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For more information on this release:
E-mail: gfs@cso.ie Máire O'Mahony (+353) 1 498 4308 Elaine O'Sullivan (+353) 1 498 4203 Derek Stynes (+353) 1 498 4303
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 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 1 2016

 General Government Deficit, Gross Debt and Net Debt
 General Government Surplus/Deficit General Government Gross Debt General Government Net Debt
 €m% quarterly GDP €m% annualised GDP €m% annualised GDP
2014 Q1-2,864-6.4 214,997118.1 160,99788.5
2014 Q2-1,483-3.2 209,472113.7 163,16288.6
2014 Q3-2,112-4.1 208,251110.9 164,55187.6
2014 Q4-737-1.5 203,295105.2 166,55686.2
2015 Q1-2,331-3.8 203,71997.1 167,22079.7
2015 Q21280.2 204,41291.1 166,19974.1
2015 Q3-889-1.4 203,87585.9 165,33769.7
2015 Q4-1,529-2.2 201,26678.7 171,36567.0
2016 Q1-1,471-2.3 206,75080.4 173,27067.4

Government General Deficit of -2.3% for Q1 2016

Figure 1 General Government Deficit
go to full release

Government experienced a deficit of -€1.5 billion (-2.3% of GDP) in the first quarter of 2016.   

The government experienced a deficit of -€1,471 million (-2.3% of GDP) in Q1 2016. This compares to the Q1 2015 figure of -€2,331 million (-3.8% of GDP). This is due to a combination of increased revenues and reduced expenditures.

Government increased its quarterly revenues by 2% year on year, with a 5% increase in tax revenues partially offset by a 77% decrease in investment income (dividends and interest). The large decrease in investment income follows the disposal of preference shares in financial institutions along with lower dividend income when compared to the same period last year. (Tables 1 and 3)

Government expenditure for Q1 2016 was €17.7 billion, reflecting a decrease of over €500 million (-3%) on the same period last year. This is mainly due to estimated lower net capital investment in the quarter. (Tables 1 and 4)

 

Government Debt at 80.4% of GDP at the end of March 2016 

At the end of March 2016, General Government Gross Debt (GG Debt) increased by €5.5 billion to stand at €206.8 billion, or 80.4% of GDP.  This compares to a debt level of 97.1% of GDP for the same period in 2015. This fall in the ratio is due to increased GDP. (Table 2)

General Government Net Debt was €173.3 billion (67.4% of GDP) at the end of March 2016. This represents a worsening of the net debt level of a year earlier which stood at €167.2 billion. This is mainly due to the combination of a reduction in assets arising from the sale of equities held in a number of financial corporations during 2015 and a net increase in the issuance of debt securities in the intervening period. 

Note: Net debt is obtained by deducting the value of the financial assets corresponding to those categories of financial liabilities which comprise General Government Debt from the gross debt figure. 

The results in this release are presented under ESA 2010 standards. See text box below and Background Notes for further information.   

 

National accounts are compiled in the EU according to the European System of National Accounts (ESA) framework - ESA 2010. The calculation methods for quarterly government finance accounts are similar to those used in deriving the annual government finance statistics accounts. As some of the available sources are of lesser reliability than those used for the annual government finance statistics accounts, the quarterly estimates are subject to a greater margin of error than the annual figures. A full description of the concepts and definitions used in the production of these figures is provided in the Background Notes.

The quarterly non-financial data (i.e. revenue and expenditure) in this publication are fully aligned with the National Income and Expenditure 2015 and related Quarterly National Accounts Q1 2016 publications. 

The quarterly financial and balance sheet data have not been updated since the publication of results of the Excessive Deficit Procedure (EDP) notification in April 2016 (Tables 1,2,5,6 and 7). These data will be revised for all quarters as part of the EDP notification in October next.

 

GG Gross DebtGG Net Debt
Q1 2013123.887.4
Q2 201312489.3
Q3 2013122.188.1
Q4 2013119.589.2
Q1 2014 118.188.5
Q2 2014113.788.6
Q3 2014110.987.6
Q4 2014105.286.2
Q1 201597.179.7
Q2 201591.174.1
Q3 201585.969.7
Q4 201578.767
Q1 201680.467.4
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                    €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q1
   
General Government transactions                  
    
RevenueTR13,63114,58714,69216,58214,11915,37914,87017,15414,95416,30815,90618,63615,96617,43016,61220,61516,258
Taxes and social contributionsD2 + D5 + D91 + D6111,92211,69812,67914,50512,34812,29513,25315,01313,23913,33214,16316,69914,22114,31414,86718,72314,888
TaxesD2 + D5 + D919,5739,24310,29611,8179,7799,75510,74112,22510,46510,69511,53813,75111,34311,58012,16615,64811,926
Social contributions D612,3492,4552,3832,6882,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0752,962
Sales of goods and servicesP1O1,0891,1841,2841,5571,2011,2371,1141,3861,0491,1651,1701,3211,1781,3111,3171,4891,125
Investment incomeD44621,5825933904691,7574125435131,6984183344091,67531026794
Current transfer revenue (excluding taxes)D76857537350454060777267826659557366
Capital transfer revenue (excluding taxes)D9N916783575145511517742862019270636385
          
