Back to Top

 Skip navigation

Do you like spending time outdoors? Tell us about the importance that nature and the outdoors has in your life. https:://link.cso.ie/pulse-outdoors/

Extra information
For more information on this release:
E-mail: gfs@cso.ie Tom.Fitzgerald@cso.ie Derek.Stynes@cso.ie
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-616X

This release has been compiled during the COVID-19 crisis. The results contained in this release reflect some of the economic impacts of the COVID-19 situation. For further information see Background notes.

CSO statistical release, , 11am

Government Finance Statistics - Annual

2015 to 2020 (April 2021 Results)

End of yearGeneral Government     GDP
        Balance      Gross Debt      Net Debt 
 €bn% GDP€bn% GDP€bn% GDP€bn
2015-5.1-1.9201.776.7172.865.7262.9
2016-1.8-0.7200.674.1176.665.2270.8
2017-1.0-0.3201.367.0175.758.5300.4
20180.30.1205.963.0177.354.2327.0
20191.80.5204.257.4175.449.3356.1
2020-18.4-5.0218.259.5187.751.2366.5

General government deficit of 5.0% of GDP in 2020

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

The general government deficit was €18.4bn in 2020, because of the impact of COVID-19 on both general government revenue and expenditure, especially the targeted government supports and public health measures. General government revenue was €85.8bn in 2020 while expenditure was €104.2bn, giving a deficit of €18.4bn (5.0% of GDP) compared with a surplus of €1.8bn in 2019 – see release Infographic.

The COVID-19 pandemic led to a drop of 3.9% in government revenues and a rise of 19.1% in government expenditure (Table 1).

Government revenues were €3.5bn lower than in 2019. Overall tax revenues were down €2.5bn (a 3.9% drop on 2019), with a fall of 12.5% in indirect taxes, mainly due to reduced VAT receipts and the waiving of commercial rates, compared with a rise of 2.6% in direct taxes (including corporation tax and income taxes) (Table 3).

The significant increase of €16.7bn (19.1%) in government expenditure in 2020 is due to COVID-19 measures. There was a rise of €11.3bn in subsidies (including the Temporary/Employment Wage Subsidy Scheme) and social transfers (including the Pandemic Unemployment Payment (PUP). Intermediate consumption rose by €2.0bn, mostly due to extra spending by the health sector, while current transfers increased by €0.6bn (Table 4).

Provisional estimates of COVID-19 expenditure

The table below is a preliminary estimate of the impact of COVID-19 on government expenditure. It is easy to see the impact of new measures, such as the PUP. Existing budgets were used (and supplemented) in order to deliver services in other areas. This table will be updated as more data becomes available from end-year accounts.

Table A: COVID-19 measures included in general government expenditure, €bn

ESA 2010 CodeMeasure2020
D.39 Temporary Wage Subsidy Scheme / Employee Wage Subsidy Scheme 3.8
D.62 Pandemic Unemployment Payment 5.0
D.632 Primary care and Overseas repatriation 0.1
D.7 Restart Grant / Restart Grant Plus 0.6
D.7 Covid Restrictions Support Scheme 0.2
D.7 Other enterprise supports 0.1
P.2 Health sector expenditure 2.0
P.2 Other 0.5
P.51g ICT expenditure 0.8
Total Expenditure   13.1

See Background notes for further information.

  

Financing the deficit - general government debt 59.5% of GDP at end 2020

General government gross debt (the level of government borrowing) rose by almost €14bn to €218.2bn (Table 2).  However the debt to GDP ratio remained just below the Stability and Growth Pact threshold of 60% due to the performance of GDP in the year. Not all of the increase in government spending was funded by borrowing - cash balances were available to Government in 2020. These include NAMA, which transferred €2.0bn to the Exchequer, and €1.5bn from the National Surplus (Exceptional Contingencies) Reserve Fund. (The Fund was established in 2019 capitalised by €1.5bn from the Ireland Strategic Investment Fund).

The market value of liabilities rose by €20bn at the end of 2020 compared with one year earlier (Table 6). This was mainly due to the issuance of bonds in order to fund the COVID-19 related expenditure. Loan liabilities fell, mainly due to the repayment of three tranches (€1.9bn) of the UK bilateral loan in 2020. (Each tranche is £0.4bn and the last one repaid in March 2021).

Financial assets (at market value) decreased by €2.7bn in 2020. This was composed mainly of a decrease in the value of equity of €3.7bn and an increase in currency and deposits of €1.3bn.

General government net debt rose by €12.2bn to €187.7bn (51.2% of GDP) at the end of 2020. Net debt takes account of the assets corresponding to Excessive Deficit Procedure (EDP) debt instruments, i.e. currency and deposits, securities other than shares, and loans (Tables 2 and 7).

 

Government accounts are compiled in the EU according to the European System of National Accounts2010 (ESA2010) framework.

The detailed tables are aligned with the April 2021 Excessive Deficit Procedure notification. Revisions to previous years reflect updated data sources or changes in methodology - see Background notes.

The main EDP notification tables for Ireland will be published on 22 April, the same day as the Eurostat release of EDP statistics. This will include details of government guarantees, PPPs and concessions and tables showing the impact on government accounts of government interventions in the financial sector.

Annual Government Finance Statistics are benchmarked to the most recent EDP notification and so may not be fully aligned with the National Income and Expenditure and related publications, such as the Institutional Sector Accounts.

The concepts and definitions used in this release are described in the background notes. GNI* is not yet available for 2020 but is included in Table 1 for the years 2015-2019.

Total RevenueTotal Expenditure
201527.429.3
201627.628.3
20172626.3
201825.825.7
201925.124.6
202023.428.4
Table 1 General Government transactions: revenue, expenditure, financing and deficit
          €million
DescriptionESA2010 code201520162017201820192020
General Government transactions       
RevenueTR71,93174,77878,10384,36189,24785,759
Taxes and social contributionsD2 + D5 + D91 + D6163,07465,97469,63675,51180,50677,898
TaxesD2 + D5 + D9150,75052,81455,71460,54964,63462,119
Social contributions D6112,32413,16013,92214,96215,87315,778
Sales of goods and servicesP1O5,3765,4665,5845,9355,9635,440
Investment incomeD42,7211,8261,7791,5441,6071,159
Current transfer revenue (excluding taxes)D7451512660797711688
Capital transfer revenue (excluding taxes)D9N3101,001444573461576
           
ExpenditureTE77,02076,56579,09984,03687,490104,175
ExpenseExpense75,85074,85677,54381,23483,60698,783
Compensation of employeesD119,30419,89221,04522,05323,07324,847
Use of goods and services plus taxes payableP2 + D5 + D299,56010,08310,44811,21612,63414,657
Depreciation (Consumption of fixed capital)P51c3,4793,6913,9064,1634,4624,462
Interest (excluding FISIM)D416,9396,2645,9415,3184,4593,684
SubsidiesD31,7881,7681,8571,9481,7095,652
Social benefitsD62 + D63228,68928,76129,48430,50231,65439,029
Other current transfersD72,5962,9523,1593,7783,7204,323
Capital transfersD93,4951,4441,7032,2561,8952,129
           
