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For more information on this release:
E-mail: gfs@cso.ie Jason Sibley (+353) 1 498 4219 Derek Stynes (+353) 1 498 4303 Ciara O'Shea (+353) 1 498 4312
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-616X
CSO statistical release, , 11am

Government Finance Statistics - Annual

2012 to 2017 (October 2018 Results)

 General Government and GDP
 GG DeficitGG Gross DebtGG Net DebtGDP
End of year€bn% GDP€bn% GDP€bn% GDP€bn
2012-14.1-8.1210.0119.9153.387.5175.2
2013-11.0-6.1215.3119.7162.590.3179.9
2014-7.0-3.6203.4104.1168.486.2195.3
2015-5.0-1.9201.676.8173.866.2262.5
2016-1.5-0.5200.773.4177.164.8273.2
2017-0.7-0.2201.368.4175.659.7294.1

Government deficit of 0.2% of GDP in 2017

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

The government deficit for 2017 was €0.7 billion (-0.2% of GDP, -0.4% of GNI*), an improvement on the 2016 deficit of €1.5 billion (-0.5% of GDP, -0.8% of GNI*). 2017 saw increases in both government revenue (+3.9%) and expenditure (+2.9%) (Table 1).

At the end of 2017 government revenue was €76.5 billion. The upward trend in tax and social contribution revenues continued with increases of €2.8 billion (+5.3%) 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 €77.3 billion were Compensation of employees/pay (+6.4%) and Social benefits (+2.0%). Debt service costs, or Interest, continued to decrease in 2017 (-5.8%) (Tables 1 and 4).

Around 33% 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 68.4% of GDP in 2017

The nominal general government gross debt (GG Debt) stood at €201.3 billion at the end of 2017 (68.4% of GDP, 111.1% of GNI*) compared with the 2016 figure of €200.7 billion (73.4% of GDP, 114.1% of GNI*).  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 year (Table 2).

On the financial assets side, the drivers behind the increase of €0.7 billion in 2017 were increases in Currency and deposits (+€2.5 billion), Other financial assets (+€1.5 billion) and a reduction in Equity and investment fund shares (-€2.9 billion) - principally relating to the sale of AIB shares held by the State.

At the end of 2017 general government net debt decreased by €1.5 billion to €175.6 billion (59.7% 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.

This release contains the detailed tables as referenced in the provisional release published on 5 October 2018. The changes to the previously published tables under the Excessive Deficit Procedure in April 2018 reflect updated data sources - see Background notes.

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

Government Finance Statistics (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 22 October, the same day as the Eurostat release of EDP statistics.

Total RevenueTotal Expenditure
201233.956981734001942.0123380511052
201334.182808575699940.2691071894864
201433.801718020573637.4091052452539
201527.013473911221228.9238505466266
201626.956303761112227.492847286719
201726.024246170879526.272299753691
Table 1 General Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201220132014201520162017
General Government transactions       
RevenueTR59,49861,50266,01270,90173,65576,540
Taxes and social contributionsD2 + D5 + D91 + D6150,82352,92757,44362,23265,13968,568
TaxesD2 + D5 + D9140,94942,51746,46050,84453,09755,927
Social contributions D619,87410,41010,98311,38812,04212,641
Sales of goods and servicesP1O5,0574,8684,8265,3505,4465,525
Investment incomeD43,0653,2723,0712,7141,8261,772
Current transfer revenue (excluding taxes)D7254150266294244247
Capital transfer revenue (excluding taxes)D9N299286406310999428
           
ExpenditureTE73,61272,52973,05775,91575,12177,269
ExpenseExpense73,06771,99972,04374,64973,51175,901
Compensation of employeesD118,99618,59418,36618,95219,44220,681
Use of goods and services plus taxes payableP2 + D5 + D298,3438,1968,9379,2439,5259,865
Depreciation (Consumption of fixed capital)P51c3,1063,1663,3173,5153,7223,947
Interest (excluding FISIM)D417,2987,7607,5896,8496,1655,806
SubsidiesD31,9491,9091,8671,7921,7771,823
Social benefitsD62 + D63229,45428,52628,07628,42328,43729,006
Other current transfersD72,5072,9152,7592,5283,0053,172
Capital transfersD91,4159331,1323,3481,4381,603
           
 Net operating balanceNOB-13,569-10,496-6,031-3,748144639
           
Net acquisition of non-financial assetsP5 + NP - P51c5455301,0141,2661,6101,368
           
 General Government Surplus/DeficitB9-14,114-11,027-7,045-5,014-1,466-730
equals       
Net acquisition of financial assetsΔFA5,833-5,405-18,758-7,353-3,991-1,391
Debt instrumentsF2 + F3 + F44,255-4,090-19,608-7,065-4,5222,209
Equity and Investment Fund SharesF51,832-1,307-89242-379-4,487
Other financial assetsF6 + F7 + F8 -254-8939-530910887
less       
Net incurrence of liabilitiesΔL19,9485,622-11,713-2,339-2,525-661
Debt instrumentsF2 + F3 + F419,8585,771-12,484-2,605-2,177-764
Other liabilitiesF5 + F6 + F7 + F8 90-149771266-348103
      
