244,6605,3115,1994,991
= Total compensation of employeesD14,8334,7334,5454,4834,7694,6704,4834,4224,9134,8114,6194,5565,0324,9274,7304,6655,3165,2054,996
- Compensation of employees of market establishmentsD1_market0000000000000000000
- Compensation related to production of own-use capital assetsD1_own-use-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5-5-5-5
+ Non-market intermediate consumptionP2_nonmarket1,6431,9342,0712,3281,8322,2142,2932,3492,0142,1532,2912,4972,0592,2052,3502,5672,1202,2702,420
= Total intermediate consumptionP21,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,1762,3262,476
- Intermediate consumption of market establishmentsP2_market-55-55-55-55-55-55-55-55-56-56-56-56-56-56-56-56-56-56-56
- Intermediate consumption related to production of own-use capital assetsP2_own-use0000000000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket694694694694728728728728776776776776826826826826826826826
= Total consumption of fixed capitalP51c794794794794832832832832881881881881935935935935935935935
- Consumption of fixed capital by market establishmentsP51c_market-99-99-99-99-104-104-104-104-106-106-106-106-109-109-109-109-109-109-109
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use0000000000000000000
+ Other taxes on production, payable D29_pay0000000000000000000
  - Other subsidies on production, receivableD39_rec0000000000000000000
Table 4 General Government: detailed classification of expenditure and consumption
        €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q3
Total ExpenditureTE18,32917,23917,70619,25917,85017,80518,00619,38118,23817,90917,95521,46918,15117,96718,48819,94618,43918,65219,076
Expense17,69517,56718,18118,65217,59917,53918,10818,89417,97717,68917,88521,13917,87817,61118,25719,58118,00718,39518,612
Compensation of employeesD14,8334,7334,5454,4834,7694,6704,4834,4224,9134,8114,6194,5565,0324,9274,7304,6655,3165,2054,996
Of which: Related to production of own-use capital assets8888888855555555555
Use of goods and services plus taxes payableP2 + D5 + D291,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,1762,3262,476
Use of goods and services [Intermediate consumption]P21,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,1762,3262,476
Of which: Intermediate consumption of market establishments 55555555555555555656565656565656565656
Taxes, payableD50000000000000000000
Depreciation (Consumption of fixed capital)P51c794794794794832832832832881881881881935935935935935935935
Of which: Depreciation by market establishments 99999999104104104104106106106106109109109109109109109
Interest (excluding FISIM)D411,9601,9111,9531,9501,8931,9251,9131,8731,7331,6981,7041,7231,6451,5641,5291,4491,5131,4231,510
Other domestic interest payableD41_S1772763796805738741733702612618600631579566570564554484577
Interest payable to rest of worldD41_S21,1881,1481,1571,1451,1551,1841,1801,1711,1211,0801,1041,0921,066998960885958939932
SubsidiesD3412431456608400417439607379395414578353369389563378395433
Product subsidiesD31244264288275213231251261196213232241182199218248211229249
Other subsidies on productionD39168167168332187186187345183182183337171170171315167166184
Social benefitsD62 + D6326,8146,8147,2147,6846,5876,6747,2027,6136,6566,7547,3037,7086,6436,7617,3957,6956,7416,9027,391
Social benefits in cashD625,9145,7025,6836,2425,7715,5645,5466,0925,7835,5735,5526,1025,7295,5075,4686,0235,7435,5355,487
Social benefits in kind (via market producers)D6329001,1131,5311,4428161,1101,6561,5218731,1811,7511,6069141,2541,9271,6739981,3671,905
Other current transfersD78126487696799004935928009196762447258414556391,078620850631
Net non-life insurance premiumsD7114141414191919192020202020202020131313
Current international cooperationD7475177145133927213913282158931418510410414595117123
Miscellaneous current transfersD7518715730911124385248216216180248518993158203103119150
VAT and GNI based EU budget contributionD76535300301421546317186434602318108479546238357709408601344
VAT-based EU own resourcesD76178474723824728468345256379335355637363
GNI-based EU own resourcesD76245725325439846526915838851927383416468205304655345528282
Capital transfersD9373248324713302593003444252653732,415314339234574330360240
Investment grantsD9233524832471330259289162425265373304314339234574330360240
Other capital transfersD993800000111820002,1110000000
Net acquisition of non-financial assetsP5 + NP - P51c634-328-475607251266-10248726022070330273356231364432257464
= Gross investment in non-financial assetsP5 + NP1,4284663191,4001,0831,0997301,3191,1421,1029521,2121,2081,2911,1661,2991,3661,1911,399
Gross fixed capital formationP511,4074452991,3801,0681,0847151,3041,1271,0879371,1971,1931,2761,1511,2841,3511,1761,322
Net acquisition of stocksP5221212121151515151515151515151515151515
Net acquisition of unproduced assetsNP00000000000000000061
- Consumption of fixed capitalP51c-794-794-794-794-832-832-832-832-881-881-881-881-935-935-935-935-935-935-935
Net expenditure on current goods and servicesP3 excl. D6326,2356,3896,4626,3856,5376,6986,5856,4246,8466,7516,6916,6647,1717,0987,0417,0457,4807,4137,342
= OutputP17,4197,6097,5587,7537,5897,8717,7647,7597,9828,0187,9648,1078,2198,2608,2088,3608,5938,6328,573
- Sales of goods and services P11+P12+P131-1,184-1,219-1,096-1,369-1,052-1,173-1,179-1,335-1,136-1,267-1,273-1,443-1,048-1,162-1,167-1,315-1,113-1,219-1,231
Market output (sales of market establishments)P11-248-248-248-248-260-260-260-260-279-279-279-279-302-302-302-302-331-331-331
Output for own final useP12-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5-5-5-5
Incidental sales and fees of non-market establishmentsP131-928-963-841-1,113-784-905-910-1,067-851-983-989-1,158-741-855-860-1,008-777-882-895
Final consumption expenditureP37,1357,5027,9937,8277,3537,8098,2417,9457,7197,9328,4438,2718,0858,3518,9688,7178,4788,7809,247
= Net expenditure on current goods and servicesP3 excl. D6326,2356,3896,4626,3856,5376,6986,5856,4246,8466,7516,6916,6647,1717,0987,0417,0457,4807,4137,342
+ Social transfers in kind via market producers D6329001,1131,5311,4428161,1101,6561,5218731,1811,7511,6069141,2541,9271,6739981,3671,905
made up of                   
Individual consumption (= social transfers in kind)P31 (= D63)4,7825,0305,3625,2504,9635,2715,5635,3635,1945,3365,6795,5645,4505,6216,0245,8605,7555,9586,129
Social transfers in kind (via market producers)D6329001,1131,5311,4428161,1101,6561,5218731,1811,7511,6069141,2541,9271,6739981,3671,905
Social transfers in kind (provided directly by government)D6313,8833,9173,8313,8084,1484,1613,9073,8424,3214,1563,9283,9574,5364,3674,0974,1874,7574,5914,224
Collective consumption (= actual final consumption of government)P322,3522,4722,6312,5772,3892,5372,6782,5822,5252,5952,7642,7072,6352,7302,9442,8582,7232,8213,118
Total social transfersD62 + D6310,69610,73211,04511,49210,73510,83511,10911,45510,97710,90911,23111,66511,17911,12811,49211,88211,49711,49311,616
Social benefits in cashD62 5,9145,7025,6836,2425,7715,5645,5466,0925,7835,5735,5526,1025,7295,5075,4686,0235,7435,5355,487
 Social transfers in kind (= individual consumption)D634,7825,0305,3625,2504,9635,2715,5635,3635,1945,3365,6795,5645,4505,6216,0245,8605,7555,9586,129
Table 5 General Government financial transactions
       €million
