Total general government revenue at €37.4 billion in Quarter 4 (Q4) 2023, was €2.3 billion more than Q4 2022.
General government expenditure also increased, reaching €31.7 billion. This was €1.9 billion higher than Q4 2022.
The resulting general government balance was €5.7 billion in Q4 2023, compared with €5.3 billion in Q4 2022.
The general government gross debt to Gross Domestic Product (GDP) ratio was 43.7% at the end of Q4 2023.
| Table 1.1 General Government Finances | |||||||||||||||
| 2021 | 2022 | 2023 | |||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||
| Deficit/Surplus | |||||||||||||||
| Value | €bn | -6.2 | -2.5 | -2.6 | 4.7 | -0.3 | 1.6 | 2.0 | 5.3 | 0.9 | 1.7 | 0.0 | 5.7 | ||
| Percentage of quarterly GDP | % | -6.0 | -2.4 | -2.2 | 4.2 | -0.2 | 1.3 | 1.5 | 4.0 | 0.7 | 1.4 | 0.0 | 4.6 | ||
| Seasonally adjusted value | €bn | -4.6 | -2.1 | -1.0 | 1.0 | 1.3 | 2.2 | 3.7 | 1.4 | 2.4 | 2.4 | 1.8 | 1.6 | ||
| Gross debt | |||||||||||||||
| Value | €bn | 230.4 | 234.5 | 236.3 | 236.1 | 235.2 | 236.6 | 236.1 | 224.7 | 223.6 | 223.0 | 222.6 | 220.7 | ||
| Percentage of annualised GDP | % | 60.0 | 58.3 | 56.6 | 54.4 | 52.3 | 50.5 | 48.4 | 44.4 | 43.5 | 43.1 | 43.5 | 43.7 | ||
| Net debt | |||||||||||||||
| Value | €bn | 191.8 | 194.1 | 194.4 | 193.1 | 194.4 | 190.4 | 187.5 | 188.2 | 186.7 | 183.9 | 182.2 | 180.7 | ||
| Percentage of annualised GDP | % | 49.9 | 48.2 | 46.6 | 44.5 | 43.2 | 40.6 | 38.4 | 37.2 | 36.3 | 35.6 | 35.6 | 35.8 | ||
With revenue of €37.4 billion and expenditure of €31.7 billion, Q4 2023 saw a surplus of €5.7 billion. This is broadly similar to the €5.3 billion surplus in the same quarter in 2022. On the revenue side, the main drivers are increased taxes of €1.4 billion, increased investment income of €0.5 billion and social contributions €0.3 billion.
Expenditure was €1.9 billion higher than the same quarter in 2022 mainly due to growth in compensation of employees of €0.3 billion, intermediate consumption €0.7 billion, social benefits of €0.4 billion and gross fixed capital formation €0.5 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 | -2.1 |
| Q3 2021 | -2.6 | -1 |
| Q4 2021 | 4.7 | 1 |
| Q1 2022 | -0.3 | 1.3 |
| Q2 2022 | 1.6 | 2.2 |
| Q3 2022 | 2 | 3.7 |
| Q4 2022 | 5.3 | 1.4 |
| Q1 2023 | 0.9 | 2.4 |
| Q2 2023 | 1.7 | 2.4 |
| Q3 2023 | 0 | 1.8 |
| Q4 2023 | 5.7 | 1.6 |
The general government gross debt to Gross Domestic Product (GDP) ratio was 43.7% at the end of Q4 2023, an increase of 0.2 percentage points from the end of Q3 2023. The increase in the ratio this quarter was driven by the fall in GDP as the level of debt fell slightly. Over that same time frame, the general government net debt to GDP ratio moved from 35.6% to 35.8%.
| Gross Debt | Net Debt | |
| 2021 Q1 | 60 | 49.9 |
| 2021 Q2 | 58.3 | 48.2 |
| 2021 Q3 | 56.6 | 46.6 |
| 2021 Q4 | 54.4 | 44.5 |
| 2022 Q1 | 52.3 | 43.2 |
| 2022 Q2 | 50.5 | 40.6 |
| 2022 Q3 | 48.4 | 38.4 |
| 2022 Q4 | 44.4 | 37.2 |
| 2023 Q1 | 43.5 | 36.3 |
| 2023 Q2 | 43.1 | 35.6 |
| 2023 Q3 | 43.5 | 35.6 |
| 2023 Q4 | 43.7 | 35.8 |
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 March 2024 under the EU regulation governing the Excessive Deficit Procedure and the annual Government Finance Statistics (April 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.
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 (22 April 2024) released Government Finance Statistics Quarterly Results for Quarter 4 (Q4) 2023.
Commenting on the release, Jason Sibley, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for Quarter 4 (Q4) 2023 show that total government revenue rose to €37.4 billion, which was €2.3 billion higher than in Q4 2022. This was driven by taxes, which increased by €1.4 billion.
Total government expenditure also saw an increase, to €31.7 billion in Q4 2023, which was €1.9 billion higher than Q4 2022. This was across a range of items, with increases in pay, intermediate consumption, social benefits and gross fixed capital formation.
This resulted in a government surplus of €5.7 billion in Q4 2023."