Memo: Net derivative flows on debt interest swap contracts -221-274-264-240-275-223
General Government Surplus/Deficit (% of GDP) -8.1-6.1-3.6-1.9-0.5-0.2
General Government Surplus/Deficit (% of GNI*) -11.2-8.1-4.7-3.1-0.8-0.4
GDP at current market prices 175,216179,922195,293262,466273,238294,110
GNI* 126,444136,906148,628161,382175,827181,182
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 -14,469-11,465-7,060-3,180-1,446-485
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-52,693-56,481-61,415-52,255-46,911-36,252
equals      
Non-financial assets at market valueNFA85,38788,16693,04598,247104,597111,359
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-138,080-144,647-154,460-150,502-151,508-147,611
equals      
 Financial assets at market valueFA91,37693,29682,68882,89579,35580,056
EDP debt instrumentsF2 + F3 + F456,72552,80034,91627,85723,55225,698
Equity and Investment Fund SharesF525,01430,74937,87744,89745,56142,616
Other financial assetsF6 + F7 + F8 9,6379,7479,89510,14110,24211,742
less      
Liabilities at market valueL229,456237,943237,148233,397230,863227,667
EDP debt instrumentsF2 + F3 + F4218,412228,900227,808223,180221,087218,257
Other liabilitiesF5 + F6 + F7 + F811,0449,0439,34010,2179,7769,410
      
Memo: Estimated pension liabilities of government98,00098,000109,800114,500114,500114,500
Memo: Net worth, including pension liabilities-150,693-154,481-171,215-166,755-161,411-150,752
Contingent liabilities118,92659,52229,41217,25510,3066,615
Memo: Net worth, including pension liabilities and contingent liabilities -269,619-214,003-200,626-184,010-171,716-157,367
      
General Government: changes in net worth      
Opening net worth-23,939-52,693-56,481-61,415-52,255-46,911
Change in net worth due to transactions-13,570-10,496-6,031-3,748144639
Net acquisition of non-financial assets P5 + NP - P51c5455301,0141,2661,6101,368
Net lending/net borrowingB9-14,115-11,027-7,045-5,014-1,466-730
Change in net worth due to other economic flowsKx-15,1846,7091,09712,9085,20010,019
Other changes in non-financial assets1,8232,2503,8653,9364,7405,393
Other changes in financial assets-1,2207,3258,1507,5604512,092
Other changes in liabilities-15,788-2,865-10,9181,41292,535
Closing net worth -52,693-56,481-61,415-52,255-46,911-36,252
            
General Government Debt (GGDebt)      
Debt instrument liabilities at market valueF2 + F3 + F4218,412228,900227,808223,180221,087218,257
+ Difference between EDP face value and market value-8,390-13,562-24,453-21,556-20,409-16,967
Gross General Government Debt (EDP face value)GGDebt210,022215,338203,355201,624200,678201,290
less EDP debt instrument assetsF2 + F3 + F4-56,726-52,800-34,917-27,856-23,552-25,698
Net General Government Debt GGNetDebt153,296162,538168,438173,768177,126175,592
             
Closing Net Worth (% of GDP)-30.1-31.4-31.4-19.9-17.2-12.3
Gross General Government Debt (% of GDP)119.9119.7104.176.873.468.4
Net General Government Debt (% of GDP) 87.590.386.266.264.859.7
Gross General Government Debt (% of GNI*)166.1157.3136.8124.9114.1111.1
Net General Government Debt (% of GNI*) 121.2118.7113.3107.7100.796.9
Table 3 General Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201220132014201520162017
Total RevenueTR59,49861,50266,01270,90173,65576,540
 Taxes and social contributions50,82352,92757,44362,23265,13968,568
  TaxesD2 + D5 + D9140,94942,51746,46050,84453,09755,927
   Indirect taxes (taxes on production and imports)D218,37219,31021,21322,58123,62524,680
    Taxes on productsD2116,09916,74918,23519,43720,76121,563
    of which Value-Added TaxD21110,21910,37211,52111,95512,82613,278
    Other taxes on production D292,2732,5622,9783,1442,8643,116
   Direct taxesD522,29222,92924,88927,86329,06130,799
    Taxes on income, profits and capital gainsD5120,83721,29823,01626,59928,02329,784
    Other current direct taxesD591,4561,6301,8731,2631,0391,015
   Capital taxesD91285278359401411448
  Social contributions D619,87410,41010,98311,38812,04212,641
   Actual social contributionsD611 + D6138,4829,0079,59710,20610,70511,427
    PRSI receipts D611 + D613(pt)6,7997,2997,9478,5129,2269,824
    Government employees' social contributionsD613(pt)1,6821,7091,6491,6941,4791,603
   Employers' imputed social contributionsD6121,3931,4021,3871,1821,3371,214
 Sales of goods and servicesP1O5,0574,8684,8265,3505,4465,525
  Sales of market establishments (= market output)P119569911,0391,1171,2211,326
  Imputed sales related to production of own-use capital assets (= output for own final use)P12383333212122
Incidental sales and fees of non-market establishmentsP1314,0633,8443,7544,2134,2044,178
Investment incomeD43,0653,2723,0712,7141,8261,772
Interest (excluding FISIM)D411,6061,3981,044675251135
Dividends / Other investment incomeD42 + D441,4281,7711,9221,9321,4681,532
Rent of land and subsoil assetsD4531103105106107105
Current transfer revenueD39 + D7254150266294244247
SubsidiesD39000000
Other current transfersD7254150266294244247
Non-life insurance claimsD7289781818
Other Domestic - Current D7N_S1200131223193194195
From Rest of World - CurrentD7N_S2461136933234
Capital transfer revenueD9N299286406310999428
            