Description 2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q3
Net lending (+) / net borrowing (-)B.9-4,213-1,862-2,829-2,116-2,874-1,465-2,064-695-2,240-485-1,350-892-1,932163-1,6431,505-1,288-150-1,645
equals                     
Net acquisition of financial assets ΔA5,622-2,729-1,614-6,955-2,666-7,379-2,316-6,510-1,22525912-6,5354,131-7,8211,363-1,8805,1852,450-871
EDP debt instruments F2 + F3 + F46,493-2,812-404-7,599-665-8,244-2,351-8,337-831,146168-8,4534,173-6,0661,067-3,4796,3887,140-625
 Currency and deposits F28,582-2,433-631-6,7372,235-1,038-283-7,2928891,639767-3,6334,594-6,6002,288-3,2037,1496,924-863
Debt securities F3-860-10813279-21455-686-584-714-397-153-4,570-719529-1,225282-62612255
Short-term F31945111,750-201126-341-957-802258-135-505-832-201-1110-304831
Long-term F32-1,805-109131-1,671-13-71-34537388-655-18-4,065113730-1,214272-5967424
Loans F4-1,229-27195-941-2,686-7,261-1,382-461-258-96-446-25029854-558-13594183
Short-term loans F41-44-24834030114533-776-190-111-103-109-20719429-29-2401034-18
Long-term loans F42-1,185-23-245-1,242-2,831-7,294-606-271-1477-337-43104-2433-318-14560201
Equity and Investment Fund Shares F556477-1,297-543-1,194569282252477-830-36629630-1,509551-5717-4,420-17
Other financial assets F6 + F7 + F8 -927-394871,187-807296-2471,575-1,619-57-1201,289-672-246-2551,656-1,220-270-229
Insurance, Pensions and Standardised Guarantees F600000001000-10000000
Financial derivatives and Employee Stock Options F7164-26-13417721737-3374081101-230-193-35
Other accounts receivable/payableF8-1,091-368881,153-824224-2641,537-1,282-97-1281,289-673-246-2561,658-1,250-77-194
less                     
Net incurrence of liabilities ΔL9,835-8671,215-4,839208-5,914-252-5,8151,0157441,362-5,6436,063-7,9843,006-3,3856,4732,600774
EDP debt instruments F2 + F3 + F49,936-8321,264-4,867106-5,935-214-6,5178845041,284-5,5045,995-7,9933,282-3,3416,5452,577832
Currency and deposits F2-30,613575172-841-2,842-6,962-567-103-446778636231193125601247315
Debt securities F339,284-4,812-1,043-7,2512,0751,0284452,51911,1546261,373-5,7766,418-8,3432,964-3,6396,7352,801606
Short-term F312,390605-1,458-1,709999921061301,875-780-1,084-2,4203,389-9701,670-3,0432,4031,258-929
Long-term F3236,894-5,417415-5,5421,976363392,3899,2791,4062,457-3,3563,029-7,3731,294-5964,3321,5431,535
Loans F41,2653,4052,1353,225873-1-92-8,933-9,824-199-175236-654157193238-314-297211
Short-term loans F41-119-386-20823150-53-18-117266-143-310-57-367-3-140170108-373182
Long-term loans F421,3843,7912,3432,99482352-74-8,816-10,090-56135293-28716033368-4227629
Other liabilities F5 + F6 + F7 + F8 -101-35-492810221-3870213124078-139689-276-44-7223-58
Equity and Investment Fund Shares F50000000000000000000
Insurance, Pensions and Standardised Guarantees F6000-1000000000000000
Financial derivatives and Employee Stock Options F7000-1000-1000-10000000
   Other accounts receivable/payable F8-101-35-493010221-3870313124078-138689-276-44-7223-58
Table 6 General Government: detailed breakdown of net worth
              €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q3
General Government balance sheet                    
 Net worth at market value, excluding pension liabilitiesNW-52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-38,506-35,859-36,521
 equals                    
  Non-financial assets at market valueNFA88,57388,81388,90790,08191,34992,63393,54995,05396,54998,00599,311100,877102,390103,985105,456107,059107,491107,747108,211
 plus                    
  Financial net worth at market value, excluding pension liabilitiesFNW-141,260-142,928-146,130-143,585-147,320-152,934-157,920-153,103-151,528-149,802-150,835-149,104-150,765-151,286-153,315-151,084-145,997-143,606-144,732
  equals                    
   Financial assets at market valueFA98,23295,10493,47894,29293,92985,94584,77084,00889,29984,45885,33384,29489,27581,95582,93779,83988,92793,35192,906
    EDP debt instrumentsF2 + F3 + F463,15960,13459,90853,83753,16545,52042,98536,12035,76237,60537,78629,07633,24327,21528,32324,97531,43738,50537,837
     Currency and depositsF233,43530,99930,36923,63125,86524,83924,57917,32318,24619,87520,64317,20721,78515,18817,47514,28621,49028,40627,538
     Debt securitiesF38,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,3633,2892,5523,0821,8542,1621,5181,5811,603
      Short-termF311,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143178221248
      Long-termF326,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9331,7182,0191,3401,3601,355
     LoansF421,11420,64820,91919,95717,15410,4428,8469,1518,5579,2108,7808,5808,9068,9458,9948,5278,4298,5188,696
      Short-term loansF411,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983966
      Long-term loansF4219,20518,98618,91717,65314,7067,9607,1407,6357,1527,9087,5877,5947,7267,7377,8147,5887,4807,5357,731
    Equity and Investment Fund SharesF526,65427,00325,29330,79531,98831,80833,64638,20144,18937,93538,96845,26047,48546,47146,61345,23049,01146,31046,793
    Other financial assetsF6 + F7 + F8 8,4197,9678,2779,6608,7768,6178,1399,6879,3488,9188,5799,9588,5478,2698,0019,6348,4798,5368,276
     Insurance, Pensions and Standardised GuaranteesF60000000111100000000
     Financial derivatives and Employee Stock OptionsF77927009141,1351,0486393983521,2879477288117240282213670
     Other accounts receivable/payableF87,6277,2677,3638,5257,7287,9787,7419,3348,0607,9707,8509,1478,4758,2297,9739,6328,4778,4008,206
  less                    
   Liabilities at market valueL239,492238,032239,608237,877241,249238,879242,690237,111240,827234,260236,168233,398240,040233,241236,252230,923234,924236,957237,638
    EDP debt instrumentsF2 + F3 + F4229,997228,964230,510228,858231,960229,342232,374227,779230,534223,893225,747223,144229,381222,725226,276221,003225,191227,497228,380
     Currency and depositsF231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,528
     Debt securitiesF3135,126130,471129,904126,146131,141135,128137,789141,988153,702147,209149,326146,317153,414146,492149,899144,254148,614151,504152,239
      Short-termF314,9495,5634,1022,3912,4903,4793,6393,7635,8604,8763,7491,3864,6883,7415,4122,4004,7825,9035,008
      Long-termF32130,178124,908125,802123,755128,651131,649134,150138,225147,842142,333145,577144,931148,726142,752144,487141,853143,832145,602147,231
     LoansF463,41866,45868,42571,35672,29472,64273,57264,87356,35456,12355,76956,11455,02555,10155,12255,43455,13854,48154,613
      Short-term loansF411,7691,3761,1701,4401,4751,3991,3801,2901,5341,3851,0691,029646643509683834410612
      Long-term loansF4261,64865,08267,25569,91770,81971,24372,19263,58354,82054,73854,69955,08554,37954,45854,61354,75154,30354,07154,001
    Other liabilitiesF5 + F6 + F7 + F89,4959,0689,0989,0199,2899,53710,3169,33210,29310,36710,42110,25410,65910,5169,9769,9209,7339,4609,258
     Equity and Investment Fund SharesF50000000000000000000
     Insurance, Pensions and Standardised GuaranteesF61110000000000000000
     Financial derivatives and Employee Stock OptionsF71,3549611,0409321,1001,3272,1444571,2861,1201,0961,0671,4041,252987976860564420
     Other accounts receivable/payableF88,1408,1068,0578,0878,1898,2108,1728,8759,0079,2479,3259,1879,2559,2648,9898,9448,8738,8968,838
                           
