Total general government revenue increased to €29.6 billion in Quarter 2 (Q2) 2023, €2.0 billion more than Q2 2022.
Total general government expenditure rose to €27.4 billion in Q2 2023, €1.4 billion higher than Q2 2022.
The resulting general government balance was €2.2 billion in Q2 2023.
| Table 1.1 General Government Finances | |||||||||||||
| 2021 | 2022 | 2023 | |||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||
| Deficit/Surplus | |||||||||||||
| Value | €bn | -6.2 | -2.5 | -2.6 | 4.7 | -0.4 | 1.6 | 2.0 | 5.3 | 1.8 | 2.2 | ||
| Percentage of quarterly GDP | % | -6.0 | -2.4 | -2.2 | 4.1 | -0.3 | 1.3 | 1.5 | 4.0 | 1.5 | 1.7 | ||
| Seasonally adjusted value | €bn | -4.6 | -1.9 | -1.4 | 1.2 | 1.3 | 2.3 | 3.0 | 1.7 | 3.6 | 3.1 | ||
| Gross debt | |||||||||||||
| Value | €bn | 230.4 | 234.6 | 236.4 | 236.1 | 235.3 | 236.8 | 236.3 | 224.8 | 223.6 | 222.9 | ||
| Percentage of annualised GDP | % | 59.9 | 58.3 | 56.7 | 54.4 | 52.3 | 50.5 | 48.5 | 44.4 | 43.6 | 43.1 | ||
| Net debt | |||||||||||||
| Value | €bn | 191.8 | 194 | 194.5 | 193 | 194.5 | 190.4 | 187.6 | 188.1 | 186.7 | 183.7 | ||
| Percentage of annualised GDP | % | 49.9 | 48.2 | 46.6 | 44.5 | 43.2 | 40.6 | 38.5 | 37.2 | 36.4 | 35.6 | ||
With revenue of €29.6 billion and expenditure of €27.4 billion, Q2 2023 saw a surplus of €2.2 billion. This compares with a €1.6 billion surplus in the same quarter in 2022. On the revenue side, the main drivers are an increase in tax revenues of €1.3 billion and an additional €0.4 billion in social contributions.
Expenditure was €1.4 billion higher than the same quarter in 2022 mainly due to growth in compensation of employees of €0.6 billion and social benefits of €0.7 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 2021 | -6.2 | -4.6 |
| Q2 2021 | -2.5 | -1.9 |
| Q3 2021 | -2.6 | -1.4 |
| Q4 2021 | 4.7 | 1.2 |
| Q1 2022 | -0.4 | 1.3 |
| Q2 2022 | 1.6 | 2.3 |
| Q3 2022 | 2 | 3 |
| Q4 2022 | 5.3 | 1.7 |
| Q1 2023 | 1.8 | 3.6 |
| Q2 2023 | 2.2 | 3.1 |
The general government gross debt to Gross Domestic Product (GDP) ratio was 43.1% at the end of Q2 2023, a decrease of 0.4 percentage points from the end of Q1 2023. The small reduction in the ratio this quarter was again largely driven by the increase in GDP. Over that same time frame, the general government net debt to GDP ratio moved from 36.4% to 35.6%.
| GG Gross Debt | GG Net Debt | |
| Q1 2021 | 59.9 | 49.9 |
| Q2 2021 | 58.3 | 48.2 |
| Q3 2021 | 56.7 | 46.6 |
| Q4 2021 | 54.4 | 44.5 |
| Q1 2022 | 52.3 | 43.2 |
| Q2 2022 | 50.5 | 40.6 |
| Q3 2022 | 48.5 | 38.5 |
| Q4 2022 | 44.4 | 37.2 |
| Q1 2023 | 43.6 | 36.4 |
| Q2 2023 | 43.1 | 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 and is consistent with General Government Deficit and Debt levels reported at end September 2023 under the EU regulation governing the Excessive Deficit Procedure and the annual Government Finance Statistics (October 2023 results).
Government Finance Statistics are benchmarked to the most recent EDP notification and so may not be fully aligned with the Quarterly National Accounts and related publications, such as the Institutional Sector Accounts.
The quarterly data presented includes updates to previously published series which reflects new and updated data. In particular currency and deposit assets in Q4 2022 and Q1 2023 have been updated taking account of the National Surplus Reserve Fund.
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 (20 October 2023) released Government Finance Statistics Quarterly Results for Quarter 2 2023.
Commenting on the release, Jason Sibley, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for Quarter 2 (Q2) 2023 show total government revenue rose to €29.6 billion, which was €2.0 billion higher than in Q2 2022. This was driven mainly by increased tax revenue, which at €22.3 billion was €1.3 billion higher than Q2 2022.
Total government expenditure also grew to €27.4 billion in Q2 2023, which was €1.4 billion higher than Q2 2022. This was due to increases in pay and social benefits.
This resulted in an overall government surplus of €2.2 billion in Q2 2023."