Output P130,79730,33031,02532,17633,22635,112
Market output (sales of market establishments)P119569911,0391,1171,2211,326
Output for own final useP12383333212122
Non-market outputP1329,80429,30629,95331,03931,98533,765
= Non-market compensation of employeesD1_nonmarket18,95818,56118,33318,93119,42120,659
= Total compensation of employeesD118,99618,59418,36618,95219,44220,681
- 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_nonmarket8,1297,9768,7189,0189,2789,613
= Total intermediate consumptionP28,3428,1968,9379,2439,5259,865
- Intermediate consumption of market establishmentsP2_market-212-219-219-225-247-252
- Intermediate consumption related to production of own-use capital assetsP2_own-use      
+ Non-market consumption of fixed capitalP51c_nonmarket2,7162,7682,9023,0903,2853,493
= Total consumption of fixed capitalP51c3,1063,1663,3173,5153,7223,947
- Consumption of fixed capital by market establishmentsP51c_market-390-397-415-425-437-454
- 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 code201220132014201520162017
Total ExpenditureTE73,61272,52973,05775,91575,12177,269
Expense73,06771,99972,04374,64973,51175,901
Compensation of employeesD118,99618,59418,36618,95219,44220,681
Of which: Related to production of own-use capital assets383333212122
Use of goods and services plus taxes payableP2 + D5 + D298,3438,1968,9379,2439,5259,865
Use of goods and services [Intermediate consumption]P28,3428,1968,9379,2439,5259,865
Of which: Intermediate consumption of market establishments 212219219225247252
Taxes, payableD5100000
Depreciation (Consumption of fixed capital)P51c3,1063,1663,3173,5153,7223,947
Of which: Depreciation by market establishments 390397415425437454
Interest (excluding FISIM)D417,2987,7607,5896,8496,1655,806
Other domestic interest payableD41_S12,6773,1222,8982,4522,2572,108
Interest payable to rest of worldD41_S24,6214,6384,6904,3973,9083,698
SubsidiesD31,9491,9091,8671,7921,7771,823
Product subsidiesD311,1011,071957864909930
Other subsidies on productionD39847838910928868892
Social benefitsD62 + D63229,45428,52628,07628,42328,43729,006
Social benefits in cashD6224,23523,54022,97423,01122,74122,946
Social benefits in kind (via market producers)D6325,2194,9865,1025,4125,6966,060
Other current transfersD72,5072,9152,7592,5283,0053,172
Net non-life insurance premiumsD7177587455105107
Current international cooperationD74523530434473438503
Miscellaneous current transfersD75718764768493611831
VAT and GNI based EU budget contributionD761,1901,5641,4831,5071,8511,731
VAT-based EU own resourcesD761191202203215219262
GNI-based EU own resourcesD7629991,3611,2801,2921,6321,470
Capital transfersD91,4159331,1323,3481,4381,603
Investment grantsD921,1358959391,2371,4381,573
Other capital transfersD99280381932,111030
Net acquisition of non-financial assetsP5 + NP - P51c5455301,0141,2661,6101,368
= Gross investment in non-financial assetsP5 + NP3,6513,6964,3314,7805,3335,315
Gross fixed capital formationP513,5683,6134,2714,7205,2735,360
Net acquisition of stocksP52838360606060
Net acquisition of unproduced assetsNP000000
- Consumption of fixed capitalP51c-3,106-3,166-3,317-3,515-3,722-3,947
Net expenditure on current goods and servicesP3 excl. D63225,74025,46226,19926,82627,78029,587
= OutputP130,79730,33031,02532,17633,22635,112
- Sales of goods and services P11+P12+P131-5,057-4,868-4,826-5,350-5,446-5,525
Market output (sales of market establishments)P11-956-991-1,039-1,117-1,221-1,326
Output for own final useP12-38-33-33-21-21-22
Incidental sales and fees of non-market establishmentsP131-4,063-3,844-3,754-4,213-4,204-4,178
Final consumption expenditureP330,95930,44731,30132,23833,47635,647
= Net expenditure on current goods and servicesP3 excl. D63225,74025,46226,19926,82627,78029,587
+ Social transfers in kind via market producers D6325,2194,9865,1025,4125,6966,060
made up of      
Individual consumption (= social transfers in kind)P31 (= D63)20,63920,54021,06421,79022,62724,095
Social transfers in kind (via market producers)D6325,2194,9865,1025,4125,6966,060
Social transfers in kind (provided directly by government)D63115,42015,55415,96216,37816,93118,034
Collective consumption (= actual final consumption of government)P3210,3219,90810,23710,44810,84911,553
Total social transfersD62 + D6344,87444,08044,03844,80145,36847,040
Social benefits in cashD62 24,23523,54022,97423,01122,74122,946
 Social transfers in kind (= individual consumption)D6320,63920,54021,06421,79022,62724,095
Table 5 General Government financial transactions
      €million
Description 201220132014201520162017
Net lending (+) / net borrowing (-)B.9-14,115-11,027-7,045-5,014-1,466-730
equals        
Net acquisition of financial assets ΔA5,833-5,405-18,758-7,353-3,991-1,391
EDP debt instruments F2 + F3 + F44,255-4,090-19,608-7,065-4,5222,209
 Currency and deposits F25,824-1,220-6,372-322-3,0082,474
Debt securities F3958-604-1,429-5,662-1,149183
Short-term F311,0342,696-1,373-1,184-1,035115
Long-term F32-76-3,300-56-4,478-11468
Loans F4-2,527-2,266-11,807-1,081-365-448
Short-term loans F411,069349-787-530-46-33
Long-term loans F42-3,596-2,615-11,020-551-319-415
Equity and Investment Fund Shares F51,832-1,307-89242-379-4,487
Other financial assets F6 + F7 + F8 -254-8939-530910887
Insurance, Pensions and Standardised Guarantees F6-101-100
Financial derivatives and Employee Stock Options F7-105171143-286-3-196
Other accounts receivable/payableF8-148-179795-2439131,083
less        
Net incurrence of liabilities ΔL19,9485,622-11,713-2,339-2,525-661
EDP debt instruments F2 + F3 + F419,8585,771-12,484-2,605-2,177-764
Currency and deposits F23,802-30,707-10,475-248609281
Debt securities F3-7,23126,4476,2017,631-2,7065,388
Short-term F31-1,234-1721,327-2,4091,046636
Long-term F32-5,99726,6194,87410,040-3,7524,752
Loans F423,28710,031-8,210-9,988-80-6,433
Short-term loans F411,301-482-137-241-359-201
Long-term loans F4221,98610,513-8,073-9,747279-6,232
Other liabilities F5 + F6 + F7 + F8 90-149771266-348103
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 F888-147772267-348103
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201220132014201520162017
General Government balance sheet       
 Net worth at market value, excluding pension liabilitiesNW-52,693-56,481-61,415-52,255-46,911-36,252
 equals       
  Non-financial assets at market valueNFA85,38788,16693,04598,247104,597111,359
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-138,080-144,647-154,460-150,502-151,508-147,611
  equals       
   Financial assets at market valueFA91,37693,29682,68882,89579,35580,056
    EDP debt instrumentsF2 + F3 + F456,72552,80034,91627,85723,55225,698
     Currency and depositsF224,85223,69517,39417,29414,28616,745
     Debt securitiesF39,47010,2499,6463,2892,1622,273
      Short-termF311,0463,7442,3691,184143372
      Long-termF328,4246,5057,2772,1042,0191,901
     LoansF422,40318,8567,8767,2747,1046,680
      Short-term loansF411,9542,3031,516986939907
      Long-term loansF4220,45016,5536,3616,2886,1655,773
    Equity and Investment Fund SharesF525,01430,74937,87744,89745,56142,616
    Other financial assetsF6 + F7 + F8 9,6379,7479,89510,14110,24211,742
     Insurance, Pensions and Standardised GuaranteesF6001000
     Financial derivatives and Employee Stock OptionsF78971,1353528110415
     Other accounts receivable/payableF88,7408,6129,5429,33010,24211,327
  less       
   Liabilities at market valueL229,456237,943237,148233,397230,863227,667
    EDP debt instrumentsF2 + F3 + F4218,412228,900227,808223,180221,087218,257
     Currency and depositsF262,09931,35620,91820,71321,31521,597
     Debt securitiesF394,161126,146141,988146,321143,327147,114
      Short-termF312,5662,3913,7631,3862,4002,932
      Long-termF3291,595123,755138,225144,935140,927144,182
     LoansF462,15271,39864,90256,14656,44549,546
      Short-term loansF411,8841,4421,2941,035669491
      Long-term loansF4260,26869,95663,60955,11155,77549,054
    Other liabilitiesF5 + F6 + F7 + F811,0449,0439,34010,2179,7769,410
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6100000
     Financial derivatives and Employee Stock OptionsF72,8029324571,067974504
     Other accounts receivable/payableF88,2418,1118,8839,1508,8028,906
              
