Total general government revenue stood at €36.7 billion in Quarter 2 (Q2) 2026, leading to a €2.8 billion surplus in the quarter.
Total general government revenue was €1.7 billion more than Q2 2025, a 4.9% increase.
General government expenditure increased to €33.9 billion in Q2 2026. This was €1.1 billion higher than Q2 2025.
Gross general government debt was €205.9 billion, or 35.3% of Gross Domestic Product (GDP) at the end of Q2 2026.
| Table 1.1 General Government Finances | |||||||||||||
| 2024 | 2025 | 2026 | |||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||
| Deficit/Surplus | |||||||||||||
| Value | €bn | -0.5 | 3.2 | 15.7 | 5.0 | 0.5 | 2.1 | -0.5 | 8.5 | 1.0 | 2.8 | ||
| Percentage of quarterly GDP | % | -0.4 | 2.4 | 10.9 | 3.3 | 0.3 | 1.4 | -0.3 | 5.8 | 0.7 | 1.9 | ||
| Seasonally adjusted value | €bn | 1.5 | 3.3 | 17.6 | 1.2 | 2.5 | 2.2 | 1.6 | 3.8 | 3.1 | 3.0 | ||
| Gross Debt | |||||||||||||
| Value | €bn | 214.1 | 215.2 | 215.9 | 215.6 | 206.2 | 207.2 | 208.9 | 209.9 | 215.4 | 205.9 | ||
| Percentage of annualised GDP | % | 40.9 | 40.6 | 40.0 | 38.4 | 35.1 | 34.4 | 34.5 | 34.8 | 37.0 | 35.3 | ||
| Net Debt | |||||||||||||
| Value | €bn | 177.7 | 171.4 | 166.9 | 155.1 | 149.5 | 145.0 | 144.1 | 138.4 | 140.2 | 139.3 | ||
| Percentage of annualised GDP | % | 34.0 | 32.4 | 30.9 | 27.6 | 25.4 | 24.1 | 23.8 | 23.0 | 24.1 | 23.9 | ||
Expenditure was €1.1 billion (3.3%) higher than the same quarter in 2025. This is mainly due to a rise of €0.7 billion (7%) in social benefits, and of €0.5 billion (5.8%) in wages and salaries (compensation of employees). Current transfers saw an increase of €0.2 billion (21.1%). Elsewhere, capital investment (gross fixed capital formation) increased by €0.1 billion (3.3%) while capital transfers dropped by €0.3 billion (24.2%). (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 | -0.5 | 1.5 |
| Q2 2024 | 3.2 | 3.3 |
| Q3 2024 | 15.7 | 17.6 |
| Q4 2024 | 5 | 1.2 |
| Q1 2025 | 0.5 | 2.5 |
| Q2 2025 | 2.1 | 2.2 |
| Q3 2025 | -0.5 | 1.6 |
| Q4 2025 | 8.5 | 3.8 |
| Q1 2026 | 1 | 3.1 |
| Q2 2026 | 2.8 | 3.0 |
General government debt decreased by €9.6 billion in the quarter. As a percentage of GDP, the debt ratio was 35.3%, a decrease of 1.8 percentage points compared to Q1 2026. The decrease in the ratio is largely driven by a decrease in the level of debt securities.
Net debt, which takes into account government holdings of EDP assets, stands at €139.3 billion at the end of the quarter. While debt liabilities decreased by €9.6 billion, government holdings of EDP assets fell by €8.7 billion leaving net debt €0.9 billion lower than Q1 2026 levels. On the asset side, holdings of currency and deposits (AF.2) decreased by €4.5 billion while debt securities (AF.3) fell by €4.2 billion. At end Q2 2026 the net debt to GDP ratio stood at 23.9% down from 24.1% compared to Q1 2026.
| Gross Debt | Net Debt | |
| 2024 Q1 | 40.9 | 34 |
| 2024 Q2 | 40.6 | 32.4 |
| 2024 Q3 | 40 | 30.9 |
| 2024 Q4 | 38.4 | 27.6 |
| 2025 Q1 | 35.1 | 25.4 |
| 2025 Q2 | 34.4 | 24.1 |
| 2025 Q3 | 34.5 | 23.8 |
| 2025 Q4 | 34.8 | 23 |
| 2026 Q1 | 37 | 24.1 |
| 2026 Q2 | 35.3 | 23.9 |
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.
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 Oct 2026) published Government Finance Statistics Quarterly Results for Quarter 2 (Q2) 2026.
Commenting on the release, Anousheh Alamir, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for Q2 2026 show that total government revenue stood at €36.7 billion, which was €1.7 billion higher than in Q2 2025. This was driven primarily by an increase in taxes of €1.3 billion and social contributions of €0.4 billion.
Total government expenditure also rose to €33.9 billion in Q2 2026, which was €1.1 billion higher than Q2 2025. This was across a range of items, with increases in social benefits, pay, subsidies and other current transfers.
This resulted in a government surplus of €2.8 billion in Q2 2026."