The government surplus (net lending, B.9) was €2.8bn in the second quarter of 2025. This was the fourth year in a row a surplus was recorded in the second quarter whereas there was a deficit in 15 of the previous 17 second quarters going back to Q2 2005. The surplus of €2.8bn was similar to the net lending figure of €3.1bn in the second quarter of 2024. Income and wealth taxes (D.5, which include PAYE and other tax on individual earnings, and corporation tax) were up €0.6bn (3%) on the same quarter of 2024. Taxes on products and production (D.2, which include VAT and local authority Rates) were up €0.4bn (5%) on the same quarter of 2024.
On the expenditure side, social benefits (D.62) were up €0.5bn (7%) while final consumption expenditure (P.3) rose by €0.7bn (4%) to €17.5bn. 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 €123bn in Q2 2025, which was €20.3bn (20%) higher than in Q2 2024. The change in GVA by activity is illustrated in Figure 2.1. As we can see, the large growth in GVA of non-financial corporations was mainly due to higher value added in Industry.
The sequence of accounts after GVA, before price or seasonal adjustment, is summarised in Table 2.2. The €123bn in GVA was split into €27bn Compensation of Employees (COE, D.1 up 5% on Q2 2024) and €96bn Gross Operating Surplus (GOS, B2A3G up 25%).
The GOS (profit) was then largely distributed as dividends and reinvested earnings paid out (€65bn in the quarter, up €21bn or 48% on the second quarter of 2024).
Non-Financial corporations invested €23bn in capital assets (P5) in the quarter, which is €17bn more than in 2024 Q2. This left their net lending (B.9) at €6bn, a decrease of €27bn from a net lending of €33bn in the equivalent quarter last year.
| Change since 2024Q2 | |
| Industry (excl. Construction) | 14.56 |
| Construction | 0.77 |
| Distribution, Transport, Hotels & Restaurants | 0.32 |
| Information & Communication | 4.30 |
| Professional, Admin & Support Services | -0.84 |
| Arts, Entertainment & Other Services | 0.09 |
Investment income (D.4) inflows and outflows of financial corporations were both €59bn in Q2 2025. The value added of the sector was comparatively small: €7bn, similar to the equivalent quarter of 2024. The sector paid €3bn in compensation of employees in Q2 and made €4bn 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, the investment income (primary income) is mostly 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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