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International comparison:
Eurostat EDP Notification Tables
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For more information on this release:
E-mail: gfs@cso.ie Tom Fitzgerald (+353) 1 498 4297 Derek Stynes (+353) 1 498 4303
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-616X
CSO statistical release, , 11am

Government Finance Statistics - Annual

2013 to 2018 (October 2019 Results)

 General Government and GDP
       GG Balance     GG Gross Debt     GG Net Debt    GDP
End of year€bn% GDP€bn% GDP€bn% GDP€bn
2013-11.1-6.2215.4119.9161.890.1179.7
2014-7.1-3.6203.4104.4167.786.1194.8
2015-5.1-1.9201.776.7173.165.8262.8
2016-1.9-0.7200.773.9177.065.2271.7
2017-0.9-0.3201.467.8176.059.2297.1
20180.20.1206.063.6177.954.9324.0

Government surplus of 0.1% of GDP in 2018

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

 

For 2018 the government surplus was €0.2 billion (0.1% of GDP, 0.1% of GNI* ), an improvement on the 2017 deficit of €0.9 billion (-0.3% of GDP, -0.5% of GNI*).  This is the first surplus since 2007.

2018 saw increases in both government revenues (+7.5%) and expenditures (+6.1%) (Table 1).  At the end of 2018 government revenues were €82.3 billion.  The upward trend in tax and social contribution revenue continued with increases of €4.9 billion (+8.8%) in Taxes and €0.8 billion (+6.4%) in Social contributions (Tables 1 and 3).

The main drivers behind the increase in government expenditure in 2018 to €82.2 billion were Compensation of employees/Pay (+7.5%), Social benefits (+3.1%) and Use of goods and services plus taxes payable  (+9.8%).  Debt service costs, or Interest, continued to decrease in 2018 (-10.3%) (Tables 1 and 4).

Around €365m was spent on interventions to support financial institutions with associated interest costs partly offset by dividends and income.  Investment income fell over the period 2014-2018 as the State reduced its holdings in financial institutions (Table 1).

Government debt falls to 63.6% of GDP in 2018 

The general government gross debt (GG Debt) stood at €206.0 billion at the end of 2018 (63.6% of GDP), up from the 2017 figure of €201.4 billion (67.8% of GDP).  The increase in GDP in 2018 was the primary driver in the decrease of the debt to GDP ratio as the nominal debt level increased by €4.6 billion in the period (Table 2).

On the assets side of the State’s balance-sheet, financial assets rose by €13.2 billion during 2018. This increase was principally caused by a €16.0 billion rise in Other accounts receivable, with a lesser rise of €4.2 billion in Currency and deposits which was mainly caused by the issuance of new debt in the year.  These rises in asset values were offset mainly by a fall of €5.6 billion in Equity and Investment Fund Shares.  This drop was primarily due to a loss in value of the State’s investment in Irish banks.  On the liability side of the balance-sheet, Total liabilities at market value grew by €15.9 billion, largely caused by an increase in Other accounts payable of €15.0 billion in the year to end-2018 (Table 6). 

At the end of 2018 general government net debt increased by €1.8 billion to €177.9 billion (54.9% of GDP).  GG Debt increased by €4.6 billion, composed of rises in Debt Securities (€4.1 billion) and Loans (€0.5 billion) (Tables 2 and 7).

 

Government 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 the 7 October 2019.  The changes to the previously published tables under the Excessive Deficit Procedure in April 2019 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 21 October, the same day as the Eurostat release of EDP statistics.

Total RevenueTotal Expenditure
201334.240.4
201433.937.5
20152728.9
201627.127.7
201725.826.1
201825.425.4
Table 1 General Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201320142015201620172018
General Government transactions       
RevenueTR61,51766,03870,88473,48176,57482,337
Taxes and social contributionsD2 + D5 + D91 + D6152,93857,46262,11964,82368,31374,024
TaxesD2 + D5 + D9142,51646,46550,71952,76955,66060,561
Social contributions D6110,42110,99611,40012,05412,65313,463
Sales of goods and servicesP1O4,8664,8295,3525,4335,5335,889
Investment incomeD43,2773,0762,7201,8261,7821,317
Current transfer revenue (excluding taxes)D7150266383400503584
Capital transfer revenue (excluding taxes)D9N286406310999444522
           
ExpenditureTE72,60773,14576,00775,36177,48182,168
ExpenseExpense72,07672,09074,74373,80876,17879,919
Compensation of employeesD118,59418,36618,95219,44220,68122,228
Use of goods and services plus taxes payableP2 + D5 + D298,1968,9379,2439,63610,00510,986
Depreciation (Consumption of fixed capital)P51c3,1663,2843,4763,6893,9044,143
Interest (excluding FISIM)D417,7607,5896,8506,1675,8385,235
SubsidiesD31,9091,8671,7711,7521,8221,865
Social benefitsD62 + D63228,60328,15528,50428,52229,17530,071
Other current transfersD72,9152,7592,5283,0053,1703,701
Capital transfersD99331,1323,4191,5951,5831,690
           
 Net operating balanceNOB-10,560-6,052-3,859-3273962,418
           
Net acquisition of non-financial assetsP5 + NP - P51c5311,0551,2641,5531,3032,249
           
 General Government Surplus/DeficitB9-11,090-7,107-5,123-1,880-907168
equals       
Net acquisition of financial assetsΔFA-6,023-18,912-8,821-4,903-2,06917,514
Debt instrumentsF2 + F3 + F4-4,146-19,682-7,073-5,1571,6982,884
Equity and Investment Fund SharesF5-1,307-87242-379-4,491-1,235
Other financial assetsF6 + F7 + F8 -570857-1,99063372415,865
less       
Net incurrence of liabilitiesΔL5,068-11,805-3,698-3,023-1,16217,346
Debt instrumentsF2 + F3 + F45,220-12,580-3,995-2,730-1,5482,307
Other liabilitiesF5 + F6 + F7 + F8 -152775297-29338615,039
      