 Net operating balanceNOB-3,920-785603,1275,642-13,023
           
Net acquisition of non-financial assetsP5 + NP - P51c1,1701,7101,5562,8033,8845,393
           
 General Government Surplus/DeficitB9-5,090-1,787-9963241,758-18,416
equals       
Net acquisition of financial assetsΔFA-8,838-4,905-2,13717,436143-3,939
Debt instrumentsF2 + F3 + F4-7,096-5,1511,6253,152134-1,500
Equity and Investment Fund SharesF5241-382-4,496-1,238-2,351-1,293
Other financial assetsF6 + F7 + F8 -1,98362873415,5222,360-1,146
less       
Net incurrence of liabilitiesΔL-3,748-3,118-1,14117,112-1,61514,477
Debt instrumentsF2 + F3 + F4-4,075-2,794-1,5132,341-1,96414,623
Other liabilitiesF5 + F6 + F7 + F8 327-32437214,771349-146
      
Memo: Net derivative flows on debt interest swap contracts -240-275-223-200-137-62
General Government Surplus/Deficit (% of GDP) -1.9-0.7-0.30.10.5-5.0
General Government Surplus/Deficit (% of GNI*) -3.1-1.0-0.50.20.8..
GDP at current market prices 262,853270,809300,387326,986356,051366,506
GNI* 162,657174,732186,217198,702213,708..
Government interventions to support financial institutions       
Revenue (a+b+c+d)2,1741,7151,2971,1229201,218
Guarantee fees receivable (a)P131(part)53455000
Interest receivable (b)D4(part)50513549714939
Dividends receivable (c) D4(part)962749558382380394
Other (d) P131(part)653785685669491785
Expenditure (e+f+g+h)4,0051,7291,6201,7901,4711,402
Interest payable (e)D4(part)1,2071,047897783687630
Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)2,11100000
Calls on guarantees (g)D9(part)000000
Other (h)various6866827231,007784772
Impact of the above interventions on General Government Surplus/Deficit-1,830-14-322-668-550-184
  General Government Surplus/Deficit excluding interventions to support financial institutions -3,259-1,773-6739922,308-18,232
.. Data currently not available until NIE 2020 published
Table 2 General Government Net Worth, Gross and Net Debt
      €million
Description ESA2010 code201520162017201820192020
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-51,469-46,801-37,031-32,302-21,989-39,322
equals      
Non-financial assets at market valueNFA99,017105,318111,862119,605129,292134,685
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-150,486-152,119-148,893-151,907-151,281-174,007
equals      
 Financial assets at market valueFA83,31379,09379,39491,97494,70592,038
EDP debt instrumentsF2 + F3 + F428,89824,00025,57328,64028,78830,507
Equity and Investment Fund SharesF544,94745,55742,75336,62737,41733,706
Other financial assetsF6 + F7 + F8 9,4689,53611,06826,70728,50027,825
less      
Liabilities at market valueL233,799231,212228,287243,881245,986266,045
EDP debt instrumentsF2 + F3 + F4223,231221,046218,233219,212221,477241,800
Other liabilitiesF5 + F6 + F7 + F810,56810,16610,05424,66924,50924,245
      
Memo: Estimated pension liabilities of government *114,500114,500114,500149,600149,600149,600
Memo: Net worth, including pension liabilities-165,969-161,301-151,531-181,902-171,589-188,922
Contingent liabilities15,9559,7515,3155,0665,3146,182
Memo: Net worth, including pension liabilities and contingent liabilities -181,924-171,052-156,845-186,968-176,904-195,105
      
General Government: changes in net worth      
Opening net worth-60,441-51,469-46,801-37,031-32,302-21,989
Change in net worth due to transactions-3,920-785603,1275,642-13,023
Net acquisition of non-financial assets P5 + NP - P51c1,1701,7101,5562,8033,8845,393
Net lending/net borrowingB9-5,090-1,787-9963241,758-18,416
Change in net worth due to other economic flowsKx12,8924,7459,2111,6024,672-4,310
Other changes in non-financial assets4,0974,5914,9894,9405,8030
Other changes in financial assets8,9316852,438-4,8562,5881,272
Other changes in liabilities-136-5311,7841,518-3,720-5,582
Closing net worth -51,469-46,801-37,031-32,302-21,989-39,322
            
General Government Debt (GGDebt)      
Debt instrument liabilities at market valueF2 + F3 + F4223,231221,046218,233219,212221,477241,800
+ Difference between EDP face value and market value-21,552-20,409-16,967-13,311-17,254-23,643
Gross General Government Debt (EDP face value)GGDebt201,679200,637201,266205,901204,223218,157
less EDP debt instrument assetsF2 + F3 + F4-28,898-24,000-25,573-28,640-28,788-30,507
Net General Government Debt GGNetDebt172,781176,637175,693177,261175,435187,650
             
Closing Net Worth (% of GDP)-19.6-17.3-12.3-9.9-6.2-10.7
Gross General Government Debt (% of GDP)76.774.167.063.057.459.5
Net General Government Debt (% of GDP) 65.765.258.554.249.351.2
Gross General Government Debt (% of GNI*)124.0114.8108.1103.695.6..
Net General Government Debt (% of GNI*) 106.2101.194.389.282.1..
* The data from 2018 on has been updated based on the Estimates of Pension Liabilities 2018 published in February 2021
.. Data currently not available until NIE 2020 published
Table 3 General Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201520162017201820192020
Total RevenueTR71,93174,77878,10384,36189,24785,759
 Taxes and social contributions63,07465,97469,63675,51180,50677,898
  TaxesD2 + D5 + D9150,75052,81455,71460,54964,63462,119
   Indirect taxes (taxes on production and imports)D222,48623,47124,64925,74427,47724,050
    Taxes on productsD2119,32620,57521,39222,15023,91521,377
    of which Value-Added TaxD21111,83112,60313,06014,17515,28112,649
    Other taxes on production D293,1602,8963,2573,5933,5622,673
   Direct taxesD527,86328,93230,61634,28736,62637,564
    Taxes on income, profits and capital gainsD5126,59927,89329,60133,29135,64636,602
    Other current direct taxesD591,2631,0391,016996980962
   Capital taxesD91401411448518531505
  Social contributions D6112,32413,16013,92214,96215,87315,778
   Actual social contributionsD611 + D61310,52511,02411,67212,71613,80813,634
    PRSI receipts D611 + D613(pt)8,5279,2489,83410,64911,70211,386
    Government employees' social contributionsD613(pt)1,9981,7761,8382,0672,1052,248
   Employers' imputed social contributionsD6121,7992,1362,2492,2462,0652,144
 Sales of goods and servicesP1O5,3765,4665,5845,9355,9635,440
  Sales of market establishments (= market output)P111,1311,2381,3611,4771,6191,749
  Imputed sales related to production of own-use capital assets (= output for own final use)P12212122222323
Incidental sales and fees of non-market establishmentsP1314,2244,2074,2024,4374,3213,668
Investment incomeD42,7211,8261,7791,5441,6071,159
Interest (excluding FISIM)D4168225114217913983
Dividends / Other investment incomeD42 + D441,9321,4681,5321,2521,3961,006
Rent of land and subsoil assetsD451061071051137170
Current transfer revenueD39 + D7451512660797711688
SubsidiesD39000000
Other current transfersD7451512660797711688
Non-life insurance claimsD7281717171717
Other Domestic - Current D7N_S1261306353408464615
From Rest of World - CurrentD7N_S218218929037223056
Capital transfer revenueD9N3101,001444573461576
            