Memo: Estimated pension liabilities of government 98,00098,000109,800114,500114,500114,500
Memo: Net worth, including pension liabilities -150,693-154,481-171,215-166,755-161,411-150,752
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 -269,619-214,003-200,626-184,010-171,716-157,367
Change in net worth of government       
 Opening net worth -23,939-52,693-56,481-61,415-52,255-46,911
              
 Change in net worth due to transactions -13,570-10,496-6,031-3,748144639
  Net acquisition of non-financial assets P5 + NP - P51c5455301,0141,2661,6101,368
  Net lending/net borrowingB9-14,115-11,027-7,045-5,014-1,466-730
   = Net acquisition of financial assets 5,833-5,405-18,758-7,353-3,991-1,391
   - Net incurrence of liabilities -19,948-5,62211,7132,3392,525661
              
 Change in net worth due to other economic flowsKx-15,1846,7091,09712,9085,20010,019
  Other changes in non-financial assets 1,8232,2503,8653,9364,7405,393
  Other changes in financial net worth -17,0084,460-2,7688,9724604,627
   = Other changes in financial assets -1,2207,3258,1507,5604512,092
     EDP debt instruments -8311651,7246217-63
     Equity and Investment Fund Shares 3217,0427,2176,7781,0431,542
     Other financial assets -710118-791776-809613
   - Other changes in liabilities -15,788-2,865-10,9181,41292,535
     EDP debt instruments -15,960-4,717-11,3922,023-842,066
     Other liabilities 1721,852474-61193469
              