Memo: Estimated pension liabilities of government 98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
Memo: Net worth, including pension liabilities -150,687-152,115-155,223-151,504-153,971-158,301-162,371-156,050-152,979-149,797-149,524-146,227-146,375-145,301-145,859-142,025-136,506-133,859-134,521
Contingent liabilities 59,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,32510,32510,32510,32510,32510,32510,325
Guarantees 56,02056,02056,02056,02025,14525,14525,14525,14512,60412,60412,60412,6045,2735,2735,2735,2735,2735,2735,273
Off-balance sheet PPPs and concessions 3,5023,5023,5023,5024,2664,2664,2664,2664,6514,6514,6514,6515,0525,0525,0525,0525,0525,0525,052
Memo: Net worth, including pension liabilities and contingent liabilities -210,209-211,637-214,745-211,026-183,382-187,712-191,783-185,462-170,234-167,052-166,779-163,482-156,700-155,626-156,185-152,350-146,831-144,184-144,846
Change in net worth of government                    
 Opening net worth -49,476-52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-38,117-38,506-35,859
                           
 Change in net worth due to transactions -3,579-2,189-3,304-1,509-2,623-1,199-2,167-208-1,980-265-1,280-562-1,659519-1,4121,870-856106-1,181
  Net acquisition of non-financial assets P5 + NP - P51c634-328-475607251266-10248726022070330273356231364432257464
  Net lending/net borrowingB9-4,213-1,862-2,829-2,116-2,874-1,465-2,064-695-2,240-485-1,350-892-1,932163-1,6431,505-1,288-150-1,645
   = Net acquisition of financial assets 5,622-2,729-1,614-6,955-2,666-7,379-2,316-6,510-1,22525912-6,5354,131-7,8211,363-1,8805,1852,450-871
   - Net incurrence of liabilities -9,835867-1,2154,839-2085,9142525,815-1,015-744-1,3625,643-6,0637,984-3,0063,385-6,473-2,600-774
                           