ExpenditureTE18,43518,28317,87418,91417,57517,22717,68019,23417,81817,79118,01819,37318,29717,30117,50122,14417,729
ExpenseExpense17,99617,82418,44218,99217,68817,57718,17718,65017,59317,55018,14618,91217,93817,65517,83021,04017,708
Compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9074,8044,6134,5505,035
Use of goods and services plus taxes payableP2 + D5 + D291,8332,0252,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,139
Depreciation (Consumption of fixed capital)P51c825825825825817817817817858858858858907907907907907
Interest (excluding FISIM)D411,6501,7291,8531,9471,9221,8711,9121,9101,8531,8861,8751,8351,6471,6651,6881,6931,612
SubsidiesD3411430453627413433457611398415437603383399418585381
Social benefitsD62 + D6327,0027,1397,3897,9466,8306,8307,2277,6976,6086,7057,2457,6506,6606,7327,2437,6146,645
Other current transfersD71,008360701451795648769679889489600796935671238721694
Capital transfersD9326646350198380258324713302593003444252653732,415295
          
 Net operating balanceNOB-4,366-3,237-3,749-2,411-3,568-2,199-3,307-1,496-2,639-1,242-2,240-276-1,972-226-1,219-425-1,450
          
Net acquisition of non-financial assetsP5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-330110422
                      
 General Government Surplus/DeficitB9-4,805-3,695-3,182-2,332-3,456-1,848-2,810-2,079-2,864-1,483-2,112-737-2,331128-889-1,529-1,471
           
Net acquisition of financial assetsΔFA498268,435-3,2515,776-2,691-1,598-7,006-2,570-7,441-2,361-6,633-1,220242-17-6,3385,127
Debt instrumentsF2 + F3 + F41,438-3518,349-5,0566,613-2,833-422-7,732-554-8,246-2,389-8,395361,019348-8,3474,133
Equity and Investment Fund SharesF5-501,390548156477-1,297-543-1,194569282252477-830-176629630
Other financial assetsF6 + F7 + F8 -1,339-213811,324-893-3351211,269-822236-2541,510-1,73353-1891,380364
           
Net incurrence of liabilitiesΔL4,7584,47011,539-6939,232-8431,212-4,927293-5,959-249-5,8951,126174892-4,5896,598
Debt instrumentsF2 + F3 + F44,8064,50511,523-1,13310,056-8081,261-4,964202-5,967-195-6,48991119445-3,7905,903
Other liabilitiesF5 + F6 + F7 + F8 -48-3516440-824-35-4937918-54594215-20847-799695
                 
  Memo: Net derivative flows on debt interest swap contracts -49-54-55-63-80-58-58-77-69-68-74-53-22-74-73-71-71
               
 General Government Surplus/Deficit (% of quarterly GDP) -11.3-8.3-7.1-5.3-8.0-4.2-5.9-4.6-6.4-3.2-4.1-1.5-3.80.2-1.4-2.2-2.3
                      
 Quarterly GDP at current market prices 42,54944,73244,68143,79243,15244,49447,60344,96044,94746,66951,17450,36961,50861,38064,09468,83362,826
Table 2 General Government Net Worth, Gross and Net Debt
                       €million
Description ESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q1
General Government net worth                  
Net worth at market value, excluding pension liabilitiesNW-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825-56,245
equals                 
Non-financial assets at market valueNFA86,11987,00086,85587,29587,78288,03088,13189,08490,55692,04393,16294,70095,17994,94394,41395,13695,158
plus                 
Financial net worth at market value, excluding pension liabilitiesFNW-116,234-123,730-130,831-136,778-140,655-143,136-146,897-145,200-148,625-154,101-157,329-153,081-151,885-150,413-153,049-149,961-151,403
equals                 
Financial assets at market valueFA87,87087,14395,94393,06898,83495,71094,08894,81394,55686,56285,34384,44289,79384,99185,97385,11789,743
EDP debt instrumentsF2 + F3 + F455,88754,99263,43858,71864,09261,04760,80254,59753,99946,31143,70136,73836,49938,21338,54029,90233,480
Equity and Investment Fund SharesF523,46523,71323,90425,09826,65427,00325,29330,79532,05131,93333,83138,44544,46138,23639,29845,61847,513
Other financial assetsF6 + F7 + F8 8,5188,4388,6019,2528,0887,6607,9939,4218,5068,3187,8119,2598,8338,5428,1359,5978,750
less                 
Liabilities at market valueL204,104210,873226,774229,846239,489238,846240,985240,013243,181240,663242,672237,523241,678235,404239,022235,078241,146
EDP debt instrumentsF2 + F3 + F4193,519200,529216,212218,596230,511230,296232,405231,503234,412231,659232,905228,847231,958225,870228,664225,547231,767
Other liabilitiesF5 + F6 + F7 + F810,58510,34410,56211,2508,9788,5508,5808,5108,7699,0049,7678,6769,7209,53410,3589,5319,379
                 
Memo: Estimated pension liabilities of government98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                 
Memo: Net worth, including pension liabilities-128,115-134,730-141,976-147,483-150,873-153,106-156,766-154,116-156,069-160,058-162,167-156,381-154,706-153,470-156,636-152,825-154,245
                 