Closing net worth -52,693-56,481-61,415-52,255-46,911-36,252
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201220132014201520162017
General Government Debt       
  Debt instrument liabilities at market value218,412228,900227,808223,180221,087218,257
  + Difference between face value and market value -8,390-13,562-24,453-21,556-20,409-16,967
Gross General Government Debt (face value)GGDebt210,022215,338203,355201,624200,678201,290
By category:       
 Currency and deposits F262,09931,35620,91820,71321,31521,597
 Debt securitiesF387,326112,665119,078125,766124,151130,681
  Short-termF312,5642,3893,7601,3802,3952,929
  Long-termF3284,762110,276115,318124,387121,756127,751
 LoansF460,59771,31763,36055,14555,21249,012
  Short-termF411,8841,4421,2941,032669491
  Long-termF4258,71369,87562,06654,11354,54248,521
           
less EDP debt instrument assetsF2 + F3 + F456,72652,80034,91727,85623,55225,698
 By category:       
 Currency and deposits F224,85223,69517,39417,29414,28616,745
 Debt securitiesF39,47010,2499,6463,2882,1622,273
  Short-termF311,0463,7442,3691,184143372
  Long-termF328,4246,5057,2772,1042,0191,901
 LoansF422,40418,8567,8777,2747,1046,680
  Short-termF411,9542,3031,516986939907
  Long-termF4220,45016,5536,3616,2886,1655,773
           
 Net General Government Debt (face value)GGNetDebt153,296162,538168,438173,768177,126175,592
 By category:       
 Currency and deposits F237,2477,6613,5243,4197,0294,852
 Debt securities F377,856102,416109,432122,478121,989128,408
  Short-termF311,518-1,3551,3911962,2522,557
  Long-termF3276,338103,771108,041122,283119,737125,850
 LoansF438,19352,46155,48347,87148,10842,332
  Short-termF41-70-861-22246-270-416
  Long-termF4238,26353,32255,70547,82548,37742,748
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 (+) 490213586414
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 473238480277
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 (-) -239237844295
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 198-137-8925
Other accrued expenditure -509210-4152
      
Surplus/Deficit of ExchequerB9_exchequer-7,612-3,852-2,057-2,045
      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer 148133321881
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 60-862626
      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-7,464-3,719-1,736-1,164
Surplus/Deficit of other Central Government bodies 266-1,859122226
National Pensions Reserve Fund 22364063329
Non-market State corporations and agencies 38-41188-75
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_S1311-7,198-5,578-1,614-938
Surplus/Deficit of Local Government B9_S1313153564148209
Surplus/Deficit of General Government B9_S13-7,045-5,014-1,466-729
Table 9 Reconciliation of National Debt to General Government Debt
             € million
Description201220132014201520162017
Audited National Debt137,632173,947182,310183,066185,604185,483
 Composed of      
  Gross National Debt161,482197,547197,069196,620196,723198,701
   Medium/long term debt144,524178,722176,011175,974173,620174,395
    Irish Government Bonds87,853111,007116,339125,086121,645127,581
    EU/IMF Programme Funding and bilateral loans56,17166,22059,62150,57950,49144,548
    Other medium/long term debt7027029221,1631,6931,893
    Miscellaneous (including derivatives)-202792-871-854-209373
   Short term debt3,4763,3204,6723,9535,9167,013
    Foreign Bills1,2994822,2541,046363502
    Treasury Bills1,014050001,0082,009
    Borrowings from Funds under the control of the Minister for Finance7866765231,5792,5192,281
    Exchequer Bills/Notes (incl. Central Treasury Notes)3772,1631,3951,3272,0252,221
   State Savings Schemes13,48215,50516,38616,69217,18717,293
 Less cash and other financial assets-23,850-23,601-14,759-13,554-11,119-13,217
 Reverse deduction of cash, other financial 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 (State Savings)548604599504451452
 Adjustment from discounted to nominal value6428-2-5
 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)189,950200,575200,185199,196198,449199,992
 of which: Liabilities to other Central Government bodies2,3012,3162,5293,3723,9874,459
Exchequer contribution to Central Government debt187,649198,259197,656195,824194,463195,532
 of which: Liabilities to Local Government 302922000
Exchequer contribution to General Government debt187,619198,230197,634195,824194,463195,532
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 Bank2,7742,6462,6722,7652,9193,121
 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 bodies42572431,0151,2531,176
Other bodies' contribution to Central and General Government debt21,39415,9954,6844,9275,1684,863
Total Central Government debt209,557214,966203,397201,940201,187202,230
 of which: Liabilities to Local Government1493146669651,2951,514
Central Government contribution to General Government debt209,408214,652202,731200,975199,892200,716
Local Government - Local Authorities      
 Borrowing from Housing Finance Agency4,4314,3064,1853,6393,6453,365
 Borrowing from other Central Government bodies61772717028329
 Other borrowing614578625649786574
Local Authorities' contribution to Local Government debt5,1064,9625,0814,3594,4604,267
 VECs / ETBs000000
Total Local Government debt5,1064,9625,0814,3594,4604,267
 of which: Liabilities to Central Government4,4924,2764,4563,7103,6733,693
Local Government contribution to General Government debt614685625649786574
            
