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For more information on this release:
E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Derek Stynes (+353) 1 498 4303 Mary Brew (+353) 1 498 4365
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-616X
CSO statistical release, , 11am

Government Finance Statistics - Annual

2012 to 2017 (April 2018 Results)

 General Government and GDP
 GG DeficitGG Gross DebtGG Net DebtGDP
End of year€m% GDP€m% GDP€m% GDP€m
2012-14,105-8.0210,016119.6152,11186.6175,561
2013-11,004-6.1215,338119.4161,39689.5180,298
2014-7,062-3.6203,355104.5167,29186.0194,537
2015-4,952-1.9201,63176.9172,58965.9262,037
2016-1,422-0.5200,69372.8175,78863.8275,567
2017-1,014-0.3201,29468.0174,02758.8296,152

Government deficit of 0.3% of GDP in 2017

Figure 1 General Government Deficit, Gross Debt and Net Debt
go to full release

For 2017 the government deficit was €1.0 billion (-0.3% of GDP), an improvement on the 2016 deficit of €1.4 billion (-0.5% of GDP). 2017 saw increases in both government revenue (+3.8%) and expenditure (+3.2%) (Table 1).

At the end of 2017 government revenue was €76.2 billion. The upward trend in tax and social contribution revenues continued with increases of €2.8 billion (+5.2%) in Taxes and €0.6 billion (+5.0%) in Social contributions (Tables 1 and 3).

The main drivers behind the increase in government expenditure in 2017 to €77.2 billion were Compensation of employees/Pay (+6.4%), Social benefits (+1.9%) and Gross fixed capital formation (+8.0%). Debt service costs, or Interest, continued to decrease in 2017 (-5.7%) (Tables 1 and 4).

Around 24% of the 2017 deficit was due to interventions to support financial institutions (€244 million) with associated interest costs partly offset by dividend and investment income.  Investment income fell over the period 2013-2017 as the State reduced its holdings in financial institutions (Table 1).

Government debt falls to 68.0% of GDP in 2017

The nominal general government gross debt (GG Debt) stood at €201.3 billion at the end of 2017 (68.0% of GDP) compared with the 2016 figure of €200.7 billion (72.8% of GDP).  The increase in GDP in 2017 was the primary driver in the decrease of the debt to GDP ratio while nominal debt levels remained relatively flat in the period (Table 2). In 2016 the gross debt to Modified Gross National Income (GNI*) ratio was 106.1%.

On the financial assets side, the drivers behind the increase of €461 million in 2017 were an increase in Currency and deposits (+€2.6 billion), Other financial assets (+€1.1 billion) and a reduction in Equity and Investment fund shares (-€3.0 billion) – principally relating to the sale of AIB shares held by the State.

At the end of 2017 general government net debt decreased by €1.8 billion to €174.0 billion (58.8% of GDP).  GG Debt increased by €0.6 billion, composed of rises in Currency and deposits (+€0.3 billion) and Debt securities (+€6.5 billion) together with a fall in Loans (-€6.2 billion) due to the repayment of loans to the IMF, Sweden and Denmark (Tables 2 and 7).

National accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.

The changes to the previously published tables under the Excessive Debt Procedure in October 2017 reflect updated data sources as well as a change to methodology for the treatment of the sale of mobile phone licences and the treatment of the Approved Housing Bodies - see Background notes.

Tables included in the release show a reconciliation of the Exchequer Balance to the General Government Deficit (Table 8).

GFS annual results are benchmarked to the most recent EDP notification. Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The main EDP notification tables for Ireland, details of government guarantees, PPPs and concessions and tables showing the impact of government interventions in the financial sector on government accounts will be published on 23 April, the same day as the Eurostat release of EDP statistics.
Total RevenueTotal Expenditure
201233.89021479713641.9244593047431
201334.118514903104940.2217440015974
201433.935960768388537.5661185275809
201527.042745871766228.9325553261562
201626.626918317505427.1429452728375
201725.727666873767526.0700586185472
Table 1 General Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201220132014201520162017
General Government transactions       
RevenueTR59,49861,51566,01870,86273,37576,193
Taxes and social contributionsD2 + D5 + D91 + D6150,82352,92757,44362,18864,95068,317
TaxesD2 + D5 + D9140,94942,51746,46050,80352,91355,673
Social contributions D619,87410,41010,98311,38612,03712,644
Sales of goods and servicesP1O5,0574,8684,8355,3605,4435,504
Investment incomeD43,0653,2723,0692,7111,8221,770
Current transfer revenue (excluding taxes)D7254150266294234251
Capital transfer revenue (excluding taxes)D9N299298405308926352
           
ExpenditureTE73,60372,51973,08075,81474,79777,207
ExpenseExpense73,16172,08172,11174,70373,38475,492
Compensation of employeesD118,99618,59418,36618,97719,46820,709
Use of goods and services plus taxes payableP2 + D5 + D298,3438,1968,9379,2439,5369,835
Depreciation (Consumption of fixed capital)P51c3,1113,1753,3303,5263,7383,738
Interest (excluding FISIM)D417,2987,7607,5896,8496,1655,811
SubsidiesD31,9101,9061,8631,7481,7271,833
Social benefitsD62 + D63229,45428,52628,07628,42328,39228,921
Other current transfersD72,5312,9082,7642,5382,9643,119
Capital transfersD91,5191,0161,1863,3991,3941,526
           
 Net operating balanceNOB-13,664-10,566-6,093-3,840-10701
           
Net acquisition of non-financial assetsP5 + NP - P51c4424389691,1111,4121,715
           
 General Government Surplus/DeficitB9-14,105-11,004-7,062-4,952-1,422-1,014
equals       
Net acquisition of financial assetsΔFA5,640-5,639-18,771-7,461-3,783-1,495
Debt instrumentsF2 + F3 + F44,105-4,279-19,606-7,197-4,3362,492
Equity and Investment Fund SharesF51,826-1,307-91241-380-4,507
Other financial assetsF6 + F7 + F8 -291-53926-505933520
less       
Net incurrence of liabilitiesΔL19,7465,365-11,709-2,509-2,361-481
Debt instrumentsF2 + F3 + F419,6565,517-12,494-2,779-2,013-393
Other liabilitiesF5 + F6 + F7 + F8 90-152785270-348-88
      
