Provisional estimates indicate a small government deficit (net borrowing, B.9) of €0.2bn in the third quarter of 2025. This was the first quarter since Q1 2024 that a deficit was recorded. There was a surplus in 12 of the previous 15 quarters going back to Q4 2021. The change with Q3 2024 was largely due to net capital transfers (D.9) of €14bn received in Q3 2024 arising from a Court of Justice of the European Union ruling. These government figures are provisional and are subject to change when the Government Finance Statistics for Q3 2025 are published in the coming weeks. 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 €0.3bn on the same quarter of 2024. Taxes on products and production (D.2, which include VAT and local authority Rates) were up €0.1bn 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 €0.8bn (4%) to €18.3bn. 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 €118bn in Q3 2025, which was €11.5bn (11%) higher than in Q3 2024. The change in GVA by activity with Q3 2024 is illustrated in Figure 2.1. As we can see, the growth in GVA of non-financial corporations was in large part 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 €118bn in GVA was split into €27bn Compensation of Employees (COE, D.1 up 7% on Q3 2024) and €91bn Gross Operating Surplus (GOS, B2A3G up 12%).
The GOS (profit) was then largely distributed as dividends and reinvested earnings paid out (€69bn in the quarter, up €17bn or 33% on the third quarter of 2024).
Non-Financial corporations invested €32bn in capital assets (P5) in the quarter, which is €7bn more than in the same quarter last year. This left their net lending (B.9) at €2.1bn, a €0.4bn increase from a net lending of €1.7bn position in Q3 2024.
| Change since 2024Q3 | |
| Industry (excl. Construction) | 8.82 |
| Construction | 0.22 |
| Distribution, Transport, Hotels & Restaurants | 0.40 |
| Information & Communication | 2.36 |
| Professional, Admin & Support Services | -0.96 |
| Arts, Entertainment & Other Services | 0.15 |
Investment income (D.4) inflows and outflows of financial corporations were €55bn and €54bn respectively in Q3 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 Q3 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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