General Government Debt210,022215,338203,356201,624200,678201,290
Table 10 Central Government transactions: revenue, expenditure and deficit
         €million
DescriptionESA2010 code201220132014201520162017
Central Government transactions       
 RevenueTR55,85258,04762,66767,46770,06872,823
  Taxes and social contributionsD2 + D5 + D91 + D6149,01351,19455,77260,59963,56967,049
   TaxesD2 + D5 + D9139,46841,11145,05749,45651,74354,629
   Social contributions D619,54510,08310,71511,14411,82612,420
  Sales of goods and servicesP1O3,4793,3173,3953,8313,8213,746
  Investment incomeD43,0653,3223,1012,7281,8511,811
  Current transfer revenue (excluding taxes)D7211124225253199207
  Capital transfer revenue (excluding taxes)D9N83901745662810
           
 ExpenditureTE69,87469,06569,86573,04571,68173,762
  ExpenseExpense69,05567,97967,87671,01269,46271,774
   Compensation of employeesD116,84916,56816,81917,43017,89918,999
   Use of goods and services plus taxes payableP2 + D5 + D296,4646,7967,2157,4917,6198,012
   Depreciation (Consumption of fixed capital)P51c1,2971,3321,6241,7571,8862,040
   Interest (excluding FISIM)D417,2757,7387,5746,8326,1565,799
   SubsidiesD31,9491,9091,8671,7921,7771,823
   Social benefitsD62 + D63227,90427,05726,83427,07827,02527,602
   Other current transfersD74,7204,6684,3304,1464,7765,135
   Capital transfersD92,5981,9131,6134,4862,3242,365
           
 Net operating balanceNOB-13,203-9,932-5,209-3,5456051,049
           
  Net acquisition of non-financial assetsP5 + NP - P51c8191,0861,9882,0332,2191,987
           
 Central Government Surplus/DeficitB9-14,022-11,018-7,197-5,578-1,614-939
Table 11 Central Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201220132014201520162017
Total RevenueTR55,85258,04762,66767,46770,06872,823
 Taxes and social contributions 49,01351,19455,77260,59963,56967,049
  TaxesD2 + D5 + D9139,46841,11145,05749,45651,74354,629
   Indirect taxes (taxes on production and imports)D216,89417,90419,81021,19222,27123,382
    Taxes on productsD2116,09916,74918,23519,43720,76121,563
    of which Value-Added TaxD21110,21910,37211,52111,95512,82613,278
    Other taxes on production D297951,1551,5751,7551,5101,819
   Direct taxesD522,29222,92924,88927,86329,06130,799
    Taxes on income, profits and capital gainsD5120,83721,29823,01626,59928,02329,784
    Other current direct taxesD591,4561,6301,8731,2631,0391,015
   Capital taxesD91282278359401411448
  Social contributions D619,54510,08310,71511,14411,82612,420
   Actual social contributionsD611 + D6138,2928,8219,46710,08010,62311,327
    PRSI receipts D611 + D613(pt)6,7997,2997,9478,5129,2269,824
    Government employees' social contributionsD613(pt)1,4931,5231,5191,5681,3971,502
   Employers' imputed social contributionsD6121,2531,2621,2481,0641,2031,093
 Sales of goods and servicesP1O3,4793,3173,3953,8313,8213,746
  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 establishmentsP1313,4413,2843,3623,8103,8003,725
 Investment incomeD43,0653,3223,1012,7281,8511,811
  Interest (excluding FISIM)D411,6061,4481,074690276174
   of which received from local governmentD41_LG979972516275
  DividendsD421,4281,7711,9221,9321,4681,532
  Rent of land and subsoil assetsD4531103105106107105
 Current transfer revenueD39 + D7211124225253199207
  SubsidiesD39000000
  Other current transfersD7211124225253199207
   Non-life insurance claimsD7289781818
   Grants from local governmentD73333334
   Other Domestic - Current D7N_S1155102179149145150
   From Rest of World - CurrentD7N_S2461136933234
 Capital transfer revenueD9N83901745662810
            
OutputP124,60924,69525,65826,67827,40429,051
 Market output (sales of market establishments)P11000000
 Output for own final useP12383333212122
 Non-market outputP1324,57124,66225,62526,65727,38329,029
  = Non-market compensation of employeesD1_nonmarket16,81116,53516,78617,40917,87818,977
   = Total compensation of employeesD116,84916,56816,81917,43017,89918,999
   - 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_nonmarket6,4636,7967,2157,4917,6198,012
   = Total intermediate consumptionP26,4636,7967,2157,4917,6198,012
   - Intermediate consumption of market establishmentsP2_market000000
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,2971,3321,6241,7571,8862,040
   = Total consumption of fixed capitalP51c1,2971,3321,6241,7571,8862,040
   - 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 code201220132014201520162017
Total ExpenditureTE69,87469,06569,86573,04571,68173,762
 Expense 69,05567,97967,87671,01269,46271,774
  Compensation of employeesD116,84916,56816,81917,43017,89918,999
   Of which: Related to production of own-use capital assets 383333212122
  Use of goods and services plus taxes payableP2 + D5 + D296,4646,7967,2157,4917,6198,012
   Use of goods and services [Intermediate consumption]P26,4636,7967,2157,4917,6198,012
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5100000
  Depreciation (Consumption of fixed capital)P51c1,2971,3321,6241,7571,8862,040
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D417,2757,7387,5746,8326,1565,799
   Other domestic interest payableD41_S12,6543,1002,8842,4352,2482,101
   Interest payable to rest of worldD41_S24,6214,6384,6904,3973,9083,698
  SubsidiesD31,9491,9091,8671,7921,7771,823
   Product subsidiesD311,1011,071957864909930
   Other subsidies on productionD39847838910928868892
  Social benefitsD62 + D63227,90427,05726,83427,07827,02527,602
   Social benefits in cashD6223,45622,88522,60822,64522,43922,644
   Social benefits in kind (via market producers)D6324,4484,1724,2264,4334,5874,959
  Other current transfersD74,7204,6684,3304,1464,7765,135
   Net non-life insurance premiumsD7177587455105107
   Current grants to local governmentD73 _LG2,2571,7981,6071,6571,8081,982
   Current international cooperationD74523530434473438503
   Miscellaneous current transfersD75673719731455574812
   VAT and GNI based EU budget contributionD761,1901,5641,4831,5071,8511,731
    VAT-based EU own resourcesD761191202203215219262
    GNI-based EU own resourcesD7629991,3611,2801,2921,6321,470
  Capital transfersD92,5981,9131,6134,4862,3242,365
   Capital grants to local governmentD9_LG1,3571,1326421,3001,054898
   Investment grantsD929607437781,0761,2711,436
   Other capital transfersD99280381932,111030
            