Contingent liabilities119,131119,131119,131119,13159,72359,72359,72359,72329,21929,21929,21929,21916,67816,67816,67816,67816,678
                 
 Memo: Net worth, including pension liabilities and contingent liabilities -247,246-253,861-261,107-266,613-210,596-212,829-216,489-213,838-185,288-189,277-191,386-185,600-171,384-170,148-173,314-169,503-170,923
General Government: changes in net worth                  
Opening net worth-19,368-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825
                 
Change in net worth due to transactions-4,284-3,199-3,685-2,554-3,603-2,234-3,342-1,760-2,662-1,265-2,264-470-1,868-168-1,438-1,026-1,450
Net acquisition of non-financial assets P5 + NP - P51c426445-5814-147-386-533320201217-152268478-236-53072322
Net lending/net borrowingB9-4,709-3,644-3,104-2,558-3,456-1,848-2,810-2,079-2,863-1,482-2,112-738-2,34668-909-1,749-1,471
                 
Change in net worth due to other economic flowsKx-6,464-3,416-3,561-2,9532131-3184,410709-2,7241546,2563,5421,404-1,7274,83752
Other changes in non-financial assets4364364364366346346346341,2701,2701,2701,27000000
Other changes in financial assets-460-1,553365376-10-433-247,7312,313-5531,1425,7326,571-5,0449995,482-501
Other changes in liabilities-6,440-2,299-4,362-3,765-411-200-927-3,955-2,875-3,441-2,258-746-3,0296,448-2,726-645553
                        
Closing net worth -30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825-56,245
                        
General Government Debt (GGDebt)                  
Debt instrument liabilities at market valueF2 + F3 + F4193,519200,529216,212218,596230,511230,296232,405231,503234,412231,659232,905228,847231,958225,870228,664225,547231,767
+ Difference between EDP face value and market value689-879-5,909-8,610-12,251-11,893-13,881-16,205-19,415-22,187-24,654-25,552-28,239-21,458-24,789-24,281-25,017
                        
 Gross General Government Debt (EDP face value)GGDebt194,208199,650210,303209,986218,260218,403218,524215,298214,997209,472208,251203,295203,719204,412203,875201,266206,750
                 
less EDP debt instrument assetsF2 + F3 + F4-55,887-54,993-63,438-58,718-64,090-61,047-60,802-54,597-54,000-46,310-43,700-36,739-36,499-38,213-38,538-29,901-33,480
 Net General Government Debt GGNetDebt138,321144,657146,865151,268154,170157,356157,722160,701160,997163,162164,551166,556167,220166,199165,337171,365173,270
    
Closing Net Worth (% of annualised GDP) -17.3-21.0-25.1-28.2-30.0-31.3-32.8-31.1-31.9-33.7-34.2-30.2-27.0-24.7-24.7-21.4-21.9
Gross General Government Debt (% of annualised GDP)111.7114.2119.8119.5123.8124.0122.1119.5118.1113.7110.9105.297.191.185.978.780.4
Net General Government Debt (% of annualised GDP) 79.682.783.786.187.489.388.189.288.588.687.686.279.774.169.767.067.4
Annualised GDP 173,809174,878175,476175,754176,357176,119179,041180,209182,004184,179187,750193,159209,720224,431237,351255,815257,133
Table 3 General Government: detailed classification of revenue and output
                      €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q1
                       
Total RevenueTR13,63114,58714,69216,58214,11915,37914,87017,15414,95416,30815,90618,63615,96617,43016,61220,61516,258
 Taxes and social contributions 11,92211,69812,67914,50512,34812,29513,25315,01313,23913,33214,16316,69914,22114,31414,86718,72314,888
  TaxesD2 + D5 + D919,5739,24310,29611,8179,7799,75510,74112,22510,46510,69511,53813,75111,34311,58012,16615,64811,926
   Indirect taxes (taxes on production and imports)D24,9013,7975,4404,2075,1263,9795,6474,5335,5394,6105,7865,2615,9434,8636,2725,3776,246
    Taxes on productsD214,3293,2244,8733,6734,5403,3375,0173,8554,7013,8865,0804,5735,0384,1695,5754,6495,604
    of which Value-Added TaxD2113,0501,8603,1492,1613,0251,8123,4342,1013,2002,1653,4812,6753,3252,2593,7582,6143,629
    Other taxes on production D29572573567534586642630678838724706688904693697729642
   Direct taxesD54,6505,4204,8147,4174,6325,7505,0577,4974,8966,0495,7098,2395,3706,6835,8389,9905,645
    Taxes on income, profits and capital gainsD514,3875,1694,0997,1824,3625,4674,2627,2074,5835,7594,7297,9455,0576,4045,4099,7345,336
    Other current direct taxesD59263251715234269283795289313290980294313279429256309
   Capital taxesD9122264319421263719529364325031355628035
  Social contributions D612,3492,4552,3832,6882,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0752,962
   Actual social contributionsD611 + D6132,0002,1072,0352,3402,2222,1932,1642,4402,4232,2862,2752,5972,5372,3932,3602,7332,621
    PRSI receipts D611 + D613(pt)1,5801,6861,6141,9191,7911,7631,7342,0102,0151,8771,8662,1892,1592,0151,9822,3562,243
    Government employees' social contributionsD613(pt)421421421421430430430430408408408408378378378378378
   Employers' imputed social contributionsD612348348348348347347347347351351351351342342342342342
 Sales of goods and servicesP1O1,0891,1841,2841,5571,2011,2371,1141,3861,0491,1651,1701,3211,1781,3111,3171,4891,125
  Sales of market establishments (= market output)P11245245245245262262262262284284284284311311311311311
  Imputed sales related to production of own-use capital assets (= output for own final use)P12101010108888888855555
  Incidental sales and fees of non-market establishmentsP1318359301,0301,3039319678441,1167568738781,0298629951,0011,173809
 Investment incomeD44621,5825933904691,7574125435131,6984183344091,67531026794
  Interest (excluding FISIM)D4137044840736941132933533032129121421119619117015786
  DividendsD42911,13218520581,426762121911,4072031222111,4831391097
 Current transfer revenueD39 + D76857537350454060777267826659557366
  SubsidiesD3900000000000000000
  Other current transfersD76857537350454060777267826659557366
   Non-life insurance claimsD7222222222222222222
   Other Domestic - Current D7N_S15050505033333333606060604947475049
   From Rest of World - CurrentD7N_S216512116106261610620161062116
 Capital transfer revenueD9N916783575145511517742862019270636385
                       