Memo: Net derivative flows on debt interest swap contracts -221-274-264-240-275-223
General Government Surplus/Deficit (% of GDP) -8.0-6.1-3.6-1.9-0.5-0.3
Government interventions to support financial institutions       
Revenue (a+b+c+d)3,0362,8092,2952,1741,7151,374
Guarantee fees receivable (a)P131(part)93442015553455
Interest receivable (b)D4(part)1,5391,09071250513549
Dividends receivable (c) D4(part)502760761962749635
Other (d) P131(part)61539668653785685
Expenditure (e+f+g+h)2,6812,3702,2814,0081,7351,618
Interest payable (e)D4(part)2,0471,8641,5281,2111,053898
Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)280002,11100
Calls on guarantees (g)D9(part)000000
Other (h)various353506753686682720
Impact of the above interventions on General Government Surplus/Deficit35543915-1,834-20-244
  General Government Surplus/Deficit excluding interventions to support financial institutions -14,460-11,443-7,077-3,118-1,402-769
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 1 (XLS 15KB)
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Table 2 General Government Net Worth, Gross and Net Debt
      €million
Description ESA2010 code201220132014201520162017
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-49,560-53,497-58,358-48,523-43,167-37,624
equals      
Non-financial assets at market valueNFA87,37190,08195,053100,877107,059108,774
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-136,931-143,578-153,411-149,400-150,226-146,398
equals      
 Financial assets at market valueFA92,52594,36483,74984,02180,67181,132
EDP debt instrumentsF2 + F3 + F457,90553,94336,06429,04324,90627,266
Equity and Investment Fund SharesF525,01430,74937,87744,89745,56142,530
Other financial assetsF6 + F7 + F8 9,6069,6729,80810,08110,20411,336
less      
Liabilities at market valueL229,456237,942237,160233,421230,897227,530
EDP debt instrumentsF2 + F3 + F4218,412228,900227,808223,187221,102218,292
Other liabilitiesF5 + F6 + F7 + F811,0449,0429,35210,2349,7959,238
      
Memo: Estimated pension liabilities of government98,00098,000109,800114,500114,500114,500
Memo: Net worth, including pension liabilities-147,560-151,497-168,158-163,023-157,667-152,124
Contingent liabilities118,92659,52229,41217,25510,3066,615
Memo: Net worth, including pension liabilities and contingent liabilities -266,486-211,019-197,570-180,278-167,973-158,739
      
General Government: changes in net worth      
Opening net worth-20,604-49,560-53,497-58,358-48,523-43,167
Change in net worth due to transactions-13,665-10,566-6,093-3,840-10701
Net acquisition of non-financial assets P5 + NP - P51c4424389691,1111,4121,715
Net lending/net borrowingB9-14,106-11,004-7,062-4,952-1,422-1,014
Change in net worth due to other economic flowsKx-15,2926,6291,23213,6765,3654,842
Other changes in non-financial assets1,9132,2724,0034,7134,7690
Other changes in financial assets-1,2157,4788,1567,7334331,956
Other changes in liabilities-15,990-3,121-10,9271,2301632,886
Closing net worth -49,560-53,497-58,358-48,523-43,167-37,624
            
General Government Debt (GGDebt)      
Debt instrument liabilities at market valueF2 + F3 + F4218,412228,900227,808223,187221,102218,292
+ Difference between EDP face value and market value-8,396-13,562-24,453-21,556-20,409-16,998
Gross General Government Debt (EDP face value)GGDebt210,016215,338203,355201,631200,693201,294
less EDP debt instrument assetsF2 + F3 + F4-57,905-53,942-36,064-29,042-24,905-27,267
Net General Government Debt GGNetDebt152,111161,396167,291172,589175,788174,027
             
Closing Net Worth (% of GDP)-28.2-29.7-30.0-18.5-15.7-12.7
Gross General Government Debt (% of GDP)119.6119.4104.576.972.868.0
Net General Government Debt (% of GDP) 86.689.586.065.963.858.8
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 2 (XLS 14KB)
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Table 3 General Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201220132014201520162017
Total RevenueTR59,49861,51566,01870,86273,37576,193
 Taxes and social contributions50,82352,92757,44362,18864,95068,317
  TaxesD2 + D5 + D9140,94942,51746,46050,80352,91355,673
   Indirect taxes (taxes on production and imports)D218,37219,31021,21322,53923,44124,423
    Taxes on productsD2116,09916,74918,23519,43720,76121,336
    of which Value-Added TaxD21110,21910,37211,52111,95512,82613,281
    Other taxes on production D292,2732,5622,9783,1022,6803,087
   Direct taxesD522,29222,92924,88927,86329,06130,801
    Taxes on income, profits and capital gainsD5120,83721,29823,01626,59928,02329,784
    Other current direct taxesD591,4561,6301,8731,2631,0391,017
   Capital taxesD91285278359401411448
  Social contributions D619,87410,41010,98311,38612,03712,644
   Actual social contributionsD611 + D6138,4829,0079,59410,20710,68111,297
    PRSI receipts D611 + D613(pt)6,7997,2997,9478,5129,2269,825
    Government employees' social contributionsD613(pt)1,6821,7091,6471,6951,4551,473
   Employers' imputed social contributionsD6121,3931,4021,3891,1791,3561,346
 Sales of goods and servicesP1O5,0574,8684,8355,3605,4435,504
  Sales of market establishments (= market output)P119569911,0391,1171,2081,304
  Imputed sales related to production of own-use capital assets (= output for own final use)P12383333212122
Incidental sales and fees of non-market establishmentsP1314,0633,8443,7634,2224,2154,178
Investment incomeD43,0653,2723,0692,7111,8221,770
Interest (excluding FISIM)D411,6061,3981,044675251135
Dividends / Other investment incomeD42 + D441,4281,7711,9221,9321,4681,532
Rent of land and subsoil assetsD4531103103103103103
Current transfer revenueD39 + D7254150266294234251
SubsidiesD39000000
Other current transfersD7254150266294234251
Non-life insurance claimsD72897877
Other Domestic - Current D7N_S1200131223193194194
From Rest of World - CurrentD7N_S2461136933249
Capital transfer revenueD9N299298405308926352
            