Memo: Net derivative flows on debt interest swap contracts -274-264-240-275-223-200
General Government Surplus/Deficit (% of GDP) -6.2-3.6-1.9-0.7-0.30.1
General Government Surplus/Deficit (% of GNI*) -8.1-4.8-3.1-1.1-0.50.1
GDP at current market prices 179,661194,818262,833271,684297,131324,038
GNI* 136,959148,738162,656175,631183,955197,460
Government interventions to support financial institutions       
Revenue (a+b+c+d)2,8092,2952,1741,7151,2971,121
Guarantee fees receivable (a)P131(part)420155534550
Interest receivable (b)D4(part)1,0907125051354971
Dividends receivable (c) D4(part)760761962749558382
Other (d) P131(part)539668653785685668
Expenditure (e+f+g+h)2,3702,2814,0081,7321,6141,487
Interest payable (e)D4(part)1,8641,5281,2111,050895771
Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)002,111000
Calls on guarantees (g)D9(part)000000
Other (h)various506753686682720716
Impact of the above interventions on General Government Surplus/Deficit43915-1,834-17-317-365
  General Government Surplus/Deficit excluding interventions to support financial institutions -11,529-7,121-3,289-1,863-590534
Table 2 General Government Net Worth, Gross and Net Debt
      €million
Description ESA2010 code201320142015201620172018
General Government net worth 
Net worth at market value, excluding pension liabilitiesNW-55,539-60,591-51,605-46,990-37,173-32,800
equals      
Non-financial assets at market valueNFA88,92893,77099,000105,329112,039119,159
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-144,467-154,361-150,605-152,319-149,212-151,959
equals      
 Financial assets at market valueFA93,49282,81882,92678,73578,95392,143
EDP debt instrumentsF2 + F3 + F453,54635,67528,58823,66925,31328,117
Equity and Investment Fund SharesF530,74937,87944,89945,55742,60637,011
Other financial assetsF6 + F7 + F8 9,1979,2649,4399,50911,03427,015
less      
Liabilities at market valueL237,959237,179233,531231,054228,165244,102
EDP debt instrumentsF2 + F3 + F4228,916227,835223,209221,123218,334219,379
Other liabilitiesF5 + F6 + F7 + F89,0439,34410,3229,9319,83124,723
      
Memo: Estimated pension liabilities of government98,000109,800114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-153,539-170,391-166,105-161,490-151,673-147,300
Contingent liabilities59,52229,41215,9559,0065,3155,054
Memo: Net worth, including pension liabilities and contingent liabilities -213,061-199,803-182,060-170,496-156,988-152,355
      
General Government: changes in net worth      
Opening net worth-51,154-55,539-60,591-51,605-46,990-37,173
Change in net worth due to transactions-10,560-6,052-3,859-3273962,418
Net acquisition of non-financial assets P5 + NP - P51c5311,0551,2641,5531,3032,249
Net lending/net borrowingB9-11,091-7,107-5,123-1,880-907168
Change in net worth due to other economic flowsKx6,17599912,8454,9429,4211,955
Other changes in non-financial assets2,2373,7863,9664,7765,4074,871
Other changes in financial assets7,3598,2388,9297122,287-4,324
Other changes in liabilities-3,420-11,025-50-5461,7271,409
Closing net worth -55,539-60,591-51,605-46,990-37,173-32,800
            
General Government Debt (GGDebt)      
Debt instrument liabilities at market valueF2 + F3 + F4228,916227,835223,209221,123218,334219,379
+ Difference between EDP face value and market value-13,564-24,457-21,555-20,414-16,971-13,401
Gross General Government Debt (EDP face value)GGDebt215,352203,378201,654200,709201,363205,978
less EDP debt instrument assetsF2 + F3 + F4-53,546-35,675-28,587-23,669-25,314-28,117
Net General Government Debt GGNetDebt161,806167,703173,067177,040176,049177,861
             
Closing Net Worth (% of GDP)-30.9-31.1-19.6-17.3-12.5-10.1
Gross General Government Debt (% of GDP)119.9104.476.773.967.863.6
Net General Government Debt (% of GDP) 90.186.165.865.259.254.9
Gross General Government Debt (% of GNI*)157.2136.7124.0114.3109.5104.3
Net General Government Debt (% of GNI*) 118.1112.8106.4100.895.790.1
Table 3 General Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201320142015201620172018
Total RevenueTR61,51766,03870,88473,48176,57482,337
 Taxes and social contributions52,93857,46262,11964,82368,31374,024
  TaxesD2 + D5 + D9142,51646,46550,71952,76955,66060,561
   Indirect taxes (taxes on production and imports)D219,30921,21822,45523,42624,59525,471
    Taxes on productsD2116,74818,24019,31220,56121,37822,121
    of which Value-Added TaxD21110,37211,52711,83112,60313,06014,158
    Other taxes on production D292,5622,9783,1442,8663,2173,350
   Direct taxesD522,92924,88927,86328,93230,61734,571
    Taxes on income, profits and capital gainsD5121,29823,01626,59927,89329,60133,576
    Other current direct taxesD591,6301,8731,2631,0391,016996
   Capital taxesD91278359401411448518
  Social contributions D6110,42110,99611,40012,05412,65313,463
   Actual social contributionsD611 + D6139,0199,61010,21810,71711,43912,335
    PRSI receipts D611 + D613(pt)7,3107,9608,5249,2389,83610,642
    Government employees' social contributionsD613(pt)1,7091,6491,6941,4791,6031,693
   Employers' imputed social contributionsD6121,4021,3871,1821,3371,2141,128
 Sales of goods and servicesP1O4,8664,8295,3525,4335,5335,889
  Sales of market establishments (= market output)P119911,0391,1171,2211,3261,448
  Imputed sales related to production of own-use capital assets (= output for own final use)P12333321212222
Incidental sales and fees of non-market establishmentsP1313,8433,7574,2144,1924,1854,420
Investment incomeD43,2773,0762,7201,8261,7821,317
Interest (excluding FISIM)D411,4031,049682251145183
Dividends / Other investment incomeD42 + D441,7711,9221,9321,4681,5321,020
Rent of land and subsoil assetsD45103105106107105113
Current transfer revenueD39 + D7150266383400503584
SubsidiesD39000000
Other current transfersD7150266383400503584
Non-life insurance claimsD72978181818
Other Domestic - Current D7N_S1131223193194195195
From Rest of World - CurrentD7N_S21136182188290371
Capital transfer revenueD9N286406310999444522
            