Output P17,6947,6137,7907,9177,4567,6467,5967,7917,6407,9227,8147,8098,0348,0708,0178,1608,229
 Market output (sales of market establishments)P11245245245245262262262262284284284284311311311311311
 Output for own final useP12101010108888888855555
 Non-market outputP137,4407,3597,5367,6637,1867,3767,3267,5207,3477,6297,5227,5177,7187,7547,7017,8437,913
  = Non-market compensation of employeesD1_nonmarket4,9334,6604,6964,6694,8254,7244,5374,4754,7614,6614,4754,4144,9024,7994,6084,5455,030
   = Total compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9074,8044,6134,5505,035
   - Compensation of employees of market establishmentsD1_market00000000000000000
   - Compensation related to production of own-use capital assetsD1_own-use-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5-5
  + Non-market intermediate consumptionP2_nonmarket1,7801,9712,1122,2671,6431,9342,0712,3281,8322,2142,2932,3492,0192,1582,2962,5012,084
   = Total intermediate consumptionP21,8332,0242,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,139
   - Intermediate consumption of market establishmentsP2_market-53-53-53-53-55-55-55-55-55-55-55-55-55-55-55-55-55
   - Intermediate consumption related to production of own-use capital assetsP2_own-use00000000000000000
  + Non-market consumption of fixed capitalP51c_nonmarket728728728728717717717717754754754754797797797797797
   = Total consumption of fixed capitalP51c825825825825817817817817858858858858907907907907907
   - Consumption of fixed capital by market establishmentsP51c_market-97-97-97-97-99-99-99-99-104-104-104-104-110-110-110-110-110
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use00000000000000000
  + Other taxes on production, payable D29_pay00000000000000001
  - Other subsidies on production, receivable D39_rec00000000000000000
Table 4 General Government: detailed classification of expenditure and consumption
                      €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q1
                       
Total ExpenditureTE18,43518,28317,87418,91417,57517,22717,68019,23417,81817,79118,01819,37318,29717,30117,50122,14417,729
                       
 Expense 17,99617,82418,44218,99217,68817,57718,17718,65017,59317,55018,14618,91217,93817,65517,83021,04017,708
  Compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9074,8044,6134,5505,035
   Of which: Related to production of own-use capital assets 101010108888888855555
  Use of goods and services plus taxes payableP2 + D5 + D291,8332,0252,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,139
   Use of goods and services [Intermediate consumption]P21,8332,0242,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,139
    Of which: Intermediate consumption of market establishments 5353535355555555555555555555555555
   Taxes, payableD500000000000000000
  Depreciation (Consumption of fixed capital)P51c825825825825817817817817858858858858907907907907907
    Of which: Depreciation by market establishments 9797979799999999104104104104110110110110110
  Interest (excluding FISIM)D411,6501,7291,8531,9471,9221,8711,9121,9101,8531,8861,8751,8351,6471,6651,6881,6931,612
   Other domestic interest payableD41_S1561614666717734723755765698702695664526585584601546
   Interest payable to rest of worldD41_S21,0891,1151,1871,2301,1881,1481,1571,1451,1551,1841,1801,1711,1211,0801,1041,0921,066
  SubsidiesD3411430453627413433457611398415437603383399418585381
   Product subsidiesD31225246268324244264288275213231251261196213232241198
   Other subsidies on productionD39186184186303169168169335185184185342187185187344183
  Social benefitsD62 + D6327,0027,1397,3897,9466,8306,8307,2277,6976,6086,7057,2457,6506,6606,7327,2437,6146,645
   Social benefits in cashD626,0495,9675,7846,4345,9145,7025,6836,2425,7825,5755,5566,1025,8245,6155,5976,0965,745
   Social benefits in kind (via market producers)D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,518900
  Other current transfersD71,008360701451795648769679889489600796935671238721694
   Net non-life insurance premiumsD711919191914141414141414141414141414
   Current international cooperationD74102137187120751771451339272139132821589314185
   Miscellaneous current transfersD75404-332607417015730911123685260216237180248548
   VAT and GNI based EU budget contributionD76482237234237535300301421546317186434602318108480546
    VAT-based EU own resourcesD7618139403278474723824728468345256379
    GNI-based EU own resourcesD76240219819420545725325439846526915838851927383417467
  Capital transfersD9326646350198380258324713302593003444252653732,415295
   Investment grantsD9232636635019834225832471330259289162425265373304295
   Other capital transfersD990280003800000111820002,1110
                       