Output P130,80230,33931,03732,21433,29134,927
Market output (sales of market establishments)P119569911,0391,1171,2081,304
Output for own final useP12383333212122
Non-market outputP1329,80829,31529,96431,07632,06233,601
= Non-market compensation of employeesD1_nonmarket18,95818,56118,33318,95619,44720,687
= Total compensation of employeesD118,99618,59418,36618,97719,46820,709
- Compensation of employees of market establishmentsD1_market      
- Compensation related to production of own-use capital assetsD1_own-use-38-33-33-21-21-22
+ Non-market intermediate consumptionP2_nonmarket8,1297,9768,7189,0189,3119,610
= Total intermediate consumptionP28,3428,1968,9379,2439,5369,835
- Intermediate consumption of market establishmentsP2_market-212-219-219-225-225-225
- Intermediate consumption related to production of own-use capital assetsP2_own-use      
+ Non-market consumption of fixed capitalP51c_nonmarket2,7212,7782,9143,1023,3043,304
= Total consumption of fixed capitalP51c3,1113,1753,3303,5263,7383,738
- Consumption of fixed capital by market establishmentsP51c_market-390-397-416-424-434-434
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use      
+ Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 3 (XLS 15KB)
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Table 4 General Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201220132014201520162017
Total ExpenditureTE73,60372,51973,08075,81474,79777,207
Expense73,16172,08172,11174,70373,38475,492
Compensation of employeesD118,99618,59418,36618,97719,46820,709
Of which: Related to production of own-use capital assets383333212122
Use of goods and services plus taxes payableP2 + D5 + D298,3438,1968,9379,2439,5369,835
Use of goods and services [Intermediate consumption]P28,3428,1968,9379,2439,5369,835
Of which: Intermediate consumption of market establishments 212219219225225225
Taxes, payableD5100000
Depreciation (Consumption of fixed capital)P51c3,1113,1753,3303,5263,7383,738
Of which: Depreciation by market establishments 390397416424434434
Interest (excluding FISIM)D417,2987,7607,5896,8496,1655,811
Other domestic interest payableD41_S12,6773,1222,8982,4522,2572,113
Interest payable to rest of worldD41_S24,6214,6384,6904,3973,9083,698
SubsidiesD31,9101,9061,8631,7481,7271,833
Product subsidiesD311,0631,071957864900919
Other subsidies on productionD39847835906884827914
Social benefitsD62 + D63229,45428,52628,07628,42328,39228,921
Social benefits in cashD6224,23523,54022,97423,01122,74122,946
Social benefits in kind (via market producers)D6325,2194,9865,1025,4125,6515,975
Other current transfersD72,5312,9082,7642,5382,9643,119
Net non-life insurance premiumsD71775874555252
Current international cooperationD74546531435473438503
Miscellaneous current transfersD75718764772503623832
VAT and GNI based EU budget contributionD761,1901,5561,4831,5071,8511,731
VAT-based EU own resourcesD761191194203215219262
GNI-based EU own resourcesD7629991,3611,2801,2921,6321,470
Capital transfersD91,5191,0161,1863,3991,3941,526
Investment grantsD921,2399789931,2881,3941,496
Other capital transfersD99280381932,111030
Net acquisition of non-financial assetsP5 + NP - P51c4424389691,1111,4121,715
= Gross investment in non-financial assetsP5 + NP3,5533,6134,2994,6375,1515,453
Gross fixed capital formationP513,4703,5304,2394,5775,0915,498
Net acquisition of stocksP52838360606060
Net acquisition of unproduced assetsNP00000-105
- Consumption of fixed capitalP51c-3,111-3,175-3,330-3,526-3,738-3,738
Net expenditure on current goods and servicesP3 excl. D63225,74525,47126,20226,85427,84729,423
= OutputP130,80230,33931,03732,21433,29134,927
- Sales of goods and services P11+P12+P131-5,057-4,868-4,835-5,360-5,443-5,504
Market output (sales of market establishments)P11-956-991-1,039-1,117-1,208-1,304
Output for own final useP12-38-33-33-21-21-22
Incidental sales and fees of non-market establishmentsP131-4,063-3,844-3,763-4,222-4,215-4,178
Final consumption expenditureP330,96430,45731,30432,26633,49835,398
= Net expenditure on current goods and servicesP3 excl. D63225,74525,47126,20226,85427,84729,423
+ Social transfers in kind via market producers D6325,2194,9865,1025,4125,6515,975
made up of      
Individual consumption (= social transfers in kind)P31 (= D63)20,64220,54621,06621,80922,64223,926
Social transfers in kind (via market producers)D6325,2194,9865,1025,4125,6515,975
Social transfers in kind (provided directly by government)D63115,42315,56115,96416,39716,99117,951
Collective consumption (= actual final consumption of government)P3210,3229,91110,23810,45710,85611,472
Total social transfersD62 + D6344,87744,08744,04044,82045,38346,872
Social benefits in cashD62 24,23523,54022,97423,01122,74122,946
 Social transfers in kind (= individual consumption)D6320,64220,54621,06621,80922,64223,926
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 4 (XLS 16KB)
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Table 5 General Government financial transactions
      €million
Description 201220132014201520162017
Net lending (+) / net borrowing (-)B.9-14,106-11,004-7,062-4,952-1,422-1,014
equals        
Net acquisition of financial assets ΔA5,640-5,639-18,771-7,461-3,783-1,495
EDP debt instruments F2 + F3 + F44,105-4,279-19,606-7,197-4,3362,492
 Currency and deposits F25,823-1,219-6,374-321-3,0072,603
Debt securities F3957-757-1,429-5,834-1,133185
Short-term F311,0342,697-1,373-1,184-1,034115
Long-term F32-77-3,454-56-4,650-9970
Loans F4-2,675-2,303-11,803-1,042-196-296
Short-term loans F411,069349-788-530-46-33
Long-term loans F42-3,744-2,652-11,015-512-150-263
Equity and Investment Fund Shares F51,826-1,307-91241-380-4,507
Other financial assets F6 + F7 + F8 -291-53926-505933520
Insurance, Pensions and Standardised Guarantees F6-101-100
Financial derivatives and Employee Stock Options F7-105171143-2880-202
Other accounts receivable/payableF8-185-224782-216933722
less        
Net incurrence of liabilities ΔL19,7465,365-11,709-2,509-2,361-481
EDP debt instruments F2 + F3 + F419,6565,517-12,494-2,779-2,013-393
Currency and deposits F23,802-30,707-10,474-247609264
Debt securities F3-7,43326,1936,1907,443-2,5425,719
Short-term F31-1,234-1721,327-2,4091,046636
Long-term F32-6,19926,3654,8639,852-3,5885,083
Loans F423,28710,031-8,210-9,975-80-6,376
Short-term loans F411,301-482-137-241-359-196
Long-term loans F4221,98610,513-8,073-9,734279-6,180
Other liabilities F5 + F6 + F7 + F8 90-152785270-348-88
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F61-10000
Financial derivatives and Employee Stock Options F71-1-1-100
   Other accounts receivable/payable F888-150786271-348-88
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 5 (XLS 14KB)
upArrowHide Table
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201220132014201520162017
General Government balance sheet       
 Net worth at market value, excluding pension liabilitiesNW-49,560-53,497-58,358-48,523-43,167-37,624
 equals       
  Non-financial assets at market valueNFA87,37190,08195,053100,877107,059108,774
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-136,931-143,578-153,411-149,400-150,226-146,398
  equals       
   Financial assets at market valueFA92,52594,36483,74984,02180,67181,132
    EDP debt instrumentsF2 + F3 + F457,90553,94336,06429,04324,90627,266
     Currency and depositsF224,85223,69517,39417,29414,28616,875
     Debt securitiesF39,47010,2499,6463,2892,1622,209
      Short-termF311,0463,7442,3691,184143308
      Long-termF328,4246,5057,2772,1042,0191,901
     LoansF423,58319,9999,0248,4608,4588,182
      Short-term loansF411,9542,3031,516986939907
      Long-term loansF4221,62917,6957,5087,4747,5187,276
    Equity and Investment Fund SharesF525,01430,74937,87744,89745,56142,530
    Other financial assetsF6 + F7 + F8 9,6069,6729,80810,08110,20411,336
     Insurance, Pensions and Standardised GuaranteesF6001000
     Financial derivatives and Employee Stock OptionsF78971,1353528112412
     Other accounts receivable/payableF88,7098,5379,4559,27010,20210,924
  less       
   Liabilities at market valueL229,456237,942237,160233,421230,897227,530
    EDP debt instrumentsF2 + F3 + F4218,412228,900227,808223,187221,102218,292
     Currency and depositsF262,09931,35620,91820,71321,31521,579
     Debt securitiesF394,161126,146141,988146,321143,327147,114
      Short-termF312,5662,3913,7631,3862,4002,932
      Long-termF3291,595123,755138,225144,935140,927144,182
     LoansF462,15271,39864,90256,15356,46049,599
      Short-term loansF411,8841,4421,2941,035669496
      Long-term loansF4260,26869,95663,60955,11855,79049,103
    Other liabilitiesF5 + F6 + F7 + F811,0449,0429,35210,2349,7959,238
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6100000
     Financial derivatives and Employee Stock OptionsF72,8029324571,067976507
     Other accounts receivable/payableF88,2418,1108,8959,1678,8198,731
              