Output P130,33030,99232,13833,30535,20938,098
Market output (sales of market establishments)P119911,0391,1171,2211,3261,448
Output for own final useP12333321212222
Non-market outputP1329,30629,92031,00032,06333,86236,629
= Non-market compensation of employeesD1_nonmarket18,56118,33318,93119,42120,65922,207
= Total compensation of employeesD118,59418,36618,95219,44220,68122,228
- Compensation of employees of market establishmentsD1_market      
- Compensation related to production of own-use capital assetsD1_own-use-33-33-21-21-22-22
+ Non-market intermediate consumptionP2_nonmarket7,9768,7189,0189,3909,75310,734
= Total intermediate consumptionP28,1968,9379,2439,63610,00510,986
- Intermediate consumption of market establishmentsP2_market-219-219-225-247-252-252
- Intermediate consumption related to production of own-use capital assetsP2_own-use      
+ Non-market consumption of fixed capitalP51c_nonmarket2,7682,8693,0513,2523,4503,689
= Total consumption of fixed capitalP51c3,1663,2843,4763,6893,9044,143
- Consumption of fixed capital by market establishmentsP51c_market-397-415-425-437-454-454
- 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 code201320142015201620172018
Total ExpenditureTE72,60773,14576,00775,36177,48182,168
Expense72,07672,09074,74373,80876,17879,919
Compensation of employeesD118,59418,36618,95219,44220,68122,228
Of which: Related to production of own-use capital assets333321212222
Use of goods and services plus taxes payableP2 + D5 + D298,1968,9379,2439,63610,00510,986
Use of goods and services [Intermediate consumption]P28,1968,9379,2439,63610,00510,986
Of which: Intermediate consumption of market establishments 219219225247252252
Taxes, payableD5000000
Depreciation (Consumption of fixed capital)P51c3,1663,2843,4763,6893,9044,143
Of which: Depreciation by market establishments 397415425437454454
Interest (excluding FISIM)D417,7607,5896,8506,1675,8385,235
Other domestic interest payableD41_S13,1222,8992,4532,2582,1411,840
Interest payable to rest of worldD41_S24,6384,6904,3973,9083,6983,395
SubsidiesD31,9091,8671,7711,7521,8221,865
Product subsidiesD311,071957864909930929
Other subsidies on productionD39838910907843892936
Social benefitsD62 + D63228,60328,15528,50428,52229,17530,071
Social benefits in cashD6223,61823,05323,09222,82623,02923,373
Social benefits in kind (via market producers)D6324,9865,1025,4125,6966,1466,698
Other current transfersD72,9152,7592,5283,0053,1703,701
Net non-life insurance premiumsD71587455105107107
Current international cooperationD74530434473438503531
Miscellaneous current transfersD75764768493611829689
VAT and GNI based EU budget contributionD761,5641,4831,5071,8511,7312,374
VAT-based EU own resourcesD761202203215219262245
GNI-based EU own resourcesD7621,3611,2801,2921,6321,4702,129
Capital transfersD99331,1323,4191,5951,5831,690
Investment grantsD928959391,3081,5951,5531,477
Other capital transfersD99381932,111030213
Net acquisition of non-financial assetsP5 + NP - P51c5311,0551,2641,5531,3032,249
= Gross investment in non-financial assetsP5 + NP3,6964,3394,7405,2425,2076,392
Gross fixed capital formationP513,6134,2794,6805,1825,2516,332
Net acquisition of stocksP52836060606060
Net acquisition of unproduced assetsNP0000-1050
- Consumption of fixed capitalP51c-3,166-3,284-3,476-3,689-3,904-4,143
Net expenditure on current goods and servicesP3 excl. D63225,46326,16326,78627,87129,67732,209
= OutputP130,33030,99232,13833,30535,20938,098
- Sales of goods and services P11+P12+P131-4,866-4,829-5,352-5,433-5,533-5,889
Market output (sales of market establishments)P11-991-1,039-1,117-1,221-1,326-1,448
Output for own final useP12-33-33-21-21-22-22
Incidental sales and fees of non-market establishmentsP131-3,843-3,757-4,214-4,192-4,185-4,420
Final consumption expenditureP330,44931,26632,19733,56735,82238,907
= Net expenditure on current goods and servicesP3 excl. D63225,46326,16326,78627,87129,67732,209
+ Social transfers in kind via market producers D6324,9865,1025,4125,6966,1466,698
made up of      
Individual consumption (= social transfers in kind)P31 (= D63)20,54221,04121,73022,66624,29126,382
Social transfers in kind (via market producers)D6324,9865,1025,4125,6966,1466,698
Social transfers in kind (provided directly by government)D63115,55615,93916,31816,97018,14519,684
Collective consumption (= actual final consumption of government)P329,90710,22410,46710,90111,53212,525
Total social transfersD62 + D6344,16044,09444,82245,49247,32049,755
Social benefits in cashD62 23,61823,05323,09222,82623,02923,373
 Social transfers in kind (= individual consumption)D6320,54221,04121,73022,66624,29126,382
Table 5 General Government financial transactions
      €million
Description 201320142015201620172018
Net lending (+) / net borrowing (-)B.9-11,091-7,107-5,123-1,880-907168
equals        
Net acquisition of financial assets ΔA-6,023-18,912-8,821-4,903-2,06917,514
EDP debt instruments F2 + F3 + F4-4,146-19,682-7,073-5,1571,6982,884
 Currency and deposits F2-1,274-6,453-329-3,3752,5324,182
Debt securities F3-604-1,429-5,662-1,417-100-81
Short-term F312,696-1,373-1,184-1,033120-41
Long-term F32-3,300-56-4,478-384-220-40
Loans F4-2,268-11,800-1,082-365-734-1,217
Short-term loans F41349-788-530-46-32-228
Long-term loans F42-2,617-11,012-552-319-702-989
Equity and Investment Fund Shares F5-1,307-87242-379-4,491-1,235
Other financial assets F6 + F7 + F8 -570857-1,99063372415,865
Insurance, Pensions and Standardised Guarantees F601-1000
Financial derivatives and Employee Stock Options F7171143-1,737-278-426-165
Other accounts receivable/payableF8-741713-2529111,15016,030
less        
Net incurrence of liabilities ΔL5,068-11,805-3,698-3,023-1,16217,346
EDP debt instruments F2 + F3 + F45,220-12,580-3,995-2,730-1,5482,307
Currency and deposits F2-30,707-10,474-24760928448
Debt securities F325,8966,0946,236-3,5304,3101,722
Short-term F31-1721,327-2,4091,04863682
Long-term F3226,0684,7678,645-4,5783,6741,640
Loans F410,031-8,200-9,984191-6,142537
Short-term loans F41-479-139-238-344-200153
Long-term loans F4210,510-8,061-9,746535-5,942384
Other liabilities F5 + F6 + F7 + F8 -152775297-29338615,039
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F6-100000
Financial derivatives and Employee Stock Options F7-1-1-105-6
   Other accounts receivable/payable F8-150776298-29338115,045
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201320142015201620172018
General Government balance sheet       
 Net worth at market value, excluding pension liabilitiesNW-55,539-60,591-51,605-46,990-37,173-32,800
 equals       
  Non-financial assets at market valueNFA88,92893,77099,000105,329112,039119,159
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-144,467-154,361-150,605-152,319-149,212-151,959
  equals       
   Financial assets at market valueFA93,49282,81882,92678,73578,95392,143
    EDP debt instrumentsF2 + F3 + F453,54635,67528,58823,66925,31328,117
     Currency and depositsF224,44318,14718,02214,67017,19821,410
     Debt securitiesF310,2499,6463,2891,8911,7181,529
      Short-termF313,7442,3691,184143378322
      Long-termF326,5057,2772,1041,7481,3411,207
     LoansF418,8547,8827,2777,1086,3975,178
      Short-term loansF412,3031,516986939907680
      Long-term loansF4216,5516,3666,2916,1695,4904,498
    Equity and Investment Fund SharesF530,74937,87944,89945,55742,60637,011
    Other financial assetsF6 + F7 + F8 9,1979,2649,4399,50911,03427,015
     Insurance, Pensions and Standardised GuaranteesF6010000
     Financial derivatives and Employee Stock OptionsF71,1353528110409387
     Other accounts receivable/payableF88,0628,9118,6289,50910,62526,628
  less       
   Liabilities at market valueL237,959237,179233,531231,054228,165244,102
    EDP debt instrumentsF2 + F3 + F4228,916227,835223,209221,123218,334219,379
     Currency and depositsF231,35620,91820,71321,31521,60021,648
     Debt securitiesF3126,146141,988146,321143,057146,554147,085
      Short-termF312,3913,7631,3862,4012,9323,083
      Long-termF32123,755138,225144,935140,656143,622144,003
     LoansF471,41464,92956,17556,75150,18050,646
      Short-term loansF411,4461,2961,041691514651
      Long-term loansF4269,96863,63355,13556,06049,66649,995
    Other liabilitiesF5 + F6 + F7 + F89,0439,34410,3229,9319,83124,723
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6000000
     Financial derivatives and Employee Stock OptionsF79324571,1381,039558405
     Other accounts receivable/payableF88,1118,8879,1848,8929,27324,318
              