 Change in net worth due to other economic flowsKx3687621955,229157-3,131-1,9046,5305,0513,4471,5533,8591,5115558541,9654672,541519
  Other changes in non-financial assets 5685685685681,0181,0181,0181,0181,2361,2361,2361,2361,2391,2391,2391,239000
  Other changes in financial net worth -200194-3734,661-861-4,149-2,9225,5123,8152,2113172,623271-684-3867264672,541519
   = Other changes in financial assets 1-399-127,7692,303-6051,1415,7486,516-5,1008635,496850501-381-1,218-2,0051,974426
     EDP debt instruments -1,239-2131781,528-7599-1841,472-27569713-257-6384113116-72-43
     Equity and Investment Fund Shares 1,500-128-4136,0452,387-7491,5564,3035,511-5,4241,0695,6631,595495-409-1,326-1,9921,719500
     Other financial assets -260-58223196-77-455-231-271,280-373-21990-739-32-13-23-29327-31
   - Other changes in liabilities -201593-361-3,108-3,164-3,544-4,063-236-2,7017,311-546-2,873-579-1,185-51,9442,47256793
     EDP debt instruments -1,649201-282-3,215-2,996-3,317-3,246-1,922-1,8717,145-570-2,901-242-1,337-2691,9322,357271-51
     Other liabilities 1,448392-79107-168-227-8171,686-8301662428-33715226412115296144
                           