Output P132,82434,22136,04738,18841,03044,960
Market output (sales of market establishments)P111,1311,2381,3611,4771,6191,749
Output for own final useP12212122222323
Non-market outputP1331,67332,96334,66436,69039,38843,189
= Non-market compensation of employeesD1_nonmarket19,28319,87221,02322,03123,05024,824
= Total compensation of employeesD119,30419,89221,04522,05323,07324,847
- Compensation of employees of market establishmentsD1_market      
- Compensation related to production of own-use capital assetsD1_own-use-21-21-22-22-23-23
+ Non-market intermediate consumptionP2_nonmarket9,3349,83610,18810,95412,36614,393
= Total intermediate consumptionP29,56010,08310,44811,21612,63414,657
- Intermediate consumption of market establishmentsP2_market-225-247-260-263-268-264
- Intermediate consumption related to production of own-use capital assetsP2_own-use      
+ Non-market consumption of fixed capitalP51c_nonmarket3,0553,2553,4523,7053,9723,972
= Total consumption of fixed capitalP51c3,4793,6913,9064,1634,4624,462
- Consumption of fixed capital by market establishmentsP51c_market-424-437-453-458-490-490
- 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
Table 4 General Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201520162017201820192020
Total ExpenditureTE77,02076,56579,09984,03687,490104,175
Expense75,85074,85677,54381,23483,60698,783
Compensation of employeesD119,30419,89221,04522,05323,07324,847
Of which: Related to production of own-use capital assets212122222323
Use of goods and services plus taxes payableP2 + D5 + D299,56010,08310,44811,21612,63414,657
Use of goods and services [Intermediate consumption]P29,56010,08310,44811,21612,63414,657
Of which: Intermediate consumption of market establishments 225247260263268268
Taxes, payableD5000000
Depreciation (Consumption of fixed capital)P51c3,4793,6913,9064,1634,4624,462
Of which: Depreciation by market establishments 424437453458490490
Interest (excluding FISIM)D416,9396,2645,9415,3184,4593,684
Other domestic interest payableD41_S12,5422,3562,2431,9231,4561,670
Interest payable to rest of worldD41_S24,3973,9083,6983,3953,0032,015
SubsidiesD31,7881,7681,8571,9481,7095,652
Product subsidiesD318649099309949861,059
Other subsidies on productionD399248589279547234,592
Social benefitsD62 + D63228,68928,76129,48430,50231,65439,029
Social benefits in cashD6223,09522,82923,03223,37124,17731,393
Social benefits in kind (via market producers)D6325,5945,9336,4537,1317,4777,635
Other current transfersD72,5962,9523,1593,7783,7204,323
Net non-life insurance premiumsD71555252525252
Current international cooperationD74473451509539524497
Miscellaneous current transfersD755615988668138701,164
VAT and GNI based EU budget contributionD761,5071,8511,7312,3742,2732,610
VAT-based EU own resourcesD761215219262245278275
GNI-based EU own resourcesD7621,2921,6321,4702,1291,9962,335
Capital transfersD93,4951,4441,7032,2561,8952,129
Investment grantsD921,3051,4431,6672,0151,8752,129
Other capital transfersD992,190136241200
Net acquisition of non-financial assetsP5 + NP - P51c1,1701,7101,5562,8033,8845,393
= Gross investment in non-financial assetsP5 + NP4,6495,4015,4616,9668,3469,855
Gross fixed capital formationP514,5895,3415,5066,9068,4269,795
Net acquisition of stocksP52606060606060
Net acquisition of unproduced assetsNP00-1050-1400
- Consumption of fixed capitalP51c-3,479-3,691-3,906-4,163-4,462-4,462
Net expenditure on current goods and servicesP3 excl. D63227,44928,75530,46232,25335,06739,520
= OutputP132,82434,22136,04738,18841,03044,960
- Sales of goods and services P11+P12+P131-5,376-5,466-5,584-5,935-5,963-5,440
Market output (sales of market establishments)P11-1,131-1,238-1,361-1,477-1,619-1,749
Output for own final useP12-21-21-22-22-23-23
Incidental sales and fees of non-market establishmentsP131-4,224-4,207-4,202-4,437-4,321-3,668
Final consumption expenditureP333,04234,68836,91539,38542,54447,156
= Net expenditure on current goods and servicesP3 excl. D63227,44928,75530,46232,25335,06739,520
+ Social transfers in kind via market producers D6325,5945,9336,4537,1317,4777,635
made up of      
Individual consumption (= social transfers in kind)P31 (= D63)22,11223,22824,94626,62428,85431,981
Social transfers in kind (via market producers)D6325,5945,9336,4537,1317,4777,635
Social transfers in kind (provided directly by government)D63116,51817,29518,49319,49321,37624,346
Collective consumption (= actual final consumption of government)P3210,93011,46011,97012,76113,69115,175
Total social transfersD62 + D6345,20746,05747,97749,99453,03163,374
Social benefits in cashD62 23,09522,82923,03223,37124,17731,393
 Social transfers in kind (= individual consumption)D6322,11223,22824,94626,62428,85431,981
Table 5 General Government financial transactions
      €million
Description 201520162017201820192020
Net lending (+) / net borrowing (-)B.9-5,090-1,787-9963241,758-18,416
equals        
Net acquisition of financial assets ΔA-8,838-4,905-2,13717,436143-3,939
EDP debt instruments F2 + F3 + F4-7,096-5,1511,6253,152134-1,500
 Currency and deposits F2-346-3,3702,4584,4822,270-929
Debt securities F3-5,662-1,417-51-135-153-119
Short-term F31-1,184-1,033170-95-108-173
Long-term F32-4,478-384-221-40-4554
Loans F4-1,088-364-782-1,195-1,983-452
Short-term loans F41-529-46-33-226-516101
Long-term loans F42-559-318-749-969-1,467-553
Equity and Investment Fund Shares F5241-382-4,496-1,238-2,351-1,293
Other financial assets F6 + F7 + F8 -1,98362873415,5222,360-1,146
Insurance, Pensions and Standardised Guarantees F6-100011
Financial derivatives and Employee Stock Options F7-1,737-278-426-165-127-284
Other accounts receivable/payableF8-2459061,16015,6872,486-863
less        
Net incurrence of liabilities ΔL-3,748-3,118-1,14117,112-1,61514,477
EDP debt instruments F2 + F3 + F4-4,075-2,794-1,5132,341-1,96414,623
Currency and deposits F2-247611281485721,502
Debt securities F36,111-3,5474,3311,761-1,16015,013
Short-term F31-2,4091,048635922916,538
Long-term F328,520-4,5953,6961,669-1,4518,475
Loans F4-9,939142-6,125532-1,376-1,892
Short-term loans F41-234-346-200174-343122
Long-term loans F42-9,705488-5,925358-1,033-2,014
Other liabilities F5 + F6 + F7 + F8 327-32437214,771349-146
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F6000000
Financial derivatives and Employee Stock Options F711-2523-7
   Other accounts receivable/payable F8316-32236714,769346-139
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201520162017201820192020
General Government balance sheet       
 Net worth at market value, excluding pension liabilitiesNW-51,469-46,801-37,031-32,302-21,989-39,322
 equals       
  Non-financial assets at market valueNFA99,017105,318111,862119,605129,292134,685
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-150,486-152,119-148,893-151,907-151,281-174,007
  equals       
   Financial assets at market valueFA83,31379,09379,39491,97494,70592,038
    EDP debt instrumentsF2 + F3 + F428,89824,00025,57328,64028,78830,507
     Currency and depositsF218,05114,71817,17121,68123,95825,243
     Debt securitiesF33,2881,8911,7691,5251,4301,327
      Short-termF311,18414342831819638
      Long-termF322,1041,7481,3411,2071,2341,289
     LoansF47,5597,3916,6335,4343,4003,937
      Short-term loansF41989942910684168269
      Long-term loansF426,5706,4495,7234,7503,2323,668
    Equity and Investment Fund SharesF544,94745,55742,75336,62737,41733,706
    Other financial assetsF6 + F7 + F8 9,4689,53611,06826,70728,50027,825
     Insurance, Pensions and Standardised GuaranteesF6000012
     Financial derivatives and Employee Stock OptionsF781104093876201
     Other accounts receivable/payableF88,6579,53610,65926,32028,49327,622
  less       
   Liabilities at market valueL233,799231,212228,287243,881245,986266,045
    EDP debt instrumentsF2 + F3 + F4223,231221,046218,233219,212221,477241,800
     Currency and depositsF220,71321,31721,60021,64822,22023,721
     Debt securitiesF3146,320143,056146,545146,997149,903170,340
      Short-termF311,3862,4002,9233,0923,3489,298
      Long-termF32144,934140,655143,623143,904146,555161,042
     LoansF456,19856,67350,08850,56749,35447,739
      Short-term loansF411,052700524681335505
      Long-term loansF4255,14555,97349,56449,88549,02047,234
    Other liabilitiesF5 + F6 + F7 + F810,56810,16610,05424,66924,50924,245
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6000000
     Financial derivatives and Employee Stock OptionsF71,1381,03955840517849
     Other accounts receivable/payableF89,4309,1279,49624,26424,33124,196
              