Memo: Estimated pension liabilities of government 98,000109,800114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -153,539-170,391-166,105-161,490-151,673-147,300
Contingent liabilities 59,52229,41215,9559,0065,3155,054
Guarantees 56,02025,14511,3043,9732827
Off-balance sheet PPPs and concessions 3,5024,2664,6515,0325,0325,048
Memo: Net worth, including pension liabilities and contingent liabilities -213,061-199,803-182,060-170,496-156,988-152,355
Change in net worth of government       
 Opening net worth -51,154-55,539-60,591-51,605-46,990-37,173
              
 Change in net worth due to transactions -10,560-6,052-3,859-3273962,418
  Net acquisition of non-financial assets P5 + NP - P51c5311,0551,2641,5531,3032,249
  Net lending/net borrowingB9-11,091-7,107-5,123-1,880-907168
   = Net acquisition of financial assets -6,023-18,912-8,821-4,903-2,06917,514
   - Net incurrence of liabilities -5,06811,8053,6983,0231,162-17,346
              
 Change in net worth due to other economic flowsKx6,17599912,8454,9429,4211,955
  Other changes in non-financial assets 2,2373,7863,9664,7765,4074,871
  Other changes in financial net worth 3,939-2,7878,8791664,014-2,915
   = Other changes in financial assets 7,3598,2388,9297122,287-4,324
     EDP debt instruments 2001,811-14238-54-80
     Equity and Investment Fund Shares 7,0427,2176,7781,0371,540-4,360
     Other financial assets 117-7902,165-563801116
   - Other changes in liabilities -3,420-11,025-50-5461,7271,409
     EDP debt instruments -5,270-11,499631-6441,2411,262
     Other liabilities 1,850474-68198486147
              
Closing net worth -55,539-60,591-51,605-46,990-37,173-32,800
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201320142015201620172018
General Government Debt       
  Debt instrument liabilities at market value228,916227,835223,209221,123218,334219,379
  + Difference between face value and market value -13,564-24,457-21,555-20,414-16,971-13,401
Gross General Government Debt (face value)GGDebt215,352203,378201,654200,709201,363205,978
By category:       
 Currency and deposits F231,35620,91820,71321,31521,60021,648
 Debt securitiesF3112,665119,078125,766123,881130,121134,233
  Short-termF312,3893,7601,3802,3952,9293,075
  Long-termF32110,276115,318124,387121,485127,191131,158
 LoansF471,33163,38255,17555,51349,64250,097
  Short-termF411,4461,2961,041691514651
  Long-termF4269,88562,08654,13454,82249,12849,446
           
less EDP debt instrument assetsF2 + F3 + F453,54635,67528,58723,66925,31428,117
 By category:       
 Currency and deposits F224,44318,14718,02214,67017,19821,410
 Debt securitiesF310,2499,6463,2881,8911,7191,529
  Short-termF313,7442,3691,184143378322
  Long-termF326,5057,2772,1041,7481,3411,207
 LoansF418,8547,8827,2777,1086,3975,178
  Short-termF412,3031,516986939907680
  Long-termF4216,5516,3666,2916,1695,4904,498
           
 Net General Government Debt (face value)GGNetDebt161,806167,703173,067177,040176,049177,861
 By category:       
 Currency and deposits F26,9132,7712,6916,6454,402238
 Debt securities F3102,416109,432122,478121,990128,402132,704
  Short-termF31-1,3551,3911962,2522,5512,753
  Long-termF32103,771108,041122,283119,737125,850129,951
 LoansF452,47755,50047,89848,40543,24544,919
  Short-termF41-857-22055-248-393-29
  Long-termF4253,33455,72047,84348,65343,63844,948
Table 8 Reconciliation of Exchequer Balance to General Government Deficit
       € million
Description ESA2010 code2015201620172018
Exchequer balance -64-1,0181,906106
      