 Net acquisition of non-financial assetsP5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,10422
  = Gross investment in non-financial assetsP5 + NP1,2641,2842587477044663191,4001,0831,0997301,3191,2665535772,011928
   Gross fixed capital formationP511,2441,2632377261,4074452991,3801,0681,0847151,3041,2515385621,996913
   Net acquisition of stocksP522121212121212121151515151515151515
   Net acquisition of unproduced assetsNP0000-723000000000000
  - Consumption of fixed capitalP51c-825-825-825-825-817-817-817-817-858-858-858-858-907-907-907-907-907
                       
Net expenditure on current goods and servicesP3 excl. D6326,6066,4296,5066,3616,2556,4096,4826,4046,5916,7576,6446,4886,8566,7596,7006,6707,104
 = OutputP17,6947,6137,7907,9177,4567,6467,5967,7917,6407,9227,8147,8098,0348,0708,0178,1608,229
 - Sales of goods and services P11+P12+P131-1,089-1,184-1,284-1,557-1,201-1,237-1,114-1,386-1,049-1,165-1,170-1,321-1,178-1,311-1,317-1,489-1,125
   Market output (sales of market establishments)P11-245-245-245-245-262-262-262-262-284-284-284-284-311-311-311-311-311
   Output for own final useP12-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5-5
   Incidental sales and fees of non-market establishmentsP131-835-930-1,030-1,303-931-967-844-1,116-756-873-878-1,029-862-995-1,001-1,173-809
                       
Final consumption expenditureP37,5587,6028,1107,8737,1717,5378,0267,8597,4187,8878,3338,0367,6927,8758,3458,1888,004
 = Net expenditure on current goods and servicesP3 excl. D6326,6066,4296,5066,3616,2556,4096,4826,4046,5916,7576,6446,4886,8566,7596,7006,6707,104
 + Social transfers in kind via market producers D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,518900
made up of                   
 Individual consumption (= social transfers in kind)P31 (= D63)5,1975,3045,8345,0284,9435,2245,7294,9654,9935,4176,0345,1385,1575,3975,9985,1755,395
  Social transfers in kind (via market producers)D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,518900
  Social transfers in kind (provided directly by government)D6314,2454,1324,2303,5164,0274,0964,1853,5104,1664,2874,3453,5894,3204,2804,3523,6574,495
 Collective consumption (= actual final consumption of government)P322,3612,2982,2762,8442,2282,3132,2962,8942,4252,4702,2982,8992,5362,4792,3483,0132,609
                       
Total social transfersD62 + D6311,24611,27111,61911,46210,85710,92611,41211,20710,77410,99211,59111,23910,98011,01211,59511,27111,140
 Social benefits in cashD62 6,0495,9675,7846,4345,9145,7025,6836,2425,7825,5755,5566,1025,8245,6155,5976,0965,745
 Social transfers in kind (= individual consumption)D635,1975,3045,8345,0284,9435,2245,7294,9654,9935,4176,0345,1385,1575,3975,9985,1755,395
Table 5 General Government financial transactions
            €million
 2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q12015 Q22015 Q32015 Q42016 Q1
DescriptionESA2010 code                 
 Net lending (+) / net borrowing (-)B.9-4,709-3,644-3,104-2,558-3,456-1,848-2,810-2,079-2,863-1,482-2,112-738-2,34668-909-1,749-1,471
equals                   
Net acquisition of financial assets ΔA498268,435-3,2515,776-2,691-1,598-7,006-2,570-7,441-2,361-6,633-1,220242-17-6,3385,127
EDP debt instruments F2 + F3 + F41,438-3518,349-5,0566,613-2,833-422-7,732-554-8,246-2,389-8,395361,019348-8,3474,133
 Currency and deposits F21,8985989,613-6,2718,682-2,450-645-6,8462,335-1,030-309-7,3251,0021,644795-3,6594,621
Debt securities F3-1-116-1231,197-860-10813279-21455-686-584-714-522-28-4,570-755
Short-term F31-9-301,046945111,750-201126-341-957-802133-10-505-832
Long-term F328-113-123151-1,805-109131-1,671-13-71-34537388-655-18-4,06577
Loans F4-459-833-1,14118-1,209-27591-965-2,675-7,271-1,394-486-252-103-419-118267
Short-term loans F41231-30414454-44-24834030114533-776-190-111-103-109-207194
Long-term loans F42-690-803-1,555-436-1,165-27-249-1,266-2,820-7,304-618-296-1410-3108973
Equity and Investment Fund Shares F5-501,390548156477-1,297-543-1,194569282252477-830-176629630
Other financial assets F6 + F7 + F8 -1,339-213811,324-893-3351211,269-822236-2541,510-1,73353-1891,380364
Insurance, Pensions and Standardised Guarantees F6000-100000001000-10
Financial derivatives and Employee Stock Options F7-7500-1164003217272330-3724-120
Other accounts receivable/payableF8-1,264-213811,326-1,057-3351211,237-839209-2771,479-1,36149-1881,379364
less                   
Net incurrence of liabilities ΔL4,7584,47011,539-6939,232-8431,212-4,927293-5,959-249-5,8951,126174892-4,5896,598
EDP debt instruments F2 + F3 + F44,8064,50511,523-1,13310,056-8081,261-4,964202-5,967-195-6,48991119445-3,7905,903
Currency and deposits F29392,681-534716-30,613575172-841-2,842-6,962-567-103-446778627231
Debt securities F3-6,103-3,6686,586-4,19339,265-5,043-1,205-7,4002,2651,2884752,22810,166-89-524-3,5986,546
Short-term F31-3844831,031-2,4012,309637-1,432-1,6821091,0231121641,897-974-972-2,2773,020
Long-term F32-5,719-4,1515,555-1,79236,956-5,680227-5,7182,1562653632,0648,269885448-1,3213,526
Loans F49,9705,4925,4712,3441,4043,6602,2943,277779-293-103-8,614-8,809206483-219-874
Short-term loans F41-711,220424-245-117-395-20723350-48-10-106275-134-301-48-362
Long-term loans F4210,0414,2725,0472,5891,5214,0552,5013,044729-245-93-8,508-9,084340784-171-512
Other liabilities F5 + F6 + F7 + F8 -48-3516440-824-35-4937918-54594215-20847-799695
Equity and Investment Fund Shares F500000000000000000
Insurance, Pensions and Standardised Guarantees F60001000-1000000000
Financial derivatives and Employee Stock Options F70001000-1000-100000
    Other accounts receivable/payable F8-48-3516438-824-35-4939918-54595215-20847-799695
Table 6 General Government: detailed breakdown of net worth
                        €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q1
             