Memo: Estimated pension liabilities of government 98,00098,000109,800114,500114,500114,500
Memo: Net worth, including pension liabilities -147,560-151,497-168,158-163,023-157,667-152,124
Contingent liabilities 118,92659,52229,41217,25510,3066,615
Guarantees 115,55556,02025,14512,6045,2731,582
Off-balance sheet PPPs and concessions 3,3713,5024,2664,6515,0325,032
Memo: Net worth, including pension liabilities and contingent liabilities -266,486-211,019-197,570-180,278-167,973-158,739
Change in net worth of government       
 Opening net worth -20,604-49,560-53,497-58,358-48,523-43,167
              
 Change in net worth due to transactions -13,665-10,566-6,093-3,840-10701
  Net acquisition of non-financial assets P5 + NP - P51c4424389691,1111,4121,715
  Net lending/net borrowingB9-14,106-11,004-7,062-4,952-1,422-1,014
   = Net acquisition of financial assets 5,640-5,639-18,771-7,461-3,783-1,495
   - Net incurrence of liabilities -19,746-5,36511,7092,5092,361481
              
 Change in net worth due to other economic flowsKx-15,2926,6291,23213,6765,3654,842
  Other changes in non-financial assets 1,9132,2724,0034,7134,7690
  Other changes in financial net worth -17,2054,357-2,7718,9635964,842
   = Other changes in financial assets -1,2157,4788,1567,7334331,956
     EDP debt instruments -8313171,727176199-132
     Equity and Investment Fund Shares 3277,0427,2196,7791,0441,476
     Other financial assets -711119-790778-810612
   - Other changes in liabilities -15,990-3,121-10,9271,2301632,886
     EDP debt instruments -16,162-4,971-11,4021,842722,417
     Other liabilities 1721,850475-61291469
              
Closing net worth -49,560-53,497-58,358-48,523-43,167-37,624
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 6 (XLS 17KB)
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Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201220132014201520162017
General Government Debt       
  Debt instrument liabilities at market value218,412228,900227,808223,187221,102218,292
  + Difference between face value and market value -8,396-13,562-24,453-21,556-20,409-16,998
Gross General Government Debt (face value)GGDebt210,016215,338203,355201,631200,693201,294
By category:       
 Currency and deposits F262,09231,35620,91820,71321,31521,579
 Debt securitiesF387,326112,665119,078125,766124,151130,681
  Short-termF312,5642,3893,7601,3802,3952,929
  Long-termF3284,762110,276115,318124,387121,756127,751
 LoansF460,59771,31763,36055,15155,22649,034
  Short-termF411,8841,4421,2941,032669496
  Long-termF4258,71369,87562,06654,12054,55748,538
           
less EDP debt instrument assetsF2 + F3 + F457,90553,94236,06429,04224,90527,267
 By category:       
 Currency and deposits F224,85223,69517,39417,29414,28616,875
 Debt securitiesF39,47010,2499,6463,2882,1622,209
  Short-termF311,0463,7442,3691,184143308
  Long-termF328,4246,5057,2772,1042,0191,901
 LoansF423,58319,9989,0248,4608,4578,183
  Short-termF411,9542,3031,516986939907
  Long-termF4221,62917,6957,5087,4747,5187,276
           
 Net General Government Debt (face value)GGNetDebt152,111161,396167,291172,589175,788174,027
 By category:       
 Currency and deposits F237,2407,6613,5243,4197,0294,704
 Debt securities F377,856102,416109,432122,478121,989128,472
  Short-termF311,518-1,3551,3911962,2522,621
  Long-termF3276,338103,771108,041122,283119,737125,850
 LoansF437,01451,31954,33646,69146,76940,851
  Short-termF41-70-861-22246-270-411
  Long-termF4237,08452,18054,55846,64647,03941,262
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 7 (XLS 14KB)
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Table 8 Reconciliation of Exchequer Balance to General Government Deficit
       € million
Description ESA2010 code2014201520162017
Exchequer balance -8,189-64-1,0181,909
      
Deduct cash inflows which do not increase financial net worth -4,287-9,149-4,042-4,875
Inflows from sale or redemption of financial assets -4,274-9,139-4,037-4,875
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation -13-10-50
Exclude cash outflows which do not reduce financial net worth 4,6124,9111,574211
Acquisition of financial assets 4,5994,6761,574211
Repayment of promissory notes notional loan principal 1323400
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 0000
      
Impact on financial net worth of Exchequer cash transactions -7,863-4,302-3,487-2,755
      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) 490213586186
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 47323848048
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -87-13410444
Accrual of interest due on contingent capital assets assigned to banks 010-690
Licence sales 103987193
Other accrued revenue 0000
Adjust for impact of non-cash expenditure (-) -239237862278
Capital transfers to financial institutions financed by promissory notes 12164590
Difference between interest paid and accrued 60148516218
Difference between Exchequer cash issues and accrued net spending of departments and offices 198-137-89-37
Other accrued expenditure -509210-2396
      