Deduct cash inflows which do not increase financial net worth -9,149-4,042-4,875-1,960
Inflows from sale or redemption of financial assets -9,139-4,037-4,875-1,960
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation -10-500
Exclude cash outflows which do not reduce financial net worth 4,9111,574202272
Acquisition of financial assets 4,6761,574202272
Repayment of promissory notes notional loan principal 234000
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 0000
      
Impact on financial net worth of Exchequer cash transactions -4,302-3,487-2,767-1,583
      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) 176388280300
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 201281143288
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -13410444-88
Accrual of interest due on contingent capital assets assigned to banks 10-6900
Licence sales 987193100
Other accrued revenue 0000
Adjust for impact of non-cash expenditure (-) 237841377312
Capital transfers to financial institutions financed by promissory notes 1645900
Difference between interest paid and accrued 148516218451
Difference between Exchequer cash issues and accrued net spending of departments and offices -137-886888
Other accrued expenditure 210-4591-227
      
Surplus/Deficit of ExchequerB9_exchequer-3,890-2,258-2,109-971
      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -8187666867
Social Insurance Fund -693786241,064
Bank & Deposit Guarantee Schemes -19-242-1211
Capital Services Redemption Account 0000
Small Savings Reserve Fund 0000
Other Extra-Budgetary Funds 16625171-286
Health Service Executive -8626-11778
      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-3,897-2,071-1,443-104
Surplus/Deficit of other Central Government bodies -1,78943337275
National Pensions Reserve Fund 64063329375
Non-market State corporations and agencies -338837132
Voluntary and joint board hospitals 23-28-29-28
Other adjustments -2,11300-203
Conversion of AIB Preference shares into Ordinary shares -2,111000
Concession asset reclassification & Court decision (consultants pay) -200-203
Surplus/Deficit of Central Government B9_S1311-5,686-2,028-1,106171
Surplus/Deficit of Local Government B9_S1313563148199-3
Surplus/Deficit of General Government B9_S13-5,123-1,880-907168
Table 9 Reconciliation of National Debt to General Government Debt
             € million
Description201320142015201620172018
Audited National Debt173,947182,310183,066185,610185,483187,682
 Composed of      
  Gross National Debt197,547197,069196,620196,729198,700205,275
   Medium/long term debt178,722176,011175,974173,620174,395178,901
    Irish Government Bonds111,007116,339125,086121,645127,581131,829
    EU/IMF Programme Funding and bilateral loans66,22059,62150,57950,49144,54844,518
    Other medium/long term debt7029221,1631,6931,8932,238
    Miscellaneous (including derivatives)792-871-854-209373316
   Short term debt3,3204,6723,9535,9157,0139,035
    Foreign Bills4822,2541,046363502513
    Treasury Bills050001,0082,0092,014
    Borrowings from Funds under the control of the Minister for Finance6765231,5792,5182,2812,595
    Exchequer Bills/Notes (incl. Central Treasury Notes)2,1631,3951,3272,0252,2213,913
   State Savings Schemes15,50516,38616,69217,19417,29317,339
 Less cash and other financial assets-23,601-14,759-13,554-11,119-13,217-17,593
 Reverse deduction of cash, other financial assets and EFSF prepaid margin held by Exchequer24,13115,28914,08411,11913,21717,593
 Outstanding principal value of promissory notes2152010000
 Liability for coinage in circulation675693701707704712
 Accrual adjustments (State Savings)604599504451452280
 Adjustment from discounted to nominal value428-2-52
 National Loans Advance Interest54924294641
 Gross treatment of collaterals9481,0047835225068
 Other adjustments (repurchase agreements, OPW contracts and exclusion of financial derivatives)483826204326
Unconsolidated Exchequer Debt (Maastricht definition)200,575200,185199,196198,455199,991206,403
 of which: Liabilities to other Central Government bodies2,3162,5293,3723,9854,4596,421
Exchequer contribution to Central Government debt198,259197,656195,824194,470195,532199,982
 of which: Liabilities to Local Government 29220000
Exchequer contribution to General Government debt198,230197,634195,824194,470195,532199,982
Housing Finance Agency (HFA)      
 Gross debt of HFA4,4234,2093,6153,6123,6173,790
 of which: Liabilities to other Central Government bodies3,7113,1522,4272,0561,7831,587
HFA contribution to Central Government debt7121,0571,1891,5561,8342,203
 of which: Liabilities to Local Authorities2866449651,2951,5141,850
HFA contribution to General Government debt427413224261320353
Other Central Government      
 IBRC Consolidated12,6601,237735698332252
 Liabilities of Post Office Savings Bank Fund to Post Office Savings Bank2,6462,6722,7652,9193,1213,308
 Health Service Executive and Voluntary Hospitals148158128132129127
 National Oil Reserves Agency166111631500
 Irish Rail820000
 Westlink buyout: imputed loan from National Toll Roads to National Roads Authority31026022117112171
 All other bodies702651,0441,2561,1891,133
Other bodies' contribution to Central and General Government debt16,0094,7064,9575,1924,8934,891
Total Central Government debt214,980203,419201,969201,217202,259207,076
 of which: Liabilities to Local Government3146669651,2951,5141,850
Central Government contribution to General Government debt214,666202,753201,005199,922200,745205,225
Local Government - Local Authorities      
 Borrowing from Housing Finance Agency4,3064,1863,6413,6513,6763,873
 Borrowing from other Central Government bodies7727170281916
 Other borrowing579625649786618752
Local Authorities' contribution to Local Government debt4,9635,0824,3614,4654,3134,641
 VECs / ETBs000000
Total Local Government debt4,9635,0824,3614,4654,3134,641
 of which: Liabilities to Central Government4,2764,4573,7123,6793,6953,889
Local Government contribution to General Government debt686625649786618752
            