Closing net worth -52,687-54,115-57,223-53,504-55,971-60,301-64,371-58,050-54,979-51,797-51,524-48,227-48,375-47,301-47,859-44,025-38,506-35,859-36,521
Table 7 General Government Gross and Net Debt
           €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q3
General Government Debt                    
  Debt instrument liabilities at market value229,997228,964230,510228,858231,960229,342232,374227,779230,534223,893225,747223,144229,381222,725226,276221,003225,191227,497228,380
  + Difference between face value and market value -11,737-10,561-11,988-13,562-16,946-19,849-24,097-24,453-27,004-19,645-22,233-21,555-22,203-22,351-23,845-20,411-17,305-16,588-17,666
Gross General Government Debt (face value)GGDebt218,260218,403218,522215,296215,014209,493208,277203,326203,530204,248203,514201,589207,178200,374202,431200,592207,886210,909210,714
By category:                    
 Currency and deposits F231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,528
 Debt securitiesF3124,601120,462118,306112,665114,475116,113115,546119,078128,539129,080128,202125,763131,433124,322126,157124,148131,340134,612134,328
  Short-termF314,9595,5624,1022,3892,4893,4773,6373,7605,8494,8633,7331,3804,6803,7345,4062,3954,7805,8975,003
  Long-termF32119,642114,900114,205110,276111,986112,636111,910115,318122,690124,217124,469124,383126,753120,589120,751121,752126,560128,715129,325
 LoansF462,20665,90568,03671,27572,01571,80871,71863,33054,51254,60654,66055,11354,80354,92055,01955,12955,10754,78454,858
  Short-termF411,7691,3761,1701,4401,4751,3991,3801,2901,5341,3491,0691,026646643509681834410612
  Long-termF4260,43664,52966,86569,83670,54070,40870,33862,04052,97953,25753,59154,08754,15754,27754,51154,44854,27354,37454,247
                        
less EDP debt instrument assetsF2 + F3 + F463,15860,13459,90853,83653,16745,51942,98436,12035,76237,60437,78429,07533,24227,21528,32224,97531,43738,50537,838
 By category:                    
 Currency and deposits F233,43530,99930,36923,63125,86524,83924,57917,32318,24619,87520,64317,20721,78515,18817,47514,28621,49028,40627,538
 Debt securitiesF38,6098,4878,62010,24910,14710,2389,5599,6468,9598,5198,3623,2882,5513,0821,8542,1621,5181,5811,603
  Short-termF311,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143178221248
  Long-termF326,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9331,7182,0191,3401,3601,355
 LoansF421,11420,64820,91919,95617,15510,4428,8469,1518,5579,2108,7798,5808,9068,9458,9938,5278,4298,5188,697
  Short-termF411,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983966
  Long-termF4219,20518,98618,91717,65314,7067,9607,1407,6357,1527,9087,5877,5947,7267,7377,8147,5887,4807,5357,731
                        