Surplus/Deficit of ExchequerB9_exchequer-7,612-3,852-2,039-2,291
      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer 148133320880
Social Insurance Fund 8372512696
Bank & Deposit Guarantee Schemes -12-19-242-12
Capital Services Redemption Account 0000
Small Savings Reserve Fund 0000
Other Extra-Budgetary Funds 1716625171
Health Service Executive 60-862525
      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-7,464-3,719-1,718-1,411
Surplus/Deficit of other Central Government bodies 264-1,791156220
National Pensions Reserve Fund 22164063329
Non-market State corporations and agencies 38-343122-81
Voluntary and joint board hospitals 623-28-29
Other adjustments 0-2,11100
Conversion of AIB Preference shares into Ordinary shares 0-2,11100
Surplus/Deficit of Central Government B9_S1311-7,200-5,510-1,562-1,190
Surplus/Deficit of Local Government B9_S1313138558140176
Surplus/Deficit of General Government B9_S13-7,062-4,952-1,422-1,014
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 8 (XLS 36KB)
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Table 9 Reconciliation of National Debt to General Government Debt
             € million
Description201220132014201520162017
Audited National Debt137,632173,947182,310183,066185,604185,480
 Composed of      
  Gross National Debt161,482197,547197,069196,620196,723198,698
   Medium/long term debt144,524178,722176,011175,974173,620174,395
    Irish Government Bonds88,455111,609116,941125,688122,347128,483
    EU/IMF Programme Funding53,20061,35054,47845,18345,72240,911
    EIB and bilateral loans3,0714,9715,4635,9585,7604,628
    Miscellaneous (including derivatives)-202792-871-854-209373
   Short term debt3,4763,3204,6723,9535,9167,013
    Commercial Paper1,2994822,2541,046363502
    Treasury Bills1,014050001,0082,009
    Borrowings from Funds under the control of the Minister for Finance7866765231,5792,5192,281
    Miscellaneous (including EFSF interim funding in 2011)3772,1631,3951,3272,0252,221
   State Savings Schemes13,48215,50516,38616,69217,18717,290
 Less Liquid assets-23,850-23,601-14,759-13,554-11,119-13,217
 Reverse deduction of liquid assets and EFSF prepaid margin held by Exchequer24,38024,13115,28914,08411,11913,217
 Outstanding principal value of promissory notes25,261215201000
 Liability for coinage in circulation670675693701707704
 Accrual adjustments (Small Savings Reserve Fund)548604599504451452
 Adjustment from discounted to nominal value6428-25
 National Loans Advance Interest12549242946
 Gross treatment of collaterals1,4319481,00478352250
 Other adjustments (repurchase agreements, OPW contracts and exclusion of financial derivatives)94838262043
Unconsolidated Exchequer Debt (Maastricht definition)189,950200,575200,185199,196198,449199,998
 of which: Liabilities to other Central Government bodies2,3012,3162,5293,3723,9874,460
Exchequer contribution to Central Government debt187,649198,259197,656195,824194,463195,538
 of which: Liabilities to Local Government 302922000
Exchequer contribution to General Government debt187,619198,230197,634195,824194,463195,538
Housing Finance Agency (HFA)      
 Gross debt of HFA4,5014,4234,2093,6153,6123,617
 of which: Liabilities to other Central Government bodies3,9873,7113,1522,4272,0561,783
HFA contribution to Central Government debt5147121,0571,1891,5561,834
 of which: Liabilities to Local Authorities1192866449651,2951,514
HFA contribution to General Government debt394427413224261320
Other Central Government      
 IBRC Consolidated17,79712,6601,237735698332
 Liabilities of Post Office Savings Bank Fund to Post Office Savings Bank2,7742,6462,6722,7652,9193,104
 Health Service Executive and Voluntary Hospitals138148158128112113
 National Oil Reserves Agency25816611163150
 Irish Rail2582000
 Westlink buyout: imputed loan from National Toll Roads to National Roads Authority360310260221171121
 All other bodies35572431,0221,2671,179
Other bodies' contribution to Central and General Government debt21,38715,9954,6844,9345,1834,849
Total Central Government debt209,550214,966203,397201,947201,202202,222
 of which: Liabilities to Local Government1493146669651,2951,514
Central Government contribution to General Government debt209,401214,652202,731200,982199,907200,707
Local Government - Local Authorities      
 Borrowing from Housing Finance Agency4,4314,3064,1853,6393,6453,365
 Borrowing from other Central Government bodies61772717028329
 Other borrowing614578625649786586
Local Authorities' contribution to Local Government debt5,1064,9625,0814,3594,4604,280
 VECs / ETBs000000
Total Local Government debt5,1064,9625,0814,3594,4604,280
 of which: Liabilities to Central Government4,4924,2764,4563,7103,6733,693
Local Government contribution to General Government debt614685625649786586
            
General Government Debt210,015215,338203,356201,631200,693201,294
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 9 (XLS 39KB)
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Table 10 Central Government transactions: revenue, expenditure and deficit
         €million
DescriptionESA2010 code201220132014201520162017
Central Government transactions       
 RevenueTR55,85258,06062,63567,47270,05572,589
  Taxes and social contributionsD2 + D5 + D91 + D6149,01351,19455,74260,59863,56766,812
   TaxesD2 + D5 + D9139,46841,11145,05749,45651,74354,400
   Social contributions D619,54510,08310,68511,14211,82412,412
  Sales of goods and servicesP1O3,4793,3173,3953,8403,8213,746
  Investment incomeD43,0653,3223,0992,7251,8481,811
  Current transfer revenue (excluding taxes)D7211124225253192210
  Capital transfer revenue (excluding taxes)D9N831021735662810
           
 ExpenditureTE69,86569,05569,83572,98271,61773,778
  ExpenseExpense69,05067,97967,89071,10469,33371,308
   Compensation of employeesD116,84916,56816,79017,45517,87418,975
   Use of goods and services plus taxes payableP2 + D5 + D296,4646,7967,2157,5287,8398,135
   Depreciation (Consumption of fixed capital)P51c1,3011,3421,6361,7691,9051,905
   Interest (excluding FISIM)D417,2757,7387,5746,8326,1565,803
   SubsidiesD31,9101,9061,8631,7481,7271,833
   Social benefitsD62 + D63227,90427,05726,83427,07826,96927,506
   Other current transfersD74,7434,6614,3344,1564,6434,886
   Capital transfersD92,6041,9131,6444,5382,2212,266
           
 Net operating balanceNOB-13,198-9,919-5,256-3,6337221,281
           
  Net acquisition of non-financial assetsP5 + NP - P51c8141,0761,9451,8772,2842,471
           
 Central Government Surplus/DeficitB9-14,013-10,995-7,200-5,510-1,562-1,189
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 10 (XLS 14KB)
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Table 11 Central Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201220132014201520162017
Total RevenueTR55,85258,06062,63567,47270,05572,589
 Taxes and social contributions 49,01351,19455,74260,59863,56766,812
  TaxesD2 + D5 + D9139,46841,11145,05749,45651,74354,400
   Indirect taxes (taxes on production and imports)D216,89417,90419,81021,19222,27123,150
    Taxes on productsD2116,09916,74918,23519,43720,76121,336
    of which Value-Added TaxD21110,21910,37211,52111,95512,82613,281
    Other taxes on production D297951,1551,5751,7551,5101,815
   Direct taxesD522,29222,92924,88927,86329,06130,801
    Taxes on income, profits and capital gainsD5120,83721,29823,01626,59928,02329,784
    Other current direct taxesD591,4561,6301,8731,2631,0391,017
   Capital taxesD91282278359401411448
  Social contributions D619,54510,08310,68511,14211,82412,412
   Actual social contributionsD611 + D6138,2928,8219,46410,08110,59811,197
    PRSI receipts D611 + D613(pt)6,7997,2997,9478,5129,2269,825
    Government employees' social contributionsD613(pt)1,4931,5231,5171,5681,3721,372
   Employers' imputed social contributionsD6121,2531,2621,2211,0611,2251,215
 Sales of goods and servicesP1O3,4793,3173,3953,8403,8213,746
  Sales of market establishments (= market output)P11000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P12383333212122
  Incidental sales and fees of non-market establishmentsP1313,4413,2843,3623,8193,8003,725
 Investment incomeD43,0653,3223,0992,7251,8481,811
  Interest (excluding FISIM)D411,6061,4481,074690276176
   of which received from local governmentD41_LG979972516276
  DividendsD421,4281,7711,9221,9321,4681,532
  Rent of land and subsoil assetsD4531103103103103103
 Current transfer revenueD39 + D7211124225253192210
  SubsidiesD39000000
  Other current transfersD7211124225253192210
   Non-life insurance claimsD72897877
   Grants from local governmentD73333334
   Other Domestic - Current D7N_S1155102179149149150
   From Rest of World - CurrentD7N_S2461136933249
 Capital transfer revenueD9N831021735662810
            
