Provisional estimates indicate a government surplus (net lending, B.9) of €0.8bn in the first quarter of 2026. There has been a surplus in 14 of the last 18 quarters going back to Q4 2021. These government figures are consistent with the Q1 2026 Government Finance Statistics published on 20th July 2026. Income and wealth taxes plus social contributions (D.5 and D.61, which include PAYE and other tax on individual earnings, and corporation tax) were up €1bn on the same quarter of 2025. Taxes on products and production (D.2, which include VAT and local authority Rates) were up €0.7bn on the same quarter of 2025.
On the expenditure side, social benefits (D.62) were up €0.6bn (8%) while final consumption expenditure (P.3) rose by €0.9bn (5%) to €17.8bn. Further details of the estimates before price or seasonal adjustment are shown in Table 2.1, below.
The gross value added (GVA) of Non-Financial Corporations was €101bn in Q1 2026, which was €22bn (-18%) lower than in Q1 2025. The decrease in the GVA of non-financial corporations was in large part due to lower value added in Industry.
The sequence of accounts after GVA, before price or seasonal adjustment, is summarised in Table 2.2. The €101bn in GVA was split into €30bn Compensation of Employees (COE, D.1 up 5% on Q1 2025) and €71bn Gross Operating Surplus (GOS, B2A3G down 25%).
The GOS (profit) was then largely distributed as dividends and reinvested earnings paid out (€46bn in the quarter, down €28bn or 37% on the first quarter of 2025).
Non-Financial corporations invested €26bn in capital assets (P5) in the quarter, which is €5bn less than in the same quarter last year. This left their net lending (B.9) at €9.6bn, an €8.4bn increase from a net lending position of €1.2bn in Q1 2025.
Investment income (D.4) inflows and outflows of financial corporations were €64bn and €55bn respectively in Q1 2026. The value added of the sector was comparatively small: €6bn, similar to the equivalent quarter of 2025. The sector paid €3bn in compensation of employees in Q1 and made €3bn in gross operating surplus.
Much of the investment income flows relate to assets held overseas. As we can see from the International Accounts Table 1.5, a substantial part of the investment income (primary income) is paid and received by Other Financial Intermediaries, such as non-pension investment funds. Thus, while the value of transactions are very high in the sub-sector, they have limited impact on the domestic economy.
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