Institutional Sector Accounts Non-Financial Quarter 4 2025

Government (S.13)

Provisional estimates indicate a large government surplus (net lending, B.9) of €9.5bn in the fourth quarter of 2025. This was the twelfth quarter of sixteen since Q1 2022 that a surplus was recorded. For 2025 as a whole, there was surplus of €12.1bn. These government figures are provisional and are subject to change when detailed Government Finance Statistics for Q4 2025 are published in the coming weeks. 

In Q4 2025, 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 €5.5bn on the same quarter of 2024. Taxes on products and production (D.2, which include VAT and local authority rates) were up €0.6bn on the same quarter of 2024. On the expenditure side, social benefits (D.62) were down €0.5bn (6%) while final consumption expenditure (P.3) rose by almost €1bn (5%) to €19.1bn. Further details of the fourth quarter estimates before price or seasonal adjustment are shown in Table 2.1, below.

Across 2025, 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 €8.4bn on 2024. Taxes on products and production (D.2, which include VAT and local authority Rates) were up €2n on 2024. On the expenditure side, social benefits (D.62) were up €0.2bn (1%) while final consumption expenditure (P.3) rose by €3.9bn (6%) to €71.8bn. Further details of the 2025 estimates before price or seasonal adjustment are shown in Table 2.2, below.

Non-Financial Corporations (S.11)

The gross value added (GVA) of Non-Financial Corporations was €118bn in Q4 2025, which was €4bn (4%) higher than in Q4 2024. The change in GVA by activity with Q4 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 the Information and Communications Technology (ICT) sector unlike previous quarters where increases in GVA were driven by Industry.

The quarterly sequence of accounts after GVA, before price or seasonal adjustment, is summarised in Table 2.3. In Q4 2025, the €118bn in GVA was split into €26bn Compensation of Employees (COE, D.1 down 1% on Q4 2024) and €91bn Gross Operating Surplus (GOS, B.2A3G up 5%). The GOS (profit) was then largely distributed as dividends and reinvested earnings paid out (€67bn in the quarter, up €2.5bn or 4% on the fourth quarter of 2024). Non-Financial corporations invested €27bn in capital assets (P.5) in the quarter, which is €4bn more than in the same quarter of 2024. This left their net lending (B.9) at €9.3bn, a €3bn decrease from a net lending of €12.3bn position in Q4 2024.

Looking at the year as a whole, the gross value added (GVA) of Non-Financial Corporations was €488bn in 2025, which was €67bn (16%) higher than in 2024. The annual sequence of accounts after GVA, before price or seasonal adjustment, is summarised in Table 2.4. In 2025, the €488bn in GVA was split into €108bn Compensation of Employees (COE, D.1 up 5% on 2024) and €377bn Gross Operating Surplus (GOS, B.2A3G up 20%). The GOS (profit) was then largely distributed as dividends and reinvested earnings paid out (€291bn in the quarter, up €76.6bn or 36% on 2024). Non-Financial corporations invested €110bn in capital assets (P.5) in the year, which is €37.5bn more than in 2024. This left their net lending (B.9) at €17bn, a €41bn decrease from a net lending of €58bn position in 2024.

Financial Corporations (S.12)

Investment income (D.4) inflows and outflows of financial corporations were €55bn and €52bn respectively in Q4 2025. The value added of the sector was comparatively small: €7.9bn, similar to the €7.1bn in Q4 2024. The sector paid €2.8bn in compensation of employees in Q4 2025 and made €5bn in gross operating surplus. See Table 2.5 for a quarterly summary of S.12.

When examined for 2025 as a whole, investment income (D.4) inflows and outflows of financial corporations were €226bn and €223bn respectively in 2025. The value added of the sector was comparatively small: €28.7bn, a 7% increase on the €26.7bn in 2024. The sector paid €11.4bn in compensation of employees in 2025 and made €16.7bn in gross operating surplus. See Table 2.6 for an annual summary of S.12.

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 is very high in the sub-sector, they have limited impact on the domestic economy.

Public Corporations (S11001)

Table 2.7 is a new addition to this release. It summarises the accounts of a group of public corporations (S.11001) in a similar way to the institutional sector tables above. It uses publically available annual reports from these public corporations (also called semi-states) to produce this summary sequence of accounts. Given the nature of these reports, some subjectivity is by necessity introduced in the classification of income and expenditure items. However, it was considered that users may find useful insights in these data. For example, the relatively large spending on capital formation (P.5) in the sector is clear in the table, reflecting the nature of several of these corporations.

Users should note that in 2020 there were instances of significant tax rebates (credits) having accrued over preceding years for some of these public corporations, reflected in the smaller D.5 value for 2020.

To provide wider context for sub-sector S.11001, it accounted for approximately 4% of total employment in the S.11 Non-Financial Corporations sector. The sample of companies used for this table also accounted in these years for between 76% and 80% of S.11001 employment. Similarly, the S.11001 sub-sector accounted for an average of 2% of GVA in S.11, the majority of which is included in this table.

A list of the public corporations included in this table are provided in the Background Notes.

See also the CSO release on Public Sector Bodies which contains further details and descriptions of public corporations: Public Corporations