General Government balance sheet                  
                         
 Net worth at market value, excluding pension liabilitiesNW-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825-56,245
 equals                  
  Non-financial assets at market valueNFA86,11987,00086,85587,29587,78288,03088,13189,08490,55692,04393,16294,70095,17994,94394,41395,13695,158
 plus                  
  Financial net worth at market value, excluding pension liabilitiesFNW-116,234-123,730-130,831-136,778-140,655-143,136-146,897-145,200-148,625-154,101-157,329-153,081-151,885-150,413-153,049-149,961-151,403
  equals                  
   Financial assets at market valueFA87,87087,14395,94393,06898,83495,71094,08894,81394,55686,56285,34384,44289,79384,99185,97385,11789,743
    EDP debt instrumentsF2 + F3 + F455,88754,99263,43858,71864,09261,04760,80254,59753,99946,31143,70136,73836,49938,21338,54029,90233,480
     Currency and depositsF221,18021,77931,39225,28333,96631,51430,86924,02226,35725,33825,05317,76518,80120,43421,23017,76821,566
     Debt securitiesF38,0698,0217,9269,4708,6108,4878,62010,24910,14610,2399,5609,6468,9598,3958,3633,2892,516
      Short-termF313001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,7001,6891,184352
      Long-termF328,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,164
     LoansF426,63825,19224,12023,96521,51621,04621,31320,32617,49610,7349,0889,3278,7399,3848,9478,8459,398
      Short-term loansF411,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,180
      Long-term loansF4225,52224,10622,62022,01119,60619,38419,31118,02315,0478,2527,3827,8127,3348,0837,7547,8598,218
    Equity and Investment Fund SharesF523,46523,71323,90425,09826,65427,00325,29330,79532,05131,93333,83138,44544,46138,23639,29845,61847,513
    Other financial assetsF6 + F7 + F8 8,5188,4388,6019,2528,0887,6607,9939,4218,5068,3187,8119,2598,8338,5428,1359,5978,750
     Insurance, Pensions and Standardised GuaranteesF611100000000111100
     Financial derivatives and Employee Stock OptionsF71,3391,4741,5578977927009141,1351,0486393983521,28794772881273
     Other accounts receivable/payableF87,1786,9637,0438,3557,2966,9607,0798,2867,4587,6797,4138,9067,5457,5947,4068,7858,677
  less                  
   Liabilities at market valueL204,104210,873226,774229,846239,489238,846240,985240,013243,181240,663242,672237,523241,678235,404239,022235,078241,146
    EDP debt instrumentsF2 + F3 + F4193,519200,529216,212218,596230,511230,296232,405231,503234,412231,659232,905228,847231,958225,870228,664225,547231,767
     Currency and depositsF259,34662,02061,46862,09931,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,70420,942
     Debt securitiesF385,91683,13994,79794,295135,269130,614130,045126,293131,283135,416138,066142,394154,120147,522149,834146,741153,835
      Short-termF313,5204,0395,0522,5804,9695,5874,1282,4232,5123,5083,6503,7855,8804,6773,6351,1884,490
      Long-termF3282,39679,10089,74591,715130,300125,027125,917123,870128,771131,909134,416138,609148,241142,845146,200145,552149,345
     LoansF448,25755,37059,94762,20263,78967,64770,17973,85474,60474,67173,82665,53557,36057,78758,17858,10256,990
      Short-term loansF414861,7072,1301,8851,7691,3741,1661,4341,4651,3921,3771,2951,5441,4011,0901,055673
      Long-term loansF4247,77153,66357,81760,31662,02166,27469,01372,42073,13873,27972,44964,24055,81556,38657,08757,04656,316
    Other liabilitiesF5 + F6 + F7 + F810,58510,34410,56211,2508,9788,5508,5808,5108,7699,0049,7678,6769,7209,53410,3589,5319,379
     Equity and Investment Fund SharesF500000000000000000
     Insurance, Pensions and Standardised GuaranteesF600011110000000000
     Financial derivatives and Employee Stock OptionsF72,5582,3512,5532,8021,3549611,0409321,1001,3272,1444571,2861,1201,0961,0681,405
     Other accounts receivable/payableF88,0277,9938,0098,4477,6237,5887,5397,5787,6697,6777,6238,2198,4348,4149,2628,4637,974
                         