 Net General Government Debt (face value)GGNetDebt155,102158,269158,614161,460161,847163,974165,293167,206167,768166,644165,730172,514173,936173,159174,109175,617176,449172,404172,876
 By category:                    
 Currency and deposits F2-1,9821,0361,8127,7252,660-3,267-3,5663,5952,23268693,506-8435,9443,7807,029-51-6,894-6,010
 Debt securities F3115,992111,975109,686102,416104,328105,875105,987109,432119,580120,561119,840122,475128,882121,240124,303121,986129,822133,031132,725
  Short-termF312,9693,5712,110-1,355-1,053-1903111,3914,2823,0382,0441964,3283,5855,2702,2524,6025,6764,755
  Long-termF32113,023108,404107,577103,771105,381106,065105,677108,041115,298117,523117,796122,279124,554117,656119,033119,733125,220127,355127,970
 LoansF441,09245,25747,11751,31954,86061,36662,87254,17945,95545,39645,88146,53345,89745,97546,02646,60246,67846,26646,161
  Short-termF41-140-286-832-863-974-1,083-326-22612947-12340-534-565-670-258-115-573-354
  Long-termF4241,23145,54347,94852,18355,83462,44863,19854,40545,82745,34946,00446,49346,43146,54046,69746,86046,79346,83946,516

Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2013 to Q3 2017.

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-September 2017 under the EU regulation governing the Excessive Deficit Procedure (EDP). Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts. National accounts are compiled in the EU according to the European System of National Accounts framework - ESA2010.

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

No revisions have been made to previously published figures for the quarters up to and including Q4 2016. This is in keeping with the national income and expenditure (GDP) revision policy.  

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

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

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

Changed treatment of sale of mobile telephony (UMTS) licences

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

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

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

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

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

Investment income

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

Share transactions

In Quarters 2 and 3 of 2017 the State received €3 billion and €0.4 billion respectively from the sale of AIB shares. The proceeds of these transactions were recorded in the Exchequer statement. For National Accounts purposes these proceeds are not treated as revenue as they are simply the exchange of one asset (equity) for cash.  Therefore, they have no impact on the General Government Deficit.  The balance sheet of government shows changes in the relevant instrument categories resulting from these transactions. 

GDP figures used in publication

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

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

Due to updated data becoming available revisions have been made to the previously published Total Revenue (TR) and Total Expenditure (TE) figures for quarters Q1 and Q2 2017.

Similarly, revisions have been made to previously published Net acquisition of financial assets and Net incurrence of liabilities figures for quarters Q1 and Q2 2017.  This is the alternative measure of GG Deficit/Surplus, referred to as Net Lending/Borrowing. See Tables 1 and 5.

Revisions to General Government Gross Debt, Net Debt and Net Worth

Revisions have been made to Debt and Net worth figures for quarters Q1 and Q2 2017. These revisions are due to increased availability of data. See Tables 2 and 6.

Government Finance Statistics – concepts and definitions

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

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

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

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

Table 0801 Quarterly non-financial accounts by sector

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

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

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

Definition of general government and its subsectors

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

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

This measure is by definition equal to both Total revenue (TR) less Total expenditure (TE), and Net acquisition of financial assets less Net incurrence of liabilities (Tables 1 and 5).  In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG deficit/surplus. This adjustment has no impact on Gross debt, Net debt or Net worth.

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

‘Gross’ means that the value of any financial assets held by general government cannot be deducted from the GG debt.  In Ireland’s case, this means that the liquid assets which are deducted from the ‘Gross’ national debt in arriving at the audited national debt cannot be deducted from the GG debt.

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

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

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

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

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

General government net worth is calculated as the sum of financial and non-financial assets of general government less financial liabilities. 

Detailed codes and technical definitions can be seen in the ESA 2010 manual available at here.

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

Main components of general government expenditure and revenue

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

P.5       Gross capital formation.

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

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

            P.52     Changes in inventories.

            P.53     Acquisitions less disposals of valuables.

D.1      Compensation of employees (Pay) - the total remuneration of government employees.

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

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

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

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

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

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

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

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

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

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

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

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

Categories of financial flows

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

            F.11   Monetary gold

            F.12   Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21   Currency

            F.22   Transferable deposits

            F.29   Other deposits

F.3       Debt securities

            F.31   Short-term

            F.32   Long-term

F.4       Loans

            F.41   Short-term loans

            F.42   Long-term loans

F.5       Equity and investment fund share

            F.51   Equity

            F.52   Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71   Financial derivatives

            F.72   Employee stock options

F.8       Other accounts receivable/payable

            F.81   Trade credits and advances

            F.89   Other trade credits  

 

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