General Government Debt215,352203,378201,654200,708201,363205,978
Table 10 Central Government transactions: revenue, expenditure and deficit
         €million
DescriptionESA2010 code201320142015201620172018
Central Government transactions       
 RevenueTR58,06262,69467,45069,87272,74378,350
  Taxes and social contributionsD2 + D5 + D91 + D6151,20555,79060,48663,25266,71772,408
   TaxesD2 + D5 + D9141,11045,06249,33051,41554,28659,177
   Social contributions D6110,09510,72811,15611,83712,43113,231
  Sales of goods and servicesP1O3,3163,3983,8333,7813,7343,956
  Investment incomeD43,3273,1062,7351,8561,8251,358
  Current transfer revenue (excluding taxes)D7124225341355457538
  Capital transfer revenue (excluding taxes)D9N90174566281090
           
 ExpenditureTE69,14369,95273,13671,90073,84978,178
  ExpenseExpense68,05767,92371,10569,73571,97475,446
   Compensation of employeesD116,56816,81917,43017,89919,11120,497
   Use of goods and services plus taxes payableP2 + D5 + D296,7967,2157,4917,7318,1178,937
   Depreciation (Consumption of fixed capital)P51c1,3321,5911,7181,8531,9972,236
   Interest (excluding FISIM)D417,7387,5746,8336,1585,8335,229
   SubsidiesD31,9091,8671,7711,7521,8221,865
   Social benefitsD62 + D63227,13426,91327,15927,08627,50828,229
   Other current transfersD74,6684,3304,1464,7765,0735,767
   Capital transfersD91,9131,6134,5572,4812,5132,685
           
 Net operating balanceNOB-9,995-5,229-3,6551377692,904
           
  Net acquisition of non-financial assetsP5 + NP - P51c1,0862,0302,0302,1651,8752,733
           
 Central Government Surplus/DeficitB9-11,081-7,259-5,686-2,028-1,106171
Table 11 Central Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201320142015201620172018
Total RevenueTR58,06262,69467,45069,87272,74378,350
 Taxes and social contributions 51,20555,79060,48663,25266,71772,408
  TaxesD2 + D5 + D9141,11045,06249,33051,41554,28659,177
   Indirect taxes (taxes on production and imports)D217,90319,81521,06722,07223,22124,087
    Taxes on productsD2116,74818,24019,31220,56121,37822,121
    of which Value-Added TaxD21110,37211,52711,83112,60313,06014,158
    Other taxes on production D291,1551,5751,7551,5111,8441,966
   Direct taxesD522,92924,88927,86328,93230,61734,571
    Taxes on income, profits and capital gainsD5121,29823,01626,59927,89329,60133,576
    Other current direct taxesD591,6301,8731,2631,0391,016996
   Capital taxesD91278359401411448518
  Social contributions D6110,09510,72811,15611,83712,43113,231
   Actual social contributionsD611 + D6138,8339,48010,09210,63411,33812,216
    PRSI receipts D611 + D613(pt)7,3107,9608,5249,2389,83610,642
    Government employees' social contributionsD613(pt)1,5231,5191,5681,3971,5021,575
   Employers' imputed social contributionsD6121,2621,2481,0641,2031,0931,015
 Sales of goods and servicesP1O3,3163,3983,8333,7813,7343,956
  Sales of market establishments (= market output)P110000-100
  Imputed sales related to production of own-use capital assets (= output for own final use)P12333321212222
  Incidental sales and fees of non-market establishmentsP1313,2833,3653,8123,7603,7223,935
 Investment incomeD43,3273,1062,7351,8561,8251,358
  Interest (excluding FISIM)D411,4531,079696281189224
   of which received from local governmentD41_LG997251627572
  DividendsD421,7711,9221,9321,4681,5321,020
  Rent of land and subsoil assetsD45103105106107105113
 Current transfer revenueD39 + D7124225341355457538
  SubsidiesD39000000
  Other current transfersD7124225341355457538
   Non-life insurance claimsD72978181818
   Grants from local governmentD73333344
   Other Domestic - Current D7N_S1102179149145145144
   From Rest of World - CurrentD7N_S21136182188290371
 Capital transfer revenueD9N90174566281090
            
OutputP124,69525,62626,63927,48229,21631,670
 Market output (sales of market establishments)P110000-100
 Output for own final useP12333321212222
 Non-market outputP1324,66225,59326,61827,46129,20431,649
  = Non-market compensation of employeesD1_nonmarket16,53516,78617,40917,87819,08920,476
   = Total compensation of employeesD116,56816,81917,43017,89919,11120,497
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use-33-33-21-21-22-22
  + Non-market intermediate consumptionP2_nonmarket6,7967,2157,4917,7318,1178,937
   = Total intermediate consumptionP26,7967,2157,4917,7318,1178,937
   - Intermediate consumption of market establishmentsP2_market000000
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,3321,5911,7181,8531,9972,236
   = Total consumption of fixed capitalP51c1,3321,5911,7181,8531,9972,236
   - 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 code201320142015201620172018
Total ExpenditureTE69,14369,95273,13671,90073,84978,178
 Expense 68,05767,92371,10569,73571,97475,446
  Compensation of employeesD116,56816,81917,43017,89919,11120,497
   Of which: Related to production of own-use capital assets 333321212222
  Use of goods and services plus taxes payableP2 + D5 + D296,7967,2157,4917,7318,1178,937
   Use of goods and services [Intermediate consumption]P26,7967,2157,4917,7318,1178,937
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5000000
  Depreciation (Consumption of fixed capital)P51c1,3321,5911,7181,8531,9972,236
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D417,7387,5746,8336,1585,8335,229
   Other domestic interest payableD41_S13,1002,8842,4362,2502,1351,835
   Interest payable to rest of worldD41_S24,6384,6904,3973,9083,6983,395
  SubsidiesD31,9091,8671,7711,7521,8221,865
   Product subsidiesD311,071957864909930929
   Other subsidies on productionD39838910907843892936
  Social benefitsD62 + D63227,13426,91327,15927,08627,50828,229
   Social benefits in cashD6222,96222,68722,72622,52422,71923,043
   Social benefits in kind (via market producers)D6324,1724,2264,4334,5624,7905,186
  Other current transfersD74,6684,3304,1464,7765,0735,767
   Net non-life insurance premiumsD71587455105107107
   Current grants to local governmentD73 _LG1,7981,6071,6571,8081,9502,112
   Current international cooperationD74530434473438503531
   Miscellaneous current transfersD75719731455574782643
   VAT and GNI based EU budget contributionD761,5641,4831,5071,8511,7312,374
    VAT-based EU own resourcesD761202203215219262245
    GNI-based EU own resourcesD7621,3611,2801,2921,6321,4702,129
  Capital transfersD91,9131,6134,5572,4812,5132,685
   Capital grants to local governmentD9_LG1,1326421,3001,0541,1501,150
   Investment grantsD927437781,1461,4281,3331,322
   Other capital transfersD99381932,111030213
            