OutputP124,61324,70525,64126,75327,61729,014
 Market output (sales of market establishments)P11000000
 Output for own final useP12383333212122
 Non-market outputP1324,57524,67225,60826,73227,59628,993
  = Non-market compensation of employeesD1_nonmarket16,81116,53516,75717,43517,85318,953
   = Total compensation of employeesD116,84916,56816,79017,45517,87418,975
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use-38-33-33-21-21-22
  + Non-market intermediate consumptionP2_nonmarket6,4636,7967,2157,5287,8398,135
   = Total intermediate consumptionP26,4636,7967,2157,5287,8398,135
   - Intermediate consumption of market establishmentsP2_market000000
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,3011,3421,6361,7691,9051,905
   = Total consumption of fixed capitalP51c1,3011,3421,6361,7691,9051,905
   - Consumption of fixed capital by market establishmentsP51c_market000000
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 11 (XLS 15KB)
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Table 12 Central Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201220132014201520162017
Total ExpenditureTE69,86569,05569,83572,98271,61773,778
 Expense 69,05067,97967,89071,10469,33371,308
  Compensation of employeesD116,84916,56816,79017,45517,87418,975
   Of which: Related to production of own-use capital assets 383333212122
  Use of goods and services plus taxes payableP2 + D5 + D296,4646,7967,2157,5287,8398,135
   Use of goods and services [Intermediate consumption]P26,4636,7967,2157,5287,8398,135
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5100000
  Depreciation (Consumption of fixed capital)P51c1,3011,3421,6361,7691,9051,905
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D417,2757,7387,5746,8326,1565,803
   Other domestic interest payableD41_S12,6543,1002,8842,4352,2482,105
   Interest payable to rest of worldD41_S24,6214,6384,6904,3973,9083,698
  SubsidiesD31,9101,9061,8631,7481,7271,833
   Product subsidiesD311,0631,071957864900919
   Other subsidies on productionD39847835906884827914
  Social benefitsD62 + D63227,90427,05726,83427,07826,96927,506
   Social benefits in cashD6223,45622,88522,60822,64522,42722,633
   Social benefits in kind (via market producers)D6324,4484,1724,2264,4334,5424,874
  Other current transfersD74,7434,6614,3344,1564,6434,886
   Net non-life insurance premiumsD71775874555252
   Current grants to local governmentD73 _LG2,2571,7981,6071,6571,7161,791
   Current international cooperationD74546531435473438503
   Miscellaneous current transfersD75673719735465585808
   VAT and GNI based EU budget contributionD761,1901,5561,4831,5071,8511,731
    VAT-based EU own resourcesD761191194203215219262
    GNI-based EU own resourcesD7629991,3611,2801,2921,6321,470
  Capital transfersD92,6041,9131,6444,5382,2212,266
   Capital grants to local governmentD9_LG1,3571,1326421,300994898
   Investment grantsD929667438101,1261,2271,337
   Other capital transfersD99280381932,111030
            
 Net acquisition of non-financial assetsP5 + NP - P51c8141,0761,9451,8772,2842,471
  = Gross investment in non-financial assetsP5 + NP2,1162,4183,5803,6474,1884,375
   Gross fixed capital formationP512,0332,3353,5203,6464,1284,420
   Net acquisition of stocksP52838360606060
   Net acquisition of unproduced assetsNP000-600-105
  - Consumption of fixed capitalP51c-1,301-1,342-1,636-1,769-1,905-1,905
            
Net expenditure on current goods and servicesP3 excl. D63221,13421,38822,24522,91323,79625,268
 = OutputP124,61324,70525,64126,75327,61729,014
 - Sales of goods and services P11+P12+P131-3,479-3,317-3,395-3,840-3,821-3,746
   Market output (sales of market establishments)P11000000
   Output for own final useP12-38-33-33-21-21-22
   Incidental sales and fees of non-market establishmentsP131-3,441-3,284-3,362-3,819-3,800-3,725
            
Final consumption expenditureP325,58225,55926,47227,34528,33830,142
 = Net expenditure on current goods and servicesP3 excl. D63221,13421,38822,24522,91323,79625,268
 + Social transfers in kind via market producers D6324,4484,1724,2264,4334,5424,874
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)18,15318,09618,77219,40520,12121,357
  Social transfers in kind (via market producers)D6324,4484,1724,2264,4334,5424,874
  Social transfers in kind (provided directly by government)D63113,70513,92414,54614,97315,57916,483
 Collective consumption (= actual final consumption of government)P327,4297,4637,6997,9408,2178,785
            
Total social transfersD62 + D6341,60940,98141,38042,05042,54843,989
 Social benefits in cashD62 23,45622,88522,60822,64522,42722,633
 Social transfers in kind (= individual consumption)D6318,15318,09618,77219,40520,12121,357
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 12 (XLS 15KB)
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Table 13 Local Government transactions: revenue, expenditure and deficit
         €million
DescriptionESA2010 code201220132014201520162017
Local Government transactions
RevenueTR7,3616,4875,7076,4026,0956,374
Taxes and social contributionsD2 + D5 + D91 + D611,8101,7331,7011,5911,3831,505
TaxesD2 + D5 + D911,4811,4071,4031,3471,1701,273
Social contributions D61329326298244213232
Sales of goods and servicesP1O1,5781,5511,4401,5201,6231,758
Investment incomeD4974942373736
Current transfer revenue (excluding taxes)D72,3021,8271,6511,7021,7611,835
Capital transfer revenue (excluding taxes)D9N1,5731,3288741,5531,2921,240
           
ExpenditureTE7,4536,4965,5695,8445,9556,198
ExpenseExpense7,8267,1346,5456,6106,8266,954
Compensation of employeesD12,1472,0271,5761,5221,5941,734
Use of goods and services plus taxes payableP2 + D5 + D291,8791,4001,7221,7151,6971,700
Depreciation (Consumption of fixed capital)P51c1,8091,8341,6941,7561,8341,834
Interest (excluding FISIM)D4112012287687185
SubsidiesD3000000
Social benefitsD62 + D6321,5501,4691,2421,3451,4231,415
Other current transfersD7484840414128
Capital transfersD9273235184162167159
           
