Total general government revenue stood at €33.1 billion in Quarter 1 (Q1) 2026, leading to a €0.8 billion surplus in the quarter.
Total general government revenue was €1.8 billion more than Q1 2025, a 5.7% increase.
General government expenditure increased to €32.4 billion in Q1 2026. This was €1.5 billion higher than Q1 2025.
Gross general government debt was €215.4 billion, or 37% of Gross Domestic Product (GDP) at the end of Q1 2026.
| Table 1.1 General Government Finances | ||||||||||||
| 2024 | 2025 | 2026 | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||
| Deficit/Surplus | ||||||||||||
| Value | €bn | -0.6 | 3.1 | 15.6 | 5.2 | 0.5 | 2.2 | -0.4 | 9.2 | 0.8 | ||
| Percentage of quarterly GDP | % | -0.5 | 2.3 | 10.8 | 3.5 | 0.3 | 1.5 | -0.3 | 6.3 | 0.5 | ||
| Seasonally adjusted value | €bn | 1.6 | 3.3 | 17.6 | 1.0 | 2.8 | 2.4 | 1.9 | 3.8 | 3.4 | ||
| Gross Debt | ||||||||||||
| Value | €bn | 214.1 | 215.2 | 215.9 | 215.6 | 206.2 | 207.2 | 208.9 | 209.9 | 215.4 | ||
| Percentage of annualised GDP | % | 40.9 | 40.6 | 40.0 | 38.4 | 35.1 | 34.4 | 34.5 | 34.8 | 37.0 | ||
| Net Debt | ||||||||||||
| Value | €bn | 177.7 | 171.4 | 166.8 | 155.1 | 149.5 | 145.1 | 144.2 | 138.4 | 140.3 | ||
| Percentage of annualised GDP | % | 34.0 | 32.4 | 30.9 | 27.6 | 25.4 | 24.1 | 23.8 | 23.0 | 24.1 | ||
Expenditure was €1.5 billion (5%) higher than the same quarter in 2025. This is mainly due to a rise of €0.8 billion (8.2%) in social benefits, of €0.6 billion (6.8%) in wages and salaries (compensation of employees). Elsewhere, capital investment (gross fixed capital formation) increased by €0.2 billion (6.2%). Capital transfers also increased by €0.2 billion (32.6%), while current transfers dropped by €0.4 billion (33.6%) (See Table 1.2).
This release includes seasonally adjusted figures for general government total revenue, total expenditure, and the balance (See Table 1.2). These figures are included to allow for the fact that some quarters of the year tend to be higher or lower than others due to seasonal factors. For example, for the fourth quarter in most years, expenditure tends to be higher. 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 2024 | -0.6 | 1.6 |
| Q2 2024 | 3.1 | 3.3 |
| Q3 2024 | 15.6 | 17.6 |
| Q4 2024 | 5.2 | 1.0 |
| Q1 2025 | 0.5 | 2.8 |
| Q2 2025 | 2.2 | 2.4 |
| Q3 2025 | -0.4 | 1.9 |
| Q4 2025 | 9.2 | 3.8 |
| Q1 2026 | 0.8 | 3.4 |
General government debt increased by €5.5 billion in the quarter. As a percentage of GDP, the debt ratio was 37%, an increase of 2.2 percentage points compared to Q4 2025. The increase in the ratio is a combination of an increase in the level of debt liabilities and a decrease in GDP in the quarter.
Net debt, which takes into account government holdings of EDP assets, increased by €1.8 billion to €140.3 billion in the quarter. The movement in net debt is a result of an increase in debt liabilities which are somewhat offset by an increase of €3.7 billion in assets. On the asset side, holdings of currency and deposits (AF.2) increased by €5.2 billion while debt securities (AF.3) fell by €1.5 billion. At end Q1 2026 the net debt to GDP ratio stood at 24.1% up from 23% compared to Q4 2025.
| Gross Debt | Net Debt | |
| 2024 Q1 | 42 | 34.7 |
| 2024 Q2 | 41.5 | 33.9 |
| 2024 Q3 | 41.8 | 33.8 |
| 2024 Q4 | 41.8 | 33.9 |
| 2025 Q1 | 40.7 | 33.8 |
| 2025 Q2 | 40.5 | 32.3 |
| 2025 Q3 | 40 | 30.9 |
| 2025 Q4 | 38.3 | 27.6 |
| 2026 Q1 | 34.5 | 25 |
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 2025 (ANA) published on 02 July 2026.
The quarterly data presented includes updates to previously published series which reflects new and updated data.
A full description of the concepts and definitions used in the production of these statistics is provided in the Background Notes.
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Statistician's Comment
The Central Statistics Office (CSO) has today (20 July 2026) published Government Finance Statistics Quarterly Results for Quarter 1 (Q1) 2026.
Commenting on the release, Anousheh Alamir, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for Q1 2026 show that total government revenue stood at €33.1 billion, which was €1.8 billion higher than in Q1 2025. This was driven primarily by an increase in taxes of €1.3 billion and social contributions of €0.5 billion.
Total government expenditure also rose to €32.4 billion in Q1 2026, which was €1.5 billion higher than Q1 2025. This was across a range of items, with increases in social benefits, pay, use of goods and services, capital investment, and capital transfers.
This resulted in a government surplus of €0.8 billion in Q1 2026."