Memo: Estimated pension liabilities of government * 114,500114,500114,500149,600149,600149,600
Memo: Net worth, including pension liabilities -165,969-161,301-151,531-181,902-171,589-188,922
Contingent liabilities 15,9559,7515,3155,0665,3146,182
Guarantees 11,3043,97328277656
Off-balance sheet PPPs and concessions 4,6515,7775,0325,0595,3075,526
Memo: Net worth, including pension liabilities and contingent liabilities -181,924-171,052-156,845-186,968-176,904-195,105
Change in net worth of government       
 Opening net worth -60,441-51,469-46,801-37,031-32,302-21,989
              
 Change in net worth due to transactions -3,920-785603,1275,642-13,023
  Net acquisition of non-financial assets P5 + NP - P51c1,1701,7101,5562,8033,8845,393
  Net lending/net borrowingB9-5,090-1,787-9963241,758-18,416
   = Net acquisition of financial assets -8,838-4,905-2,13717,436143-3,939
   - Net incurrence of liabilities 3,7483,1181,141-17,1121,615-14,477
              
 Change in net worth due to other economic flowsKx12,8924,7459,2111,6024,672-4,310
  Other changes in non-financial assets 4,0974,5914,9894,9405,8030
  Other changes in financial net worth 8,7951544,222-3,338-1,132-4,310
   = Other changes in financial assets 8,9316852,438-4,8562,5881,272
     EDP debt instruments -14253-52-85143,219
     Equity and Investment Fund Shares 6,7819921,692-4,8883,141-2,418
     Other financial assets 2,164-560798117-567471
   - Other changes in liabilities -136-5311,7841,518-3,720-5,582
     EDP debt instruments 534-6091,3001,362-4,229-5,700
     Other liabilities -67078484156509118
              
Closing net worth -51,469-46,801-37,031-32,302-21,989-39,322
* The data from 2018 on has been updated based on the Estimates of Pension Liabilities 2018 published in February 2021
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201520162017201820192020
General Government Debt       
  Debt instrument liabilities at market value223,231221,046218,233219,212221,477241,800
  + Difference between face value and market value -21,552-20,409-16,967-13,311-17,254-23,643
Gross General Government Debt (face value)GGDebt201,679200,637201,266205,901204,223218,157
By category:       
 Currency and deposits F220,71321,31721,60021,64822,22023,721
 Debt securitiesF3125,766123,879130,112134,231133,566147,425
  Short-termF311,3802,3952,9203,0843,3529,299
  Long-termF32124,386121,484127,192131,147130,214138,126
 LoansF455,20055,44049,55550,02248,43747,011
  Short-termF411,052700524681334505
  Long-termF4254,14754,74049,03149,34148,10346,506
           
less EDP debt instrument assetsF2 + F3 + F428,89824,00025,57328,64028,78830,507
 By category:       
 Currency and deposits F218,05114,71817,17121,68123,95825,243
 Debt securitiesF33,2881,8911,7691,5251,4301,327
  Short-termF311,18414342831819638
  Long-termF322,1041,7481,3411,2071,2341,289
 LoansF47,5597,3916,6335,4343,4003,937
  Short-termF41989942910684168269
  Long-termF426,5706,4495,7234,7503,2323,668
           
 Net General Government Debt (face value)GGNetDebt172,781176,637175,693177,261175,435187,650
 By category:       
 Currency and deposits F22,6626,5994,429-33-1,738-1,522
 Debt securities F3122,478121,988128,343132,706132,136146,098
  Short-termF311962,2522,4922,7663,1569,261
  Long-termF32122,282119,736125,851129,940128,980136,837
 LoansF447,64148,04942,92244,58845,03743,074
  Short-termF4163-242-386-3166236
  Long-termF4247,57748,29143,30844,59144,87142,838
Table 8 Reconciliation of Exchequer Balance to General Government Deficit
       € million
Description ESA2010 code2017201820192020
Exchequer balance 1,90699647-12,316
      