Net operating balanceNOB-465-647-838-208-731-580
           
Net acquisition of non-financial assetsP5 + NP - P51c-372-638-976-766-871-756
           
 Local Government Surplus/DeficitB9-93-9138558140176
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 13 (XLS 11KB)
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Table 14 Local Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201220132014201520162017
Total RevenueTR7,3616,4875,7076,4026,0956,374
 Taxes and social contributions 1,8101,7331,7011,5911,3831,505
  TaxesD2 + D5 + D911,4811,4071,4031,3471,1701,273
   Indirect taxes (taxes on production and imports)D21,4781,4071,4031,3471,1701,273
   Other taxes on production D291,4781,4071,4031,3471,1701,273
   Capital taxesD91300000
  Social contributions D61329326298244213232
   Actual social contributionsD611 + D61319018613012682100
   Employers' imputed social contributionsD612139140168118131132
 Sales of goods and servicesP1O1,5781,5511,4401,5201,6231,758
  Sales of market establishments (= market output)P119569911,0391,1171,2081,304
  Imputed sales related to production of own-use capital assets (= output for own final use)P12000000
  Incidental sales and fees of non-market establishmentsP131622560400403415454
 Investment incomeD4974942373736
  Interest (excluding FISIM)D41974942373736
  of which received from Central GovernmentD41_CG000000
  DividendsD42000000
 Current transfer revenueD39 + D72,3021,8271,6511,7021,7611,835
  SubsidiesD39000000
  Other current transfersD72,3021,8271,6511,7021,7611,835
   Grants from central governmentD732,2571,7981,6071,6571,7161,791
   Other Domestic - Current D7N_S1452944454544
 Capital transfer revenueD9N1,5731,3288741,5531,2921,240
   Grants from central governmentD9N_CG1,3571,1326421,300994898
   Other capital transfers receivableD99216196232252298342
            
Output P16,1895,6345,3965,4615,6745,913
 Market output (sales of market establishments)P119569911,0391,1171,2081,304
 Output for own final useP12000000
 Non-market outputP135,2334,6444,3574,3444,4664,608
  = Non-market compensation of employeesD1_nonmarket2,1472,0271,5761,5221,5941,734
   = Total compensation of employeesD12,1472,0271,5761,5221,5941,734
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use000000
  + Non-market intermediate consumptionP2_nonmarket1,6671,1811,5031,4901,4721,475
   = Total intermediate consumptionP21,8791,4001,7221,7151,6971,700
   - Intermediate consumption of market establishmentsP2_market-212-219-219-225-225-225
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,4201,4361,2781,3331,4001,400
   = Total consumption of fixed capitalP51c1,8091,8341,6941,7561,8341,834
   - Consumption of fixed capital by market establishmentsP51c_market-390-397-416-424-434-434
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 14 (XLS 16KB)
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Table 15 Local Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201220132014201520162017
Total ExpenditureTE7,4536,4965,5695,8445,9556,198
 Expense 7,8267,1346,5456,6106,8266,954
  Compensation of employeesD12,1472,0271,5761,5221,5941,734
   Of which: Related to production of own-use capital assets 000000
  Use of goods and services plus taxes payableP2 + D5 + D291,8791,4001,7221,7151,6971,700
   Use of goods and services [Intermediate consumption]P21,8791,4001,7221,7151,6971,700
    Of which: Intermediate consumption of market establishments 212219219225225225
   Taxes, payableD5 + D29000000
  Depreciation (Consumption of fixed capital)P51c1,8091,8341,6941,7561,8341,834
    Of which: Depreciation by market establishments 390397416424434434
  Interest (excluding FISIM)D4112012287687185
   Interest payable to central governmentD41_CG979972516276
   Other domestic interest payableD41_S12222151798
  SubsidiesD3000000
  Social benefitsD62 + D6321,5501,4691,2421,3451,4231,415
   Social benefits in cashD62779656366366313313
   Social benefits in kind (via market producers)D6327718148769791,1101,102
  Other current transfersD7484840414128
   Grants to central governmentD73_CG333334
   Miscellaneous current transfersD75454537383824
  Capital transfersD9273235184162167159
   Investment grants D92273235184162167159
            
 Net acquisition of non-financial assetsP5 + NP - P51c-372-638-976-766-871-756
  = Gross investment in non-financial assetsP5 + NP1,4371,1957189909631,078
   Gross fixed capital formationP511,4371,1957189319631,078
   Net acquisition of stocksP52000000
   Net acquisition of unproduced assetsNP0006000
  - Consumption of fixed capitalP51c-1,809-1,834-1,694-1,756-1,834-1,834
            
Net expenditure on current goods and servicesP3 excl. D6324,6114,0843,9563,9414,0514,155
 = OutputP16,1895,6345,3965,4615,6745,913
 - Sales of goods and services P11+P12+P131-1,578-1,551-1,440-1,520-1,623-1,758
   Market output (sales of market establishments)P11-956-991-1,039-1,117-1,208-1,304
   Output for own final useP12000000
   Incidental sales and fees of non-market establishmentsP131-622-560-400-403-415-454
            
Final consumption expenditureP35,3824,8984,8334,9215,1605,256
 = Net expenditure on current goods and servicesP3 excl. D6324,6114,0843,9563,9414,0514,155
 + Social transfers in kind via market producers D6327718148769791,1101,102
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)2,4892,4502,2942,4042,5212,569
  Social transfers in kind (via market producers)D6327718148769791,1101,102
  Social transfers in kind (provided directly by government)D6311,7181,6361,4181,4241,4121,468
 Collective consumption (= actual final consumption of government)P322,8932,4482,5382,5172,6392,687
            
Total social transfersD62 + D633,2683,1062,6602,7692,8342,882
 Social benefits in cashD62 779656366366313313
 Social transfers in kind (= individual consumption)D632,4892,4502,2942,4042,5212,569
Open in Excel: Government Finance Statistics Annual Results 2012 to 2017 (April 2018) Table 15 (XLS 14KB)
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Background Notes

Introduction

This release comprises the latest official publication by CSO of annual Government Finance Statistics (GFS) results for years 2012 to 2017.  

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-March 2018 under the EU regulation governing the Excessive Deficit Procedure (EDP).  Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The official publication by Eurostat of deficit and debt levels for all EU member states is due on 23 April 2018.

The tables provide detailed revenue, expenditure and balance sheet data for general government. These data are also available on CSO Statbank here.

The full suite of GFS tables are also available on the CSO website here.

Data for all EU Member States are available on Eurostat’s data base here.

Reclassification of Approved Housing Bodies to local government sub-sector (S.1313)

As of March 2018, 14 Approved Housing Bodies (AHBs) have been reclassified to the local government sub-sector (S.1313) from the Non-Profit Institution Serving Households Sector (S.15).  In addition the housing activities of another non-profit organisation have been re-routed to the local government sub-sector.

At the 2017 EDP dialogue visit to Ireland, following a discussion on social housing and the role of AHBs, Eurostat set the action point “As regards approved housing bodies, the issue of their classification will need to be revisited in the light of ESA 2010, taking into account the discussion held and the points raised by Eurostat”.  Eurostat requested the CSO to review the classification of the AHBs, expressing the view that under ESA 2010 the role of government financing should be given greater weight in the classification decision than had been the case at the time of the 2014 review.