                         
  Memo: Estimated pension liabilities of government 98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                         
 Memo: Net worth, including pension liabilities -128,115-134,730-141,976-147,483-150,873-153,106-156,766-154,116-156,069-160,058-162,167-156,381-154,706-153,470-156,636-152,825-154,245
                         
  Contingent liabilities 119,131119,131119,131119,13159,72359,72359,72359,72329,21929,21929,21929,21916,67816,67816,67816,67816,678
   Guarantees 115,555115,555115,555115,55556,02056,02056,02056,02025,14525,14525,14525,14512,60412,60412,60412,60412,604
   Off-balance sheet PPPs 3,5763,5763,5763,5763,7033,7033,7033,7034,0744,0744,0744,0744,0744,0744,0744,0744,074
                         
 Memo: Net worth, including pension liabilities and contingent liabilities -247,246-253,861-261,107-266,613-210,596-212,829-216,489-213,838-185,288-189,277-191,386-185,600-171,384-170,148-173,314-169,503-170,923
                         
Change in net worth of government                  
                         
 Opening net worth -19,368-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825
                         
 Change in net worth due to transactions -4,284-3,199-3,685-2,554-3,603-2,234-3,342-1,760-2,662-1,265-2,264-470-1,868-168-1,438-1,026-1,450
  Net acquisition of non-financial assets P5 + NP - P51c426445-5814-147-386-533320201217-152268478-236-53072322
  Net lending/net borrowingB9-4,709-3,644-3,104-2,558-3,456-1,848-2,810-2,079-2,863-1,482-2,112-738-2,34668-909-1,749-1,471
   = Net acquisition of financial assets 498268,435-3,2515,776-2,691-1,598-7,006-2,570-7,441-2,361-6,633-1,220242-17-6,3385,127
   - Net incurrence of liabilities -4,758-4,470-11,539693-9,232843-1,2124,927-2935,9592495,895-1,126-174-8924,589-6,598
                         
 Change in net worth due to other economic flowsKx-6,464-3,416-3,561-2,9532131-3184,410709-2,7241546,2563,5421,404-1,7274,83729
  Other changes in non-financial assets 4364364364366346346346341,2701,2701,2701,27000000
  Other changes in financial net worth -6,900-3,852-3,997-3,389-421-633-9513,776-562-3,994-1,1164,9863,5421,404-1,7274,83729
   = Other changes in financial assets -460-1,553365376-10-433-247,7312,313-5531,1425,7326,571-5,0449995,482-501
     EDP debt instruments -719-54497336-1,239-2121771,527-44558-2211,432-275695-21-291-555
     Equity and Investment Fund Shares 540-1,1421867131,500-128-4136,0452,450-6871,6164,3625,539-5,3951,2385,6911,265
     Other financial assets -28113382-673-271-93212159-93-424-253-621,307-344-21882-1,211
   - Other changes in liabilities -6,440-2,299-4,362-3,765-411-200-927-3,955-2,875-3,441-2,258-746-3,0296,448-2,726-645530
     EDP debt instruments -6,856-2,505-4,160-3,517-1,859-593-848-4,062-2,707-3,214-1,441-2,431-2,2006,282-2,749-673-317
     Other liabilities 416206-202-2481,448393-79107-168-227-8171,685-8291662328847
                         
                         
Closing net worth -30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825-56,245
Table 7 General Government Gross and Net Debt
                     €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q1
                      
General Government Debt                  
                      
  Debt instrument liabilities at market value 193,519200,529216,212218,596230,511230,296232,405231,503234,412231,659232,905228,847231,958225,870228,664225,547231,767
  + Difference between face value and market value 689-879-5,909-8,610-12,251-11,893-13,881-16,205-19,415-22,187-24,654-25,552-28,239-21,458-24,789-24,281-25,017
                      