Deduct cash inflows which do not increase financial net worth -4,875-1,960-2,665-3,657
Inflows from sale or redemption of financial assets -4,875-1,960-2,665-3,657
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation 0000
Exclude cash outflows which do not reduce financial net worth 1992621911,249
Acquisition of financial assets 1992621911,249
Repayment of promissory notes notional loan principal 0000
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 0000
      
Impact on financial net worth of Exchequer cash transactions -2,769-1,599-1,826-14,725
      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) 280328580619
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 143316524763
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) 44-88-2-222
Accrual of interest due on contingent capital assets assigned to banks 0000
Licence sales 931005878
Other accrued revenue 0000
Adjust for impact of non-cash expenditure (-) 385237593721
Capital transfers to financial institutions financed by promissory notes 0000
Difference between interest paid and accrued 218479570756
Difference between Exchequer cash issues and accrued net spending of departments and offices 7918-170
Other accrued expenditure 88-25940-34
      
Surplus/Deficit of ExchequerB9_exchequer-2,104-1,034-654-13,384
      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer 6609921,920-2,806
Social Insurance Fund 6241,0681,489-3,454
Bank & Deposit Guarantee Schemes -12161121125
Capital Services Redemption Account 0000
Small Savings Reserve Fund 0000
Other Extra-Budgetary Funds 164-315142355
Health Service Executive -11778168168
      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-1,444-421,266-16,191
Surplus/Deficit of other Central Government bodies 352290964-1,866
National Pensions Reserve Fund 329375438-66
Non-market State corporations and agencies 46127401-1,931
Voluntary and joint board hospitals -24-92121
Other adjustments 0-203104109
Conversion of AIB Preference shares into Ordinary shares 0000
Concession asset reclassification & Court decision (consultants pay) 0-203104109
Surplus/Deficit of Central Government B9_S1311-1,0932482,230-18,057
Surplus/Deficit of Local Government B9_S13139776-472-359
Surplus/Deficit of General Government B9_S13-9963241,758-18,416
Table 9 Reconciliation of National Debt to General Government Debt
             € million
Description201520162017201820192020
Audited National Debt183,066185,610185,483187,682188,194200,281*
 Composed of      
  Gross National Debt196,620196,729198,701205,275206,730219,482
   Medium/long term debt175,974173,620174,395178,901175,914182,459
    Irish Government Bonds125,086121,645127,581131,829130,067136,809
    EU/IMF Programme Funding and bilateral loans50,57950,49144,54844,51843,28141,359
    Other medium/long term debt1,1631,6931,8932,2382,5734,092
    Miscellaneous (including derivatives)-854-209373316-7198
   Short term debt3,9535,9157,0139,03513,01618,194
    Foreign Bills1,0463635025133454,717
    Treasury Bills01,0082,0092,0142,0103,760
    Borrowings from Funds under the control of the Minister for Finance1,5792,5182,2812,5953,0184,326
    Exchequer Bills/Notes (incl. Central Treasury Notes)1,3272,0252,2213,9137,6435,391
   State Savings Schemes16,69217,19417,29317,33917,80018,829
 Less cash and other financial assets-13,554-11,119-13,217-17,593-18,536-19,200
 Reverse deduction of cash, other financial assets and EFSF prepaid margin held by Exchequer14,08411,11913,21717,59318,53619,200
 Outstanding principal value of promissory notes000000
 Liability for coinage in circulation701707704712722713
 Accrual adjustments (State Savings)504451452280275270
 Adjustment from discounted to nominal value8-2-52-10-14
 National Loans Advance Interest242946413816
 Gross treatment of collaterals78352250686813
 Other adjustments (repurchase agreements, OPW contracts and exclusion of financial derivatives)241638201764
Unconsolidated Exchequer Debt (Maastricht definition)199,193198,452199,987206,397207,840220,544
 of which: Liabilities to other Central Government bodies3,3723,9854,4596,42110,6509,329
Exchequer contribution to Central Government debt195,821194,466195,528199,976197,190211,215
 of which: Liabilities to Local Government 000000
Exchequer contribution to General Government debt195,821194,466195,528199,976197,190211,215
Housing Finance Agency (HFA)      
 Gross debt of HFA3,6153,6123,6173,7904,4974,989
 of which: Liabilities to other Central Government bodies2,4272,0561,7831,5871,9241,591
HFA contribution to Central Government debt1,1891,5561,8342,2032,5743,399
 of which: Liabilities to Local Authorities9651,2951,5141,8502,0062,693
HFA contribution to General Government debt224261320353567706
Other Central Government      
 IBRC Consolidated735698332252494447
 Liabilities of Post Office Savings Bank Fund to Post Office Savings Bank2,7652,9223,1213,3083,4203,906
 All other bodies1,4671,5851,4421,3531,478638
Other bodies' contribution to Central and General Government debt4,9675,2054,8964,9145,3934,991
Total Central Government debt201,977201,227202,257207,093205,156219,604
 of which: Liabilities to Local Government9651,2951,5141,8502,0062,693
Central Government contribution to General Government debt201,012199,933200,743205,243203,150216,911
Local Government - Local Authorities      
 Borrowing from Housing Finance Agency3,6843,6983,7123,8954,3914,974
 Borrowing from other Central Government bodies282219161311
 Other borrowing6667055236591,0731,246
Local Authorities' contribution to Local Government debt4,3784,4254,2544,5705,4776,232
 VECs / ETBs000000
Total Local Government debt4,3784,4254,2544,5705,4776,232
 of which: Liabilities to Central Government3,7123,7203,7313,9114,4044,986
Local Government contribution to General Government debt6667055236591,0731,246
            
General Government Debt201,678200,637201,266205,901204,223218,157
* unaudited figure
Table 10 Central Government transactions: revenue, expenditure and deficit
          €million
DescriptionESA2010 code201520162017201820192020
Central Government transactions       
 RevenueTR68,37370,97574,07480,00384,80682,039
  Taxes and social contributionsD2 + D5 + D91 + D6161,34164,26667,89873,65478,72376,969
   TaxesD2 + D5 + D9149,36151,46054,33559,11363,21961,565
   Social contributions D6111,98012,80613,56414,54215,50315,404
  Sales of goods and servicesP1O3,8363,7563,7463,9343,7243,070
  Investment incomeD42,7351,8671,8151,5781,6701,224
  Current transfer revenue (excluding taxes)D7393446586714627604
  Capital transfer revenue (excluding taxes)D9N696402812262173
           