 Net acquisition of non-financial assetsP5 + NP - P51c8191,0861,9882,0332,2191,987
  = Gross investment in non-financial assetsP5 + NP2,1162,4183,6123,7904,1054,027
   Gross fixed capital formationP512,0332,3353,5523,7904,0454,072
   Net acquisition of stocksP52838360606060
   Net acquisition of unproduced assetsNP000-600-105
  - Consumption of fixed capitalP51c-1,297-1,332-1,624-1,757-1,886-2,040
            
Net expenditure on current goods and servicesP3 excl. D63221,12921,37822,26322,84723,58325,304
 = OutputP124,60924,69525,65826,67827,40429,051
 - Sales of goods and services P11+P12+P131-3,479-3,317-3,395-3,831-3,821-3,746
   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 establishmentsP131-3,441-3,284-3,362-3,810-3,800-3,725
            
Final consumption expenditureP325,57725,55026,48927,27928,17030,263
 = Net expenditure on current goods and servicesP3 excl. D63221,12921,37822,26322,84723,58325,304
 + Social transfers in kind via market producers D6324,4484,1724,2264,4334,5874,959
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)18,15018,09018,78019,36820,03521,464
  Social transfers in kind (via market producers)D6324,4484,1724,2264,4334,5874,959
  Social transfers in kind (provided directly by government)D63113,70213,91814,55414,93515,44816,506
 Collective consumption (= actual final consumption of government)P327,4277,4607,7097,9118,1358,799
            
Total social transfersD62 + D6341,60640,97541,38842,01342,47444,108
 Social benefits in cashD62 23,45622,88522,60822,64522,43922,644
 Social transfers in kind (= individual consumption)D6318,15018,09018,78019,36820,03521,464
Table 13 Local Government transactions: revenue, expenditure and deficit
         €million
DescriptionESA2010 code201220132014201520162017
Local Government transactions
RevenueTR7,3616,4875,6696,4456,5136,677
Taxes and social contributionsD2 + D5 + D91 + D611,8101,7331,6711,6331,5701,520
TaxesD2 + D5 + D911,4811,4071,4031,3891,3541,298
Social contributions D61329326269244216222
Sales of goods and servicesP1O1,5781,5511,4311,5191,6261,779
Investment incomeD4974942373736
Current transfer revenue (excluding taxes)D72,3021,8271,6511,7021,8562,026
Capital transfer revenue (excluding taxes)D9N1,5731,3288741,5541,4251,316
           
ExpenditureTE7,4536,4965,5175,8816,3666,467
ExpenseExpense7,7277,0516,4916,6486,9747,086
Compensation of employeesD12,1472,0271,5471,5221,5441,682
Use of goods and services plus taxes payableP2 + D5 + D291,8791,4001,7221,7521,9051,853
Depreciation (Consumption of fixed capital)P51c1,8091,8331,6931,7581,8361,907
Interest (excluding FISIM)D4112012287687182
SubsidiesD3000000
Social benefitsD62 + D6321,5501,4691,2421,3451,4121,403
Other current transfersD7484840414023
Capital transfersD9174153161162167136
           
Net operating balanceNOB-366-564-822-203-461-409
           
Net acquisition of non-financial assetsP5 + NP - P51c-274-556-975-767-609-619
           
 Local Government Surplus/DeficitB9-93-9153564148209
Table 14 Local Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201220132014201520162017
Total RevenueTR7,3616,4875,6696,4456,5136,677
 Taxes and social contributions 1,8101,7331,6711,6331,5701,520
  TaxesD2 + D5 + D911,4811,4071,4031,3891,3541,298
   Indirect taxes (taxes on production and imports)D21,4781,4071,4031,3891,3541,298
   Other taxes on production D291,4781,4071,4031,3891,3541,298
   Capital taxesD91300000
  Social contributions D61329326269244216222
   Actual social contributionsD611 + D61319018613012682100
   Employers' imputed social contributionsD612139140139118134121
 Sales of goods and servicesP1O1,5781,5511,4311,5191,6261,779
  Sales of market establishments (= market output)P119569911,0391,1171,2211,326
  Imputed sales related to production of own-use capital assets (= output for own final use)P12000000
  Incidental sales and fees of non-market establishmentsP131622560391402405453
 Investment incomeD4974942373736
  Interest (excluding FISIM)D41974942373736
  of which received from Central GovernmentD41_CG000000
  DividendsD42000000
 Current transfer revenueD39 + D72,3021,8271,6511,7021,8562,026
  SubsidiesD39000000
  Other current transfersD72,3021,8271,6511,7021,8562,026
   Grants from central governmentD732,2571,7981,6071,6571,8081,982
   Other Domestic - Current D7N_S1452944454944
 Capital transfer revenueD9N1,5731,3288741,5541,4251,316
   Grants from central governmentD9N_CG1,3571,1326421,3001,054898
   Other capital transfers receivableD99216196232254371418
            