 Net acquisition of non-financial assetsP5 + NP - P51c1,0862,0302,0302,1651,8752,733
  = Gross investment in non-financial assetsP5 + NP2,4183,6213,7494,0183,8724,969
   Gross fixed capital formationP512,3353,5613,7483,9583,9174,909
   Net acquisition of stocksP52836060606060
   Net acquisition of unproduced assetsNP00-600-1050
  - Consumption of fixed capitalP51c-1,332-1,591-1,718-1,853-1,997-2,236
            
Net expenditure on current goods and servicesP3 excl. D63221,38022,22822,80623,70125,48227,714
 = OutputP124,69525,62626,63927,48229,21631,670
 - Sales of goods and services P11+P12+P131-3,316-3,398-3,833-3,781-3,734-3,956
   Market output (sales of market establishments)P110000100
   Output for own final useP12-33-33-21-21-22-22
   Incidental sales and fees of non-market establishmentsP131-3,283-3,365-3,812-3,760-3,722-3,935
            
Final consumption expenditureP325,55226,45427,23928,26330,27132,900
 = Net expenditure on current goods and servicesP3 excl. D63221,38022,22822,80623,70125,48227,714
 + Social transfers in kind via market producers D6324,1724,2264,4334,5624,7905,186
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)18,09218,76419,33220,07121,56423,432
  Social transfers in kind (via market producers)D6324,1724,2264,4334,5624,7905,186
  Social transfers in kind (provided directly by government)D63113,92014,53814,89915,50916,77418,246
 Collective consumption (= actual final consumption of government)P327,4597,6907,9078,1928,7079,468
            
Total social transfersD62 + D6341,05441,45042,05842,59544,28246,475
 Social benefits in cashD62 22,96222,68722,72622,52422,71923,043
 Social transfers in kind (= individual consumption)D6318,09218,76419,33220,07121,56423,432
Table 13 Local Government transactions: revenue, expenditure and deficit
         €million
DescriptionESA2010 code201320142015201620172018
Local Government transactions 
RevenueTR6,4875,6696,4456,5367,0107,325
Taxes and social contributionsD2 + D5 + D91 + D611,7331,6711,6331,5701,5961,615
TaxesD2 + D5 + D911,4071,4031,3891,3541,3741,384
Social contributions D61326269244216222231
Sales of goods and servicesP1O1,5511,4311,5191,6531,7991,933
Investment incomeD4494137323231
Current transfer revenue (excluding taxes)D71,8271,6511,7021,8562,0002,163
Capital transfer revenue (excluding taxes)D9N1,3288741,5541,4251,5841,582
           
ExpenditureTE6,4965,5175,8826,3886,8117,328
ExpenseExpense7,0516,4916,6487,0007,3837,812
Compensation of employeesD12,0271,5471,5221,5441,5701,731
Use of goods and services plus taxes payableP2 + D5 + D291,4001,7221,7521,9051,8882,049
Depreciation (Consumption of fixed capital)P51c1,8331,6931,7581,8361,9071,907
Interest (excluding FISIM)D411228768718177
SubsidiesD3000000
Social benefitsD62 + D6321,4691,2421,3451,4361,6671,842
Other current transfersD7484041405151
Capital transfersD9153161162167221155
           
Net operating balanceNOB-564-822-203-464-373-486
           
Net acquisition of non-financial assetsP5 + NP - P51c-556-975-766-612-572-483
           
 Local Government Surplus/DeficitB9-9152563148199-3
Table 14 Local Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201320142015201620172018
Total RevenueTR6,4875,6696,4456,5367,0107,325
 Taxes and social contributions 1,7331,6711,6331,5701,5961,615
  TaxesD2 + D5 + D911,4071,4031,3891,3541,3741,384
   Indirect taxes (taxes on production and imports)D21,4071,4031,3891,3541,3741,384
   Other taxes on production D291,4071,4031,3891,3541,3741,384
   Capital taxesD91000000
  Social contributions D61326269244216222231
   Actual social contributionsD611 + D61318613012682100118
   Employers' imputed social contributionsD612140139118134121113
 Sales of goods and servicesP1O1,5511,4311,5191,6531,7991,933
  Sales of market establishments (= market output)P119911,0391,1171,2211,3351,448
  Imputed sales related to production of own-use capital assets (= output for own final use)P12000000
  Incidental sales and fees of non-market establishmentsP131560391402431463486
 Investment incomeD4494137323231
  Interest (excluding FISIM)D41494137323231
  of which received from Central GovernmentD41_CG000000
  DividendsD42000000
 Current transfer revenueD39 + D71,8271,6511,7021,8562,0002,163
  SubsidiesD39000000
  Other current transfersD71,8271,6511,7021,8562,0002,163
   Grants from central governmentD731,7981,6071,6571,8081,9502,112
   Other Domestic - Current D7N_S1294445495051
 Capital transfer revenueD9N1,3288741,5541,4251,5841,582
   Grants from central governmentD9N_CG1,1326421,3001,0541,1501,150
   Other capital transfers receivableD99196232254371434432
            