 ExpenditureTE73,86572,97775,16679,75482,576100,096
  ExpenseExpense72,16870,75873,38077,32179,68995,804
   Compensation of employeesD117,62818,17219,30820,21621,14122,835
   Use of goods and services plus taxes payableP2 + D5 + D297,7758,1868,6079,30810,61112,494
   Depreciation (Consumption of fixed capital)P51c1,7241,8572,0062,2032,4222,422
   Interest (excluding FISIM)D416,9226,2565,9365,3124,4523,677
   SubsidiesD31,7881,7681,8571,9481,7095,652
   Social benefitsD62 + D63227,33027,30827,79228,53829,47736,851
   Other current transfersD74,2204,7385,0896,0326,1957,907
   Capital transfersD94,7822,4742,7853,7633,6833,966
           
 Net operating balanceNOB-3,7952176942,6825,117-13,765
           
  Net acquisition of non-financial assetsP5 + NP - P51c1,6962,2191,7862,4342,8874,292
           
 Central Government Surplus/DeficitB9-5,491-2,002-1,0932482,230-18,057
Table 11 Central Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201520162017201820192020
Total RevenueTR68,37370,97574,07480,00384,80682,039
 Taxes and social contributions 61,34164,26667,89873,65478,72376,969
  TaxesD2 + D5 + D9149,36151,46054,33559,11363,21961,565
   Indirect taxes (taxes on production and imports)D221,09822,11723,27024,30726,06223,496
    Taxes on productsD2119,32620,57521,39222,15023,91521,377
    of which Value-Added TaxD21111,83112,60313,06014,17515,28112,649
    Other taxes on production D291,7721,5421,8782,1572,1482,119
   Direct taxesD527,86328,93230,61634,28736,62637,564
    Taxes on income, profits and capital gainsD5126,59927,89329,60133,29135,64636,602
    Other current direct taxesD591,2631,0391,016996980962
   Capital taxesD91401411448518531505
  Social contributions D6111,98012,80613,56414,54215,50315,404
   Actual social contributionsD611 + D61310,35410,87111,52512,51613,67113,491
    PRSI receipts D611 + D613(pt)8,5279,2489,83410,64911,70211,386
    Government employees' social contributionsD613(pt)1,8271,6231,6911,8671,9692,105
   Employers' imputed social contributionsD6121,6251,9352,0382,0261,8321,913
 Sales of goods and servicesP1O3,8363,7563,7463,9343,7243,070
  Sales of market establishments (= market output)P11000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P12212122222323
  Incidental sales and fees of non-market establishmentsP1313,8153,7353,7243,9123,7023,047
 Investment incomeD42,7351,8671,8151,5781,6701,224
  Interest (excluding FISIM)D41696292178213203147
   of which received from local governmentD41_LG517364598084
  DividendsD421,9321,4681,5321,2521,3961,006
  Rent of land and subsoil assetsD451061071051137170
 Current transfer revenueD39 + D7393446586714627604
  SubsidiesD39000000
  Other current transfersD7393446586714627604
   Non-life insurance claimsD7281717171717
   Grants from local governmentD73334455
   Other Domestic - Current D7N_S1201237275321375526
   From Rest of World - CurrentD7N_S218218929037223056
 Capital transfer revenueD9N696402812262173
            
OutputP127,12628,21429,92031,72734,17437,756
 Market output (sales of market establishments)P11000000
 Output for own final useP12212122222323
 Non-market outputP1327,10528,19429,89831,70534,15137,733
  = Non-market compensation of employeesD1_nonmarket17,60718,15119,28620,19421,11822,813
   = Total compensation of employeesD117,62818,17219,30820,21621,14122,835
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use-21-21-22-22-23-23
  + Non-market intermediate consumptionP2_nonmarket7,7758,1868,6069,30810,61112,499
   = Total intermediate consumptionP27,7758,1868,6079,30810,61112,494
   - Intermediate consumption of market establishmentsP2_market000004
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,7241,8572,0062,2032,4222,422
   = Total consumption of fixed capitalP51c1,7241,8572,0062,2032,4222,422
   - 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
Table 12 Central Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201520162017201820192020
Total ExpenditureTE73,86572,97775,16679,75482,576100,096
 Expense 72,16870,75873,38077,32179,68995,804
  Compensation of employeesD117,62818,17219,30820,21621,14122,835
   Of which: Related to production of own-use capital assets 212122222323
  Use of goods and services plus taxes payableP2 + D5 + D297,7758,1868,6079,30810,61112,494
   Use of goods and services [Intermediate consumption]P27,7758,1868,6079,30810,61112,494
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5000000
  Depreciation (Consumption of fixed capital)P51c1,7241,8572,0062,2032,4222,422
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D416,9226,2565,9365,3124,4523,677
   Other domestic interest payableD41_S12,5252,3472,2381,9181,4491,662
   Interest payable to rest of worldD41_S24,3973,9083,6983,3953,0032,015
  SubsidiesD31,7881,7681,8571,9481,7095,652
   Product subsidiesD318649099309949861,059
   Other subsidies on productionD399248589279547234,592
  Social benefitsD62 + D63227,33027,30827,79228,53829,47736,851
   Social benefits in cashD6222,73022,52722,72123,02223,82531,041
   Social benefits in kind (via market producers)D6324,6004,7825,0715,5165,6525,810
  Other current transfersD74,2204,7385,0896,0326,1957,907
   Net non-life insurance premiumsD71555252525252
   Current grants to local governmentD73 _LG1,6571,8171,9682,3142,5383,694
   Current international cooperationD74473451509539524497
   Miscellaneous current transfersD755295678297538081,055
   VAT and GNI based EU budget contributionD761,5071,8511,7312,3742,2732,610
    VAT-based EU own resourcesD761215219262245278275
    GNI-based EU own resourcesD7621,2921,6321,4702,1291,9962,335
  Capital transfersD94,7822,4742,7853,7633,6833,966
   Capital grants to local governmentD9_LG1,3001,0541,1501,6842,0082,158
   Investment grantsD921,2921,4201,5991,8381,6551,807
   Other capital transfersD992,190136241200
            
 Net acquisition of non-financial assetsP5 + NP - P51c1,6962,2191,7862,4342,8874,292
  = Gross investment in non-financial assetsP5 + NP3,4204,0763,7924,6375,3096,714
   Gross fixed capital formationP513,4204,0163,8374,5775,3896,654
   Net acquisition of stocksP52606060606060
   Net acquisition of unproduced assetsNP-600-1050-1400
  - Consumption of fixed capitalP51c-1,724-1,857-2,006-2,203-2,422-2,422
            
Net expenditure on current goods and servicesP3 excl. D63223,29024,45826,17427,79330,44934,686
 = OutputP127,12628,21429,92031,72734,17437,756
 - Sales of goods and services P11+P12+P131-3,836-3,756-3,746-3,934-3,724-3,070
   Market output (sales of market establishments)P11000000
   Output for own final useP12-21-21-22-22-23-23
   Incidental sales and fees of non-market establishmentsP131-3,815-3,735-3,724-3,912-3,702-3,047
            