Output P16,1895,6345,3675,4995,8226,061
 Market output (sales of market establishments)P119569911,0391,1171,2211,326
 Output for own final useP12000000
 Non-market outputP135,2334,6444,3274,3824,6014,736
  = Non-market compensation of employeesD1_nonmarket2,1472,0271,5471,5221,5441,682
   = Total compensation of employeesD12,1472,0271,5471,5221,5441,682
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use000000
  + Non-market intermediate consumptionP2_nonmarket1,6671,1811,5031,5271,6591,601
   = Total intermediate consumptionP21,8791,4001,7221,7521,9051,853
   - Intermediate consumption of market establishmentsP2_market-212-219-219-225-247-252
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,4201,4361,2781,3331,3991,453
   = Total consumption of fixed capitalP51c1,8091,8331,6931,7581,8361,907
   - Consumption of fixed capital by market establishmentsP51c_market-390-397-415-425-437-454
   - 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 code201220132014201520162017
Total ExpenditureTE7,4536,4965,5175,8816,3666,467
 Expense 7,7277,0516,4916,6486,9747,086
  Compensation of employeesD12,1472,0271,5471,5221,5441,682
   Of which: Related to production of own-use capital assets 000000
  Use of goods and services plus taxes payableP2 + D5 + D291,8791,4001,7221,7521,9051,853
   Use of goods and services [Intermediate consumption]P21,8791,4001,7221,7521,9051,853
    Of which: Intermediate consumption of market establishments 212219219225247252
   Taxes, payableD5 + D29000000
  Depreciation (Consumption of fixed capital)P51c1,8091,8331,6931,7581,8361,907
    Of which: Depreciation by market establishments 390397415425437454
  Interest (excluding FISIM)D4112012287687182
   Interest payable to central governmentD41_CG979972516275
   Other domestic interest payableD41_S12222151797
  SubsidiesD3000000
  Social benefitsD62 + D6321,5501,4691,2421,3451,4121,403
   Social benefits in cashD62779656366366302302
   Social benefits in kind (via market producers)D6327718148769791,1101,102
  Other current transfersD7484840414023
   Grants to central governmentD73_CG333334
   Miscellaneous current transfersD75454537383719
  Capital transfersD9174153161162167136
   Investment grantsD92174153161162167136
            
 Net acquisition of non-financial assetsP5 + NP - P51c-274-556-975-767-609-619
  = Gross investment in non-financial assetsP5 + NP1,5361,2787189901,2281,288
   Gross fixed capital formationP511,5361,2787189311,2281,288
   Net acquisition of stocksP52000000
   Net acquisition of unproduced assetsNP0006000
  - Consumption of fixed capitalP51c-1,809-1,833-1,693-1,758-1,836-1,907
            
Net expenditure on current goods and servicesP3 excl. D6324,6114,0843,9363,9794,1974,283
 = OutputP16,1895,6345,3675,4995,8226,061
 - Sales of goods and services P11+P12+P131-1,578-1,551-1,431-1,519-1,626-1,779
   Market output (sales of market establishments)P11-956-991-1,039-1,117-1,221-1,326
   Output for own final useP12000000
   Incidental sales and fees of non-market establishmentsP131-622-560-391-402-405-453
            
Final consumption expenditureP35,3824,8974,8124,9585,3065,384
 = Net expenditure on current goods and servicesP3 excl. D6324,6114,0843,9363,9794,1974,283
 + Social transfers in kind via market producers D6327718148769791,1101,102
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)2,4892,4502,2842,4222,5922,630
  Social transfers in kind (via market producers)D6327718148769791,1101,102
  Social transfers in kind (provided directly by government)D6311,7181,6361,4081,4431,4821,529
 Collective consumption (= actual final consumption of government)P322,8932,4482,5282,5362,7142,754
            
Total social transfersD62 + D633,2683,1052,6502,7882,8942,932
 Social benefits in cashD62 779656366366302302
 Social transfers in kind (= individual consumption)D632,4892,4502,2842,4222,5922,630

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-September 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 2018 (published in July 2018) 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 22 October 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.

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 2014 Q1 to 2018 Q1. For years prior to 2014, the full impact of the inclusion of AHBs has not been estimated. The only revisions to pre-2014 data is the re-coding of capital transfers (D.92) from local government to capital formation (P.51g) of local government. Thus the total revenue, expenditure and net lending/borrowing of local government are unchanged.

Details on the reclassification can be found here.

GDP figures used in publication

The GDP figures used in this publication are consistent with those published in the National Income and Expenditure 2018.

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.

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

Estimates of the general government deficit have been revised since April 2018 reflecting 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 April 2018.  Revisions are due to improved compilation processes and, in recent years, 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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