Total general government revenue at €33.4 billion in Quarter 2 (Q2) 2024, was €3.7 billion more than Q2 2023.
General government expenditure also increased, reaching €29.7 billion. This was €1.5 billion higher than Q2 2023.
The resulting general government balance was €3.7 billion in Q2 2024, compared with €1.5 billion in Q2 2023.
The general government gross debt to Gross Domestic Product (GDP) ratio was 42.8% at the end of Q2 2024.
| Table 1.1 General Government Finances | |||||||||||||
| 2022 | 2023 | 2024 | |||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||
| Deficit/Surplus | |||||||||||||
| Value | €bn | -0.3 | 1.7 | 2.0 | 5.3 | 0.6 | 1.5 | -0.2 | 5.6 | 0.5 | 3.7 | ||
| Percentage of quarterly GDP | % | -0.2 | 1.3 | 1.4 | 3.9 | 0.5 | 1.2 | -0.1 | 4.4 | 0.4 | 3.0 | ||
| Seasonally adjusted value | €bn | 1.6 | 1.9 | 3.6 | 1.4 | 2.4 | 1.8 | 1.6 | 1.7 | 2.3 | 3.9 | ||
| Gross Debt | |||||||||||||
| Value | €bn | 235.2 | 236.6 | 236.1 | 224.8 | 223.6 | 223.1 | 222.6 | 220.7 | 215.8 | 216.9 | ||
| Percentage of annualised GDP | % | 50.6 | 48.9 | 46.9 | 43.1 | 42.5 | 42.4 | 43.0 | 43.3 | 42.5 | 42.8 | ||
| Net debt | |||||||||||||
| Value | €bn | 192.7 | 188.7 | 185.7 | 186.5 | 185.0 | 182.4 | 180.7 | 179.2 | 179.1 | 172.4 | ||
| Percentage of annualised GDP | % | 41.4 | 39.0 | 36.9 | 35.8 | 35.1 | 34.6 | 34.9 | 35.1 | 35.3 | 34.0 | ||
With revenue of €33.4 billion and expenditure of €29.7 billion, Q2 2024 saw a surplus of €3.7 billion. This is more than double the €1.5 billion surplus in the same quarter in 2023. On the revenue side, the main drivers are increased taxes of €3.3 billion, social contributions of €0.4 billion, and investment income of €0.2 billion.
Expenditure was €1.5 billion higher than the same quarter in 2023, mainly due to growth in compensation of employees of €0.8 billion, gross fixed capital formation of €0.4 billion, social benefits of €0.2 billion, and intermediate consumption of another €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 | 1.6 |
| Q2 2022 | 1.7 | 1.9 |
| Q3 2022 | 2 | 3.6 |
| Q4 2022 | 5.3 | 1.4 |
| Q1 2023 | 0.6 | 2.4 |
| Q2 2023 | 1.5 | 1.8 |
| Q3 2023 | -0.2 | 1.6 |
| Q4 2023 | 5.6 | 1.7 |
| Q1 2024 | 0.5 | 2.3 |
| Q2 2024 | 3.7 | 3.9 |
The general government gross debt rose by nearly €1.1 billion in the quarter. The debt to GDP ratio was 42.8% at the end of Q2 2024, an uptick of 0.3 percentage points from the end of Q1 2024. The increase in the ratio this quarter was driven both by the rise in the level of debt, and a fall in GDP in the quarter. Over that same time frame, the net debt to GDP ratio fell from 35.3% to 34.0% predominantly due to the increase in AF.2 assets (cash and deposits).
| Gross Debt | Net Debt | |
| 2022 Q1 | 50.6 | 41.4 |
| 2022 Q2 | 48.9 | 39.0 |
| 2022 Q3 | 46.9 | 36.9 |
| 2022 Q4 | 43.1 | 35.8 |
| 2023 Q1 | 42.5 | 35.1 |
| 2023 Q2 | 42.4 | 34.6 |
| 2023 Q3 | 43.0 | 34.9 |
| 2023 Q4 | 43.3 | 35.1 |
| 2024 Q1 | 42.5 | 35.3 |
| 2024 Q2 | 42.8 | 34.0 |
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 the end of September 2024 under the EU regulation governing the Excessive Deficit Procedure (EDP) and the annual Government Finance Statistics (October 2024 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.
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 (22 October 2024) released Government Finance Statistics Quarterly Results for Q2 2024.
Commenting on the release, Paul McElvaney, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for Q2 2024 show that total government revenue rose to €33.4 billion, which was €3.7 billion higher than in Q2 2023. This was driven by taxes and social contributions, which increased by €3.6 billion.
Total government expenditure also saw an increase to €29.7 billion in Q2 2024, which was €1.5 billion higher than Q2 2023. This was across a range of items, with growth driven by pay, intermediate consumption, social benefits and gross fixed capital formation.
This resulted in a government surplus of €3.7 billion in Q2 2024."