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Press Statement

Preasráiteas

21 April 2021

Government Finance Statistics - April 2021 Results – Annual Results 2015 - 2020

Significant Impact of COVID-19 on Government Finances in 2020
  • General government deficit for 2020 of €18.4 billion, following a surplus in 2019 of €1.8 billion
  • Increase in general government borrowing of almost €14 billion in 2020
  • At the end of 2020, government revenues were €3.5 billion lower than 2019
  • At aggregate level tax revenues were down €2.5 billion, a 3.9% drop on 2019
  • Significant increase of €16.7 billion in government expenditure in 2020
  • COVID-19 measures totalling €13.1 billion included in general government expenditure

Go to release: Government Finance Statistics April 2021

The Central Statistics Office (CSO) has today (21 April 2021) released Government Finance Statistics - April 2021 Results – Annual Results.

Commenting on the release, Tom Fitzgerald, Statistician, said: “The general government deficit for 2020 stood at €18.4 billion or 5% of Gross Domestic Product (GDP), following a surplus of €1.8bn in 2019. The effect of COVID-19 on government finances is reflected in both the drop-in government revenues (-3.9%) and the increase in government expenditures (+19.1%).”

In relation to the increase in government expenditure, Tom Fitzgerald stated: “Total government expenditure for 2020 was just over €104bn, an increase of almost €17bn compared to 2019. This reflects the supports and measures put in place in response to COVID-19. Subsidies and social transfers increased by €11.3bn, mainly due to the Wage Subsidy Schemes and the Pandemic Unemployment Payment (PUP). Intermediate consumption rose by €2.0bn, mostly related to higher spending in the health sector, while current transfers increased by €0.6bn.”

This release includes a breakdown of COVID-19 measures totalling €13.1bn included in general government expenditure such as the PUP.

Government revenues were €3.5bn lower than in 2019. Overall tax revenues were down €2.5bn (a 3.9% drop on 2019), with a fall of 12.5% in indirect taxes, mainly due to a reduction in VAT receipts and the waiving of commercial rates, compared with a rise of 2.6% in direct taxes (including corporation tax and income taxes).

With regard to the level of government borrowing during 2020, Tom Fitzgerald commented that general government gross debt increased to €218.2bn, an increase of almost €14bn in the year. He also noted that the debt to GDP ratio remained just below the Stability and Growth Pact threshold of 60% due to the performance of GDP in the year.

Editor's Note:

Government accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.

This release contains the detailed tables as referenced in the provisional release published on 13 April 2021 and are aligned with the April 2021 Excessive Deficit Procedure notification.

For further information contact:

Tom Fitzgerald (+353) 1 498 4219 or Derek Stynes (+353) 1 498 4303

or email tom.fitzgerald@cso.ie

or email gfs@cso.ie

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