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Total general government revenue at €28.8 billion in Quarter 1 (Q1) 2024, was €1.3 billion more than Q1 2023.
General government expenditure also increased, reaching €28.3 billion. This was €1.4 billion higher than Q1 2023.
The resulting general government balance was €0.5 billion in Q1 2024, compared with €0.7 billion in Q1 2023.
The general government gross debt to Gross Domestic Product (GDP) ratio was 42.5% at the end of Q1 2024.
| Table 1.1 General Government Finances | ||||||||||||
| 2022 | 2023 | 2024 | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||
| Deficit/Surplus | ||||||||||||
| Value | €bn | -0.3 | 1.6 | 1.9 | 5.1 | 0.7 | 1.6 | -0.1 | 5.7 | 0.5 | ||
| Percentage of quarterly GDP | % | -0.3 | 1.2 | 1.4 | 3.8 | 0.5 | 1.2 | -0.1 | 4.5 | 0.4 | ||
| Seasonally adjusted value | €bn | 1.4 | 2.0 | 3.8 | 1.0 | 2.4 | 2.1 | 1.9 | 1.5 | 2.1 | ||
| Gross debt | ||||||||||||
| Value | €bn | 235.2 | 236.6 | 236.1 | 224.7 | 223.6 | 223.0 | 222.6 | 220.7 | 215.8 | ||
| Percentage of annualised GDP | % | 50.6 | 48.9 | 46.9 | 43.1 | 42.5 | 42.4 | 43.0 | 43.3 | 42.5 | ||
| Net debt | ||||||||||||
| Value | €bn | 194.4 | 190.4 | 187.5 | 188.2 | 186.7 | 184.0 | 182.2 | 180.8 | 180.7 | ||
| Percentage of annualised GDP | % | 41.8 | 39.4 | 37.3 | 36.1 | 35.5 | 34.9 | 35.2 | 35.5 | 35.6 | ||
With revenue of €28.8 billion and expenditure of €28.3 billion, Q1 2024 saw a surplus of €0.5 billion. This is broadly similar to the €0.7 billion surplus in the same quarter in 2023. On the revenue side, the main drivers are increased taxes of €0.8 billion, increased social contributions of €0.4 billion, and investment income of €0.1 billion.
Expenditure was €1.4 billion higher than the same quarter in 2023, mainly due to growth in social benefits of €0.9 billion, compensation of employees of €0.6 billion, and gross fixed capital formation of €0.2 billion (See Table 1.2).
This release includes seasonally adjusted figures for general government total revenue, total expenditure, and the balance (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 2022 | -0.3 | 1.4 |
| Q2 2022 | 1.6 | 2 |
| Q3 2022 | 1.9 | 3.8 |
| Q4 2022 | 5.1 | 1 |
| Q1 2023 | 0.7 | 2.4 |
| Q2 2023 | 1.6 | 2.1 |
| Q3 2023 | -0.1 | 1.9 |
| Q4 2023 | 5.7 | 1.5 |
| Q1 2024 | 0.5 | 2.1 |
The general government gross debt fell by nearly €5 billion in the quarter. The debt to Gross Domestic Product (GDP) ratio was 42.5% at the end of Q1 2024, a decrease of 0.8 percentage points from the end of Q4 2023. The decrease in the ratio this quarter was driven entirely by the fall in the level of debt, as GDP fell by over €2 billion in the quarter. Over that same time frame, the value of general government net debt is unchanged, with debt assets falling by the same amount as the liabilities. The General Government (GG) net debt to GDP ratio rose from 35.5% to 35.6% due to the fall in GDP.
| Gross Debt | Net Debt | |
| 2022 Q1 | 50.6 | 41.8 |
| 2022 Q2 | 48.9 | 39.4 |
| 2022 Q3 | 46.9 | 37.3 |
| 2022 Q4 | 43.1 | 36.1 |
| 2023 Q1 | 42.5 | 35.5 |
| 2023 Q2 | 42.4 | 34.9 |
| 2023 Q3 | 43 | 35.2 |
| 2023 Q4 | 43.3 | 35.5 |
| 2024 Q1 | 42.5 | 35.6 |
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 2023 (ANA) published on 12 July 2024.
A full description of the concepts and definitions used in the production of these statistics is provided in the Background Notes.
Learn about our data and confidentiality safeguards, and the steps we take to produce statistics that can be trusted by all.
Statistician's Comment
The Central Statistics Office (CSO) has today (16 July 2024) released Government Finance Statistics Quarterly Results for Q1 2024.
Commenting on the release, Paul McElvaney, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for Q1 2024 show that total government revenue rose to €28.8 billion, which was €1.3 billion higher than in Q1 2023. This was driven by taxes and social contributions, which increased by €1.2 billion.
Total government expenditure also saw an increase, to €28.3 billion in Q1 2024, which was €1.4 billion higher than Q1 2023. This was across a range of items, with increases driven by pay, social benefits, and gross fixed capital formation.
This resulted in a government surplus of €0.5 billion in Q1 2024."