Total general government revenue increased to €27.7 billion in Quarter 1 (Q1) 2023, €3.3 billion more than Q1 2022.
Total general government expenditure rose to €25.9 billion in Q1 2023, €1.1 billion higher than Q1 2022.
The resulting general government surplus was €1.8 billion in Q1 2023.
| Table 1.1 General Government Finances | ||||||||||
| 2021 Q1 | 2021 Q2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | ||
| Deficit/Surplus | € billion | -6.3 | -2.5 | -2.6 | 4.6 | -0.4 | 1.3 | 1.9 | 5.2 | 1.8 |
| % of quarterly GDP | -6.1 | -2.5 | -2.3 | 4.1 | -0.3 | 1.1 | 1.4 | 4.0 | 1.4 | |
| seasonally adjusted (€ billion) | -4.5 | -2.1 | -1.5 | 1.2 | 1.6 | 1.8 | 2.8 | 1.8 | 4.0 | |
| Gross debt | € billion | 230.4 | 234.6 | 236.4 | 236.1 | 235.3 | 236.8 | 236.3 | 224.8 | 223.6 |
| % of annualised GDP | 60.0 | 58.3 | 56.7 | 54.4 | 52.3 | 50.5 | 48.5 | 44.4 | 43.5 | |
| Net debt | € billion | 191.8 | 193.9 | 194.3 | 192.8 | 194.2 | 190.1 | 187.2 | 185.6 | 180.2 |
| % of annualised GDP | 49.9 | 48.2 | 46.6 | 44.4 | 43.2 | 40.6 | 38.4 | 36.7 | 35.0 | |
With revenue of €27.7 billion and expenditure of €25.9 billion, Q1 2023 saw a surplus of €1.8 billion. This compares with a €0.4 billion deficit in the same quarter in 2022. On the revenue side, the main drivers are an increase in tax revenues of €2.4 billion and an additional €0.6 billion in social contributions.
Expenditure was €1.1 billion higher than the same quarter in 2022 mainly due to increases in other current transfers of €0.8 billion and social benefits of €0.4 billion (see Table 1.2).
This release includes seasonally adjusted figures for general government total revenue, total expenditure, and the deficit/surplus (see Table 1.2). A comparison between the seasonally adjusted and non-seasonally adjusted balance is shown in Figure 1.1. For details regarding the methodology used in producing the seasonally adjusted series, please see background notes.
| GG Balance | SA GG Balance | |
| Q1 2021 | -6.3 | -4.5 |
| Q2 2021 | -2.5 | -2.1 |
| Q3 2021 | -2.6 | -1.5 |
| Q4 2021 | 4.6 | 1.2 |
| Q1 2022 | -0.4 | 1.6 |
| Q2 2022 | 1.3 | 1.8 |
| Q3 2022 | 1.9 | 2.8 |
| Q4 2022 | 5.2 | 1.8 |
| Q1 2023 | 1.8 | 4 |
The general government gross debt to GDP ratio was 43.5% at the end of Q1 2023, a decrease of 0.9 percentage points from the end of Q4 2022. The reduction in the ratio this quarter was again largely driven by the increase in Gross Domestic Product (GDP). Over that same time frame, the general government net debt to GDP ratio moved from 36.7% to 35.0%.
| GG Gross Debt | GG Net Debt | |
| Q1 2021 | 60 | 49.9 |
| Q2 2021 | 58.3 | 48.2 |
| Q3 2021 | 56.7 | 46.6 |
| Q4 2021 | 54.4 | 44.4 |
| Q1 2022 | 52.3 | 43.2 |
| Q2 2022 | 50.5 | 40.6 |
| Q3 2022 | 48.5 | 38.4 |
| Q4 2022 | 44.4 | 36.7 |
| Q1 2023 | 43.5 | 35 |
Government accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.
This release contains quarterly Government Finance Statistics (GFS) and is aligned to the Annual National Accounts 2022 (ANA) published on 14 July 2023.
A full description of the concepts and definitions used in the production of these statistics is provided in the Background Notes.
Statistician's Comment
The Central Statistics Office (CSO) has today (18 July 2023) released Government Finance Statistics quarterly results for Quarter 1 2023.
Commenting on the release, Jason Sibley, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for Quarter 1 (Q1) 2023 show total government revenue rose to €27.7 billion, which is €3.3 billion higher than in Q1 2022. This was driven mainly by increased tax revenue, which at €20.6bn was €2.4 billion higher than Q1 2022.
Total government expenditure also grew to €25.9 billion in Q1 2023, which was €1.1 billion higher than Q1 2022. This was due to increased current transfers and social benefits.
This resulted in an overall government surplus of €1.8 billion in Q1 2023."