The initial review carried out during 2017 focussed on the largest AHBs. This review resulted in 14 bodies whose predominant activity is the provision of social housing being reclassified to the local government sub-sector. One other organisation, not predominantly involved in housing, remained classified in the Non-Profit Sector Serving Households Sector (S.15).  However, its housing activity has been re-routed to the local government sub-sector.  A further review of the remaining AHBs will be progressed during 2018.

Details on the reclassification can be found here.

Impact on local government sub-sector

The inclusion of these AHBs into S.1313 means that their income, expenditure, assets and liabilities are added to this subsector.  However, as much of their income is received from the local and central government subsectors, this income has to be consolidated as appropriate.  Likewise, expenditure which has a counterparty in local or central government has been consolidated as appropriate.  Only additional income from other sectors of the economy has been added to local government income (e.g. receipt of rent from tenants).  The main additional expenditure relates to the compensation of employees, intermediate consumption and capital formation. 

The net lending/borrowing (B.9) of these organisations forms part of the net/lending borrowing (B.9) of the local government sector.  For the current release this impact is recorded only for the years 2014 to 2017 (i.e. the years which are the subject of the EDP notification).  Revisions to the historic series will be implemented in the summer publication Government Income and Expenditure.

GDP figures used in publication

The GDP figures used in this publication are consistent with those published in the Quarterly National Accounts published on 15 March 2018.

Revisions to General Government Deficit/Surplus (GG Deficit/Surplus)

Estimates of the general government deficit have been revised since October 2017. The changes reflect the changes due to the revised methodology following the updated Eurostat guidance on the sale of licences along with changes in the estimation of financial intermediation services indirectly measured (FISIM) and the change in the treatment of Approved housing bodies.  Changes to recent years also reflect the availability of more up-to-date and detailed data sources.

Revisions to General Government Debt (GG Debt)

Estimates of the general government debt have been revised since October 2017.  Revisions are due to improved compilation processes and, in recent years, also reflect the availability of more up-to-date and detailed data sources.

Government Finance Statistics – Concepts and Definitions

Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe, in particular in relation to the Excessive Deficit Procedure (EDP).

European GFS, including EDP statistics, are produced according to the legally binding accounting rules of the European System of Accounts (ESA2010). The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA 2010 in the context of GFS. 

EU Member States are required to report government deficit/surplus and debt data biannually under the EDP (before 1 April and 1 October in year N) for years N-4 to N-1 calendar years as well as a forecast for the current year. The data are reported in harmonised tables, which provide a consistent framework for the presentation of this data by Member States. The tables provide a structure for linking national budgetary aggregates with government deficit and debt.

Detailed statistics on government revenue and expenditure are also provided to Eurostat under the ESA transmission programme.  For annual data the main tables reported are:

Table 0200   Revenue and expenditure of general government and sub-sectors

Tables 0900 and 0999    Taxes and national tax list

These data are available on the Eurostat website here .

Definition of General Government and its subsectors

The general government sector of the economy, is defined in ESA2010 paragraph 2.111: as “institutional units which are non-market producers whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth.” General government comprises the sub-sectors central government (S.1311), state government (S.1312 – which does not apply in Ireland), local government (S.1313), and social security funds (S.1314 – which does not apply in Ireland),

General Government Deficit/Surplus (GG Deficit/Surplus) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact.

This measure is by definition equal to both Total Revenue (TR) less Total Expenditure (TE), and Net Acquisition of Financial Assets less Net Incurrence of Liabilities as shown in the GFS release.

A listing of some of the main items included in this release is shown below.

Main Components of General Government Expenditure and Revenue

P.2       Intermediate consumption – value of goods and services used in the process of production, excluding fixed assets

P.5       Gross capital formation

            P.51g   Gross fixed capital formation - acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by productive activity. Fixed assets are tangible or intangible assets produced as outputs from processes of production that are themselves used repeatedly, or continuously, in processes of production for more than one year

            P.51c   Consumption of fixed capital - the amount of fixed assets used up, during the period under consideration, as a result of normal wear and tear and foreseeable obsolescence, including a provision for losses of fixed assets as a result of accidental damage which can be insured against.

P.52     Changes in inventories

P.53     Acquisitions less disposals of valuables

D.1      Compensation of employees – the total remuneration of government employees

D.29    Other taxes on production (payable) all taxes that enterprises incur as a result of engaging in production, independently of the quantity or value of the goods and services produced or sold. These include taxes on use or ownership of land or buildings, taxes on use of fixed assets, taxes on total wage bill and payroll, taxes on international transactions related to production.

D.3      Subsidies (payable) - current unrequited payments which general government or the institutions of the European Union make to resident  producers, with the objective of influencing their levels of production, their prices or the remuneration of the factors of production

D.4      Property income accrues when the owners of financial assets and natural resources put them at the disposal of other units of the economy. The income payable for the use of financial assets is called investment income, while that payable for the use of a natural resource is called rent. Property income is the sum of investment income and rent.

           D.41    Interest receivable by the owners of a financial asset for putting it at the disposal of another institutional unit - applies to deposits (AF.2), debt securities (AF.3), loans (AF.4) and other accounts payable (AF.8)

           D.42    Dividends receivable by the owners of share equities. Dividends exclude "super dividends" which arise where the dividend paid is large relative to the recent level of dividends and earnings. Super dividends are recorded as withdrawal of equity (F.5). This arises, for example, in the case of dividends paid by the Central Bank in 2015.

           D.45    Rent of a natural resource – income receivable by the owner of a natural resource for putting the resource at the disposal of another party.

D.5      Current taxes on income, wealth, etc., (payable) - all compulsory, unrequited payments, in cash or in kind, levied periodically by general government and by the rest of the world on the income and wealth of units in the economy, and some periodic taxes which are assessed neither on income nor wealth

D.6      Social contributions - transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs.

D.7      Other current transfers – includes VAT and GNI based EU budget contributions, current transfers between subsectors of government, current international co-operation and current transfers to households and non-profit institutions.

D.9      Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction.  Includes capital taxes and investment grants.

 P.1       Total output of Government is equal to market output, own account capital formation, and non-market output (i.e. the sum of D.1+P.2+P51c). The market output referred to in this publication is the imputed market value of social housing rented dwellings. See Table 3.

P.3        Final consumption expenditure of Government is equal to the total of its output (P.1) plus the expenditure on products/services supplied to households via market producers minus the sales of goods and services (at both market and non-market prices). This is made up of individual non-market services plus collective non-market services (P.31 and P.32). See Table 4.  

Categories of Financial Flows

F.1       Monetary gold and special drawing rights (SDRs)

            F.11     Monetary gold

            F.12     Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund shares

            F.51 Equity

            F.52 Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71     Financial derivatives

            F.72     Employee stock options

F.8       Other accounts receivable/payable

            F.81     Trade credits and advances

            F.89     Other trade credits

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