The general government balance returned to a surplus of €8.0 billion in 2022 following two years of successive deficits, the highest surplus since the series began in 1995.
Total government revenue increased to €115.5 billion in 2022, €16.6 billion higher than 2021.
Total government expenditure reached €107.5 billion, €1.8 billion more than the previous year.
Gross general government debt decreased to €224.8 billion at the end of 2022.
| Table 1.1 General Government Finances | |||||||
| End of year | General Government | GDP | |||||
| Balance | Gross Debt | Net Debt | |||||
| €bn | % GDP | €bn | % GDP | €bn | % GDP | €bn | |
| 2017 | -0.9 | -0.3 | 201.3 | 67.6 | 175.1 | 58.8 | 297.8 |
| 2018 | 0.4 | 0.1 | 205.8 | 63.0 | 177.1 | 54.2 | 326.6 |
| 2019 | 1.7 | 0.5 | 203.4 | 57.0 | 174.3 | 48.9 | 356.7 |
| 2020 | -18.7 | -5.0 | 217.9 | 58.4 | 186.0 | 49.9 | 372.8 |
| 2021 | -6.8 | -1.6 | 236.1 | 55.4 | 192.8 | 45.2 | 426.3 |
| 2022 | 8.0 | 1.6 | 224.8 | 44.7 | 185.4 | 36.9 | 502.6 |
| X-axis label | GG gross debt (LHS) | GG net debt (LHS) | GG balance (RHS) |
|---|---|---|---|
| 2017 | 67.6 | 58.8 | -0.3 |
| 2018 | 63 | 54.2 | 0.1 |
| 2019 | 57 | 48.8 | 0.5 |
| 2020 | 58.4 | 49.9 | -5 |
| 2021 | 55.4 | 45.2 | -1.6 |
| 2022 | 44.7 | 36.9 | 1.6 |
The general government finances rebounded to a record surplus of €8.0 billion in 2022, following two years of deficits due to the impact of the COVID-19 pandemic on the fiscal position during 2020 and 2021.
This improvement in 2022 was driven by revenues of €115.5 billion, an increase of €16.6 billion (16.8%) on 2021. The main driver behind this increase was the continued growth in tax revenues (Table 1.2). Tax revenues increased by €13.3 billion (17.6%) on the previous year, with direct taxes accounting for €11.0 billion of this increase. Continued growth in direct taxes in recent years has seen this income source double since 2015. Indirect taxes also showed growth in 2022 of €2.2 billion (7.5%).
The record revenues help negate the effect of increased expenditure on the government balance in 2022. Expenditure climbed to a high of €107.5 billion, up €1.8 billion (1.7%) on 2021. The increase in expenditure consisted of €2.2 billion (8.4%) more in compensation of employees, mainly due to pay increases awarded in 2022. Spending on use of goods and services rose by €1.6 billion (9.7%) reflecting rising inflation costs.
When comparing 2022 data with 2021, users should note certain Government COVID-19 support measures that have since closed (in particular expenditure on the Pandemic Unemployment Payment (€4.0 billion in 2021) and the Employment Wage Subsidy Scheme (€4.7 billion in 2021)), thus changing the profile of government expenditure.
The general government gross debt to GDP ratio was 44.7% at the end of 2022 compared with 55.4% of GDP a year earlier. The nominal value of debt decreased by €11.4 billion during the year. Net debt, which includes EDP assets, was €185.4 billion at the end of 2022, down €7.4 billion.
Government accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.
The detailed tables are aligned with the April 2023 Excessive Deficit Procedure notification. Revisions to previous years reflect updated data sources or changes in methodology - see background notes.
The main EDP notification tables for Ireland will be published on 21 April, the same day as the Eurostat release of EDP statistics. This will include details of government guarantees, PPPs and concessions and tables showing the impact on government accounts of government interventions in the financial sector.
Annual Government Finance Statistics are benchmarked to the most recent EDP notification and so may not be fully aligned with the National Income and Expenditure and related publications, such as the Institutional Sector Accounts.
The concepts and definitions used in this release are described in the background notes.
Statistician's Comment
The Central Statistics Office (CSO) has today (20 April 2023) released Government Finance Statistics results for 2022.
Commenting on the release, Tom Fitzgerald, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for the year 2022 show total government revenue of €115.5 billion, which was €16.6 billion higher than in 2021. The strong recovery in taxes seen in the Q1 – Q3 2022 results published so far, carried into the fourth quarter. Thus, the increase in total revenue was very much driven by increased tax revenue which was €13.3 billion larger in 2022 than in 2021.
Total government expenditure increased by €1.8 billion in 2022. This was mainly due to increased compensation of employees and intermediate consumption with reductions in the level of subsidies in the year.
This resulted in an overall government surplus of €8.0 billion for 2022, the highest surplus since the series began in 1995.
Gross general government debt fell by €11.4 billion to €224.8 billion at the end of 2022. This is equivalent to 44.7% of Gross Domestic Product (GDP). "