Final consumption expenditureP327,89029,24031,24533,30936,10140,496
 = Net expenditure on current goods and servicesP3 excl. D63223,29024,45826,17427,79330,44934,686
 + Social transfers in kind via market producers D6324,6004,7825,0715,5165,6525,810
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)20,17221,13122,57224,03426,01529,047
  Social transfers in kind (via market producers)D6324,6004,7825,0715,5165,6525,810
  Social transfers in kind (provided directly by government)D63115,57216,34917,50118,51820,36323,237
 Collective consumption (= actual final consumption of government)P327,7188,1098,6739,27510,08611,449
            
Total social transfersD62 + D6342,90243,65845,29347,05649,84060,088
 Social benefits in cashD62 22,73022,52722,72123,02223,82531,041
 Social transfers in kind (= individual consumption)D6320,17221,13122,57224,03426,01529,047
Table 13 Local Government transactions: revenue, expenditure and deficit
          €million
DescriptionESA2010 code201520162017201820192020
Local Government transactions
RevenueTR6,5816,7627,2358,4509,1089,696
Taxes and social contributionsD2 + D5 + D91 + D611,7331,7081,7371,8571,784929
TaxesD2 + D5 + D911,3891,3541,3791,4371,414554
Social contributions D61344354358420369375
Sales of goods and servicesP1O1,5401,7101,8392,0012,2382,370
Investment incomeD4373229251619
Current transfer revenue (excluding taxes)D71,7171,8852,0452,4012,6263,783
Capital transfer revenue (excluding taxes)D9N1,5541,4271,5842,1672,4442,595
           
ExpenditureTE6,1796,5477,1388,3759,58010,055
ExpenseExpense6,7067,0567,3688,0068,5848,954
Compensation of employeesD11,6771,7211,7371,8371,9322,012
Use of goods and services plus taxes payableP2 + D5 + D291,7851,8971,8421,9082,0232,162
Depreciation (Consumption of fixed capital)P51c1,7551,8341,9001,9602,0402,040
Interest (excluding FISIM)D41688270648691
SubsidiesD3000000
Social benefitsD62 + D6321,3591,4531,6921,9632,1772,178
Other current transfersD73633416467115
Capital transfersD9263687208257356
           
Net operating balanceNOB-125-294-134445525742
           
Net acquisition of non-financial assetsP5 + NP - P51c-526-509-2313699971,101
           
 Local Government Surplus/DeficitB94022159776-472-359
Table 14 Local Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201520162017201820192020
Total RevenueTR6,5816,7627,2358,4509,1089,696
 Taxes and social contributions 1,7331,7081,7371,8571,784929
  TaxesD2 + D5 + D911,3891,3541,3791,4371,414554
   Indirect taxes (taxes on production and imports)D21,3891,3541,3791,4371,414554
   Other taxes on production D291,3891,3541,3791,4371,414554
   Capital taxesD91000000
  Social contributions D61344354358420369375
   Actual social contributionsD611 + D613171153147200136143
   Employers' imputed social contributionsD612174201211220233231
 Sales of goods and servicesP1O1,5401,7101,8392,0012,2382,370
  Sales of market establishments (= market output)P111,1311,2381,3611,4771,6191,749
  Imputed sales related to production of own-use capital assets (= output for own final use)P12000000
  Incidental sales and fees of non-market establishmentsP131409472478524619621
 Investment incomeD4373229251619
  Interest (excluding FISIM)D41373229251619
  of which received from Central GovernmentD41_CG000000
  DividendsD42000000
 Current transfer revenueD39 + D71,7171,8852,0452,4012,6263,783
  SubsidiesD39000000
  Other current transfersD71,7171,8852,0452,4012,6263,783
   Grants from central governmentD731,6571,8171,9682,3142,5383,694
   Other Domestic - Current D7N_S1616978878989
 Capital transfer revenueD9N1,5541,4271,5842,1672,4442,595
   Grants from central governmentD9N_CG1,3001,0541,1501,6842,0082,158
   Other capital transfers receivableD99254373434483436437
            
Output P15,6986,0076,1276,4616,8567,204
 Market output (sales of market establishments)P111,1311,2381,3611,4771,6191,749
 Output for own final useP12000000
 Non-market outputP134,5674,7694,7664,9855,2375,455
  = Non-market compensation of employeesD1_nonmarket1,6771,7211,7371,8371,9322,012
   = Total compensation of employeesD11,6771,7211,7371,8371,9322,012
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use000000
  + Non-market intermediate consumptionP2_nonmarket1,5601,6501,5821,6451,7551,894
   = Total intermediate consumptionP21,7851,8971,8421,9082,0232,162
   - Intermediate consumption of market establishmentsP2_market-225-247-260-263-268-268
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,3311,3981,4471,5021,5501,550
   = Total consumption of fixed capitalP51c1,7551,8341,9001,9602,0402,040
   - Consumption of fixed capital by market establishmentsP51c_market-424-437-453-458-490-490
   - 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
Table 15 Local Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201520162017201820192020
Total ExpenditureTE6,1796,5477,1388,3759,58010,055
 Expense 6,7067,0567,3688,0068,5848,954
  Compensation of employeesD11,6771,7211,7371,8371,9322,012
   Of which: Related to production of own-use capital assets 000000
  Use of goods and services plus taxes payableP2 + D5 + D291,7851,8971,8421,9082,0232,162
   Use of goods and services [Intermediate consumption]P21,7851,8971,8421,9082,0232,162
    Of which: Intermediate consumption of market establishments 225247260263268268
   Taxes, payableD5 + D29000000
  Depreciation (Consumption of fixed capital)P51c1,7551,8341,9001,9602,0402,040
    Of which: Depreciation by market establishments 424437453458490490
  Interest (excluding FISIM)D41688270648691
   Interest payable to central governmentD41_CG517364598084
   Other domestic interest payableD41_S11795577
  SubsidiesD3000000
  Social benefitsD62 + D6321,3591,4531,6921,9632,1772,178
   Social benefits in cashD62366302311348352353
   Social benefits in kind (via market producers)D6329931,1511,3821,6151,8251,825
  Other current transfersD73633416467115
   Grants to central governmentD73_CG334455
   Miscellaneous current transfersD753330376062110
  Capital transfersD9263687208257356
   Investment grantsD92132468176220322
            
 Net acquisition of non-financial assetsP5 + NP - P51c-526-509-2313699971,101
  = Gross investment in non-financial assetsP5 + NP1,2291,3251,6702,3293,0373,141
   Gross fixed capital formationP511,1691,3251,6702,3293,0373,141
   Net acquisition of stocksP52000000
   Net acquisition of unproduced assetsNP6000000
  - Consumption of fixed capitalP51c-1,755-1,834-1,900-1,960-2,040-2,040
            
Net expenditure on current goods and servicesP3 excl. D6324,1594,2974,2884,4614,6184,834
 = OutputP15,6986,0076,1276,4616,8567,204
 - Sales of goods and services P11+P12+P131-1,540-1,710-1,839-2,001-2,238-2,370
   Market output (sales of market establishments)P11-1,131-1,238-1,361-1,477-1,619-1,749
   Output for own final useP12000000
   Incidental sales and fees of non-market establishmentsP131-409-472-478-524-619-621
            