Output P15,6345,3675,4995,8235,9946,428
 Market output (sales of market establishments)P119911,0391,1171,2211,3351,448
 Output for own final useP12000000
 Non-market outputP134,6444,3274,3824,6014,6584,980
  = Non-market compensation of employeesD1_nonmarket2,0271,5471,5221,5441,5701,731
   = Total compensation of employeesD12,0271,5471,5221,5441,5701,731
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use000000
  + Non-market intermediate consumptionP2_nonmarket1,1811,5031,5271,6591,6361,797
   = Total intermediate consumptionP21,4001,7221,7521,9051,8882,049
   - Intermediate consumption of market establishmentsP2_market-219-219-225-247-252-252
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,4361,2781,3331,3991,4531,453
   = Total consumption of fixed capitalP51c1,8331,6931,7581,8361,9071,907
   - Consumption of fixed capital by market establishmentsP51c_market-397-415-425-437-454-454
   - 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 code201320142015201620172018
Total ExpenditureTE6,4965,5175,8826,3886,8117,328
 Expense 7,0516,4916,6487,0007,3837,812
  Compensation of employeesD12,0271,5471,5221,5441,5701,731
   Of which: Related to production of own-use capital assets 000000
  Use of goods and services plus taxes payableP2 + D5 + D291,4001,7221,7521,9051,8882,049
   Use of goods and services [Intermediate consumption]P21,4001,7221,7521,9051,8882,049
    Of which: Intermediate consumption of market establishments 219219225247252252
   Taxes, payableD5 + D29000000
  Depreciation (Consumption of fixed capital)P51c1,8331,6931,7581,8361,9071,907
    Of which: Depreciation by market establishments 397415425437454454
  Interest (excluding FISIM)D411228768718177
   Interest payable to central governmentD41_CG997251627572
   Other domestic interest payableD41_S1221517965
  SubsidiesD3000000
  Social benefitsD62 + D6321,4691,2421,3451,4361,6671,842
   Social benefits in cashD62656366366302311330
   Social benefits in kind (via market producers)D6328148769791,1341,3561,512
  Other current transfersD7484041405151
   Grants to central governmentD73_CG333344
   Miscellaneous current transfersD75453738374747
  Capital transfersD9153161162167221155
   Investment grantsD92153161162167221155
            
 Net acquisition of non-financial assetsP5 + NP - P51c-556-975-766-612-572-483
  = Gross investment in non-financial assetsP5 + NP1,2787189911,2251,3351,423
   Gross fixed capital formationP511,2787189321,2251,3351,423
   Net acquisition of stocksP52000000
   Net acquisition of unproduced assetsNP0060000
  - Consumption of fixed capitalP51c-1,833-1,693-1,758-1,836-1,907-1,907
            
Net expenditure on current goods and servicesP3 excl. D6324,0843,9363,9794,1704,1954,495
 = OutputP15,6345,3675,4995,8235,9946,428
 - Sales of goods and services P11+P12+P131-1,551-1,431-1,519-1,653-1,799-1,933
   Market output (sales of market establishments)P11-991-1,039-1,117-1,221-1,335-1,448
   Output for own final useP12000000
   Incidental sales and fees of non-market establishmentsP131-560-391-402-431-463-486
            
Final consumption expenditureP34,8974,8124,9585,3045,5516,007
 = Net expenditure on current goods and servicesP3 excl. D6324,0843,9363,9794,1704,1954,495
 + Social transfers in kind via market producers D6328148769791,1341,3561,512
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)2,4502,2782,3982,5952,7272,951
  Social transfers in kind (via market producers)D6328148769791,1341,3561,512
  Social transfers in kind (provided directly by government)D6311,6361,4011,4191,4611,3711,438
 Collective consumption (= actual final consumption of government)P322,4482,5342,5602,7092,8243,056
            
Total social transfersD62 + D633,1052,6442,7642,8973,0373,281
 Social benefits in cashD62 656366366302311330
 Social transfers in kind (= individual consumption)D632,4502,2782,3982,5952,7272,951

Background Notes

Introduction

This release comprises the latest official publication by CSO of annual Government Finance Statistics (GFS) results for years 2013 to 2018.  The data in this release are subject to the normal verification process by Eurostat until 21 October 2019 and are therefore provisional.

The data published are consistent with the General Government Deficit and Debt levels reported at end-September 2019 under the EU regulation governing the Excessive Deficit Procedure (EDP). Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The official publication by Eurostat of deficit and debt levels for all EU member states is due on 21 October 2019.

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 database here.

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

Estimates of the general government deficit/surplus have been revised the Government Income and Expenditure release in July 2019.  Changes to recent years reflect the availability of more up-to-date and detailed data sources, including: 

VAT MOSS (VAT Mini One Stop Shop): The treatment of VAT MOSS receivable has been implemented for 2015 to 2018, resulting in a reclassification between D.211 and D.7.  VAT MOSS is a way of paying VAT on supplies of certain digital services.

General Government Net Worth: These revisions are due to increased availability of data (Tables 2 and 6).

Revisions to General Government Debt (GG Debt)

Estimates of the general government debt have been revised since April 2019.  Revisions are due to improved compilation processes and, for recent years, also reflect the availability of more up-to-date and detailed data sources.

Transactions of note during 2018

Super dividend: In 2018 Q2 the exchequer received a super dividend of €1,426 million from the Central Bank of Ireland.

IBRC payment to Exchequer: In 2013 the payment by the Exchequer of €1.1 billion to meet obligations to IBRC deposit holders under the guarantee schemes in operation was treated as the granting of a loan from the Exchequer to IBRC, on the understanding that the Exchequer would be treated as a creditor of IBRC in the liquidation process and that there was a reasonable expectation of repayment.  The 2018 re-payment of €340.7 million was made in 2018 Q4.

Consultants pay settlement: In June 2018 there was a settlement made following a court process with medical consultants in relation to pay arrears.  The backdated payments of €213 million were recorded as D.99 expenditure of central government in Q2 2018.

Reclassification of pension funds

The Eircom No. 2 and Coillte No. 2 pension funds were reclassified retroactively in the sector of general government (S.13) for the April 2019 publication. This decision was verified by Eurostat at an EDP dialogue visit in February 2019. See Background notes of April 2019 release here for further detail on the methodology.

Movements of note in the balance sheet

There were large transactions in F.8 assets and liabilities in 2018 of +€16.0 billion and +€15.0 billion respectively. In ESA terms, F.8 corresponds to other accounts receivable or payable. These assets and liabilities are created in situations where there is a timing difference between the underlying transactions and the corresponding payments.

The most significant development in the balance-sheet during 2018 related to the value of the State’s investment portfolio. In net terms the State ran down its holdings of Equity and Investment Fund Shares by €1.2 billion (Table 5), while the value of this element of its portfolio fell by €5.6 billion (Table 6), representing a drop of 13.1%.  Excluding net transactions, the remaining change in the value of the investment portfolio is explained by market losses of €4.4 billion, relating mostly to losses on the shares held in Irish banks. 

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 11 July 2019.

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 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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