Final consumption expenditureP35,1525,4485,6706,0766,4436,659
 = Net expenditure on current goods and servicesP3 excl. D6324,1594,2974,2884,4614,6184,834
 + Social transfers in kind via market producers D6329931,1511,3821,6151,8251,825
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)1,9402,0972,3742,5902,8392,934
  Social transfers in kind (via market producers)D6329931,1511,3821,6151,8251,825
  Social transfers in kind (provided directly by government)D6319479469929741,0141,109
 Collective consumption (= actual final consumption of government)P323,2123,3513,2963,4863,6043,725
            
Total social transfersD62 + D632,3062,3992,6842,9383,1913,287
 Social benefits in cashD62 366302311348352353
 Social transfers in kind (= individual consumption)D631,9402,0972,3742,5902,8392,934

Background Notes

Introduction

This release comprises the latest official publication by CSO of annual Government Finance Statistics (GFS) results for years 2015 to 2020. 

The data published are consistent with the General Government Deficit and Debt levels reported at end-March 2021 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.

Eurostat will publish deficit and debt levels for all EU member states on 22 April 2021.

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

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

Data for all EU Member States are available on Eurostat's database.

Transactions of note 2020

COVID-19 

In addition to the direct expenditure measures included above earlier, other measures had an implicit impact on the GFS aggregates:

  • Commercial rates for businesses impacted as a result of the public health restrictions were waived for an initial 3-month period, later extended to the end of the year. D.29 tax revenue is therefore lower than otherwise. The cost to local authorities is met by the Exchequer, resulting in an intra-government transfer between cental government and local government.
  • The Ireland Strategic Investment Fund will invest up to €2 billion of its existing portfolio, through a new sub-portfolio - pandemic stabilisation and recovery fund – in medium and large enterprises.
  • The ECB has made a recommendation to all euro-area banks that dividends are not paid to shareholders. The State has a shareholding in both AIB and Bank of Ireland and, as a result of the recommendation, D.42 (dividend revenue) is lower than last year. Other dividend receipts were also lower.
  • Ireland, and other EU Member States, have provided guarantees to the temporary Support to mitigate Unemployment Risks in an Emergency (SURE) and Pan European Guarantee Fund. These are included as contingent liabilities.
  • Employers affected by trading restrictions can avail of an arrangement to ‘warehouse’ VAT and employer PAYE liabilities incurred during the period. The accrual concept in ESA 2010 would require that such receipts, once paid, are recorded in 2020. Using preliminary information provided from the Revenue Commissioner €874 million has been accrued to 2020. The accrual adjustment will be kept under review as new information becomes available.

Other Transactions of note during 2020

Super dividend: In Q2 2020 the exchequer received a super dividend of €1,228 million from the Central Bank of Ireland.

Changes to the Register of Public Bodies.

Approved Housing Bodies

As of March 2021, an additional 43 Approved Housing Bodies (AHBs) have been reclassified to the government sector (S.13) from the non-profit institutions serving households sector (S.15). While these bodies were reviewed as they are listed as Tier 2 AHBs, they are involved in other activities, for example, disability service provision, and are in receipt of grants from a number of government departments. Hence, 30 AHBs are classified in the local government sector (S.1313) and 13 bodies classified in the central government sector (S.1311). Eurostat have been notified of the individual AHBs and multi-functional bodies and they will be listed on the Register of Public Bodies on 21 April 2021.

The inclusion of these AHBs into S.13 means that their income, expenditure, assets and liabilities are added to general government. However, any income received from local and central government subsectors has to be consolidated. 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 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 impact of the reclassification is included in the time series beginning in 2014 (aligning with ESA 2010 implementation).

Insurance Compensation Fund 

A review of the Insurance Compensation Fund (ICF) by Government Accounts Classifications concluded that the ICF should be included in central government sector (S.1311) from 2014 (aligning with ESA 2010 implementation). This has been implemented for the March 2021 EDP notification. The ICF will be listed as an Extra Budgetary Fund under the Department of Finance in the Register of Public Bodies 2020.

National Asset Management Agency (NAMA)

In Q2 2020, NAMA repaid the private shareholders and the State’s ownership in the special purpose vehicle that owns the NAMA group entities increased to 100%. As a result NAMA was automatically reclassified into the general government sector.

The transfer of €2.0 billion to the Exchequer took place after the private shareholders were redeemed and therefore had no impact on the GFS aggregates.

Movements of note in the balance sheet

At the end of 2020 the value of the State's assets in Equity and Investment Fund Shares (AF.5, Table 6) stood at €33.7 billion, representing a year-on-year fall of €3.7 billion since Q4 2019. This drop in value was driven by the combination of a reduction in holdings in this asset class of €1.3 billion (Table 5) and a loss in value of these holdings of €2.4 billion, which related mostly to the market value of shares held by the State in Irish banks (Tables 5 and 6). 

On the other side of the balance sheet the market value of the State's liabilities grew by 8.2% in 2020 to stand at €266.0 billion at year-end. Borrowing of €15.0 billion (Table 5) through the issuance of bonds to fund Covid-related expenditure was the primary driver of this increase in liabilities. The main offsetting movement was a reduction in loan liabilities (Table 6) that was largely due to further repayments on the UK bilateral loan.

Estimated Pension Liabilities

The memo item, ‘estimated pension liabilities of government’ (Tables 2 and 6), has been updated to reflect the data in the supplementary table on the accrued-to-date pension entitlements in social insurance (Table 29) transmitted to Eurostat in December 2020 with reference to 2018 data, see Estimates of Irish Pension Liabilities 2018 published in February 2021. These estimates are compiled every three years in line with Eurostat requirements (Regulation (EU) No 549/2013). By their nature, they are therefore point-in-time estimates. The main difference between these latest estimates and the previous estimates is the discount rate used. The discount rate used for the previous 2015 estimates was 5% in nominal terms (3% in real terms). For the 2018 data, a discount rate of 4% nominal (2% real) was used. The discount rate has a significant impact on the scale of the pension liability and for this reason the data in respect of 2018 is not directly comparable with data in the 2015 publication.

GDP figures used in publication

The GDP figures used in this publication are consistent with those published in the National Income and Expenditure accounts published on 20 July 2020 and the Quarterly National Accounts published on 5 March 2021.

Modified Gross National Income (GNI*)

Modified Gross National Income (GNI*) is equal to Gross National Income at current market prices less the factor income of redomiciled companies, less depreciation on research and development related intellectual property imports and less depreciation on aircraft related to aircraft leasing.

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 ESA2010 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 .

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 balance 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

 

 

upArrowHide Background Notes

Scan the QR code below to view this release online or go to
http://www.cso.ie/en/releasesandpublications/er/gfsa/governmentfinancestatisticsapril2021/