Gross General Government Debt (face value)GGDebt194,208199,650210,303209,986218,260218,403218,524215,298214,997209,472208,251203,295203,719204,412203,875201,266206,750
By category:                  
 Currency and deposits F259,34662,02061,46862,09231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,70420,942
 Debt securitiesF387,67984,94190,47587,297124,601120,462118,306112,665114,475116,113115,546119,078128,539128,849128,088125,565131,200
  Short-termF313,4974,0235,0432,5354,9595,5624,1022,3892,4893,4773,6373,7605,8494,6623,6191,1824,482
  Long-termF3284,18280,91885,43284,762119,642114,900114,205110,276111,986112,636111,910115,318122,690124,187124,469124,383126,717
 LoansF447,18352,68958,36060,59762,20665,90668,03771,27771,99871,78671,69263,30054,70255,00155,13554,99654,608
  Short-termF414901,7112,1331,8841,7701,3771,1711,4411,4771,4021,3821,2941,5431,4001,0891,054672
  Long-termF4246,69350,97756,22658,71360,43664,52966,86669,83670,52170,38570,31062,00653,15953,60254,04653,94253,936
                      
less EDP debt instrument assetsF2 + F3 + F455,88754,99363,43858,71864,09061,04760,80254,59754,00046,31043,70036,73936,49938,21338,53829,90133,480
 By category:                  
 Currency and deposits F221,18021,77931,39225,28333,96631,51430,86924,02226,35725,33825,05317,76518,80120,43421,23017,76821,566
 Debt securitiesF38,0698,0217,9269,4708,6098,4878,62010,24910,14710,2389,5599,6468,9598,3948,3623,2882,516
  Short-termF313001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,7001,6891,184352
  Long-termF328,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,164
 LoansF426,63825,19324,12023,96521,51521,04621,31320,32617,49610,7349,0889,3288,7399,3858,9468,8459,398
  Short-termF411,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,180
  Long-termF4225,52224,10622,62022,01119,60619,38419,31118,02315,0478,2527,3827,8127,3348,0837,7547,8598,218
                      
 Net General Government Debt (face value)GGNetDebt138,321144,657146,865151,268154,170157,356157,722160,701160,997163,162164,551166,556167,220166,199165,337171,365173,270
 By category:                  
 Currency and deposits F238,16640,24130,07636,809-2,5135211,3127,3342,168-3,766-4,0403,1531,677127-5782,936-624
 Debt securities F379,61076,92082,54977,827115,992111,975109,686102,416104,328105,875105,987109,432119,580120,455119,726122,277128,684
  Short-termF313,4944,0235,0431,4892,9693,5712,110-1,355-1,053-1903111,3914,2822,9621,930-24,130
  Long-termF3276,11672,89777,50676,338113,023108,404107,577103,771105,381106,065105,677108,041115,298117,493117,796122,279124,553
 LoansF420,54527,49634,24036,63240,69144,86046,72450,95154,50261,05262,60453,97245,96345,61646,18946,15145,210
  Short-termF41-626624633-70-139-285-831-862-972-1,080-324-22213898-10368-508
  Long-termF4221,17126,87133,60636,70240,83045,14547,55551,81355,47462,13362,92854,19445,82545,51946,29246,08345,718

Background Notes

Introduction

This detailed release along with the headline figures published on 13 July 2016 together comprise the official publication by CSO of quarterly Government Finance Statistics results for the period Q1 2012 to Q1 2016.

The data published in this series are consistent with the National Income and Expenditure 2015 and Quarterly National Accounts publications (12 July 2016). The General Government Deficit is not therefore consistent with the end-March 2016 Excessive Deficit Procedure (EDP) published on 20 April 2016. 

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

Revisions have been made to the previously published Total Revenue (TR), less Total Expenditure (TE) figures for the quarters Q1 2012 up to Q4 2015 inclusive.  These changes mainly effect the classification of expenditure items following methodological changes in calculating compensation of employees (D.1) and Financial Intermediation Services Indirectly Measured (FISIM) as published in the National Income and Expenditure 2015.  

No revisions have been made to previously published net acquisition of financial assets less net incurrence of liabilities figures for the quarters Q1 2012 up to Q4 2015 inclusive. (This is the alternative measure of GG Deficit/Surplus, referred to as net lending/borrowing). As a consequence the net lending/borrowing data are not consistent with the general government deficit/surplus for the quarters up to Q4 2015. These data will be revised in the next quarterly and annual GFS releases coinciding with the October EDP notification. (Tables 1 and 5)

The quarterly version of Table 8 Reconciliation of Exchequer Balance to General Government Deficit has been discontinued due to on-going improvements to quarterly data sources and processing being undertaken. This table will continue to be available in the annual GFS results. 

Revisions to General Government Gross Debt, Net Debt and Net Worth 

No revisions have been made to previously published debt or net worth figures for the quarters Q1 2012 up to Q4 2015 inclusive. These data will be revised in the next quarterly and annual GFS releases coinciding with the October EDP notification. (Tables 2 and 6)

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditure 2015 and the latest Quarterly National Accounts publication (of  12 July 2016). These revisions have also resulted in updated debt and deficit ratios reported since the last release.

Significant events arising that impact Deficit/Debt

The following significant transactions took place in 2015. 

Share Transactions

In quarter 1 2015 the Ireland Strategic Investment Fund transferred €1,634 million to the exchequer. These funds related to the disposal of its preference share holding in Bank of Ireland.

In quarter 2 2015 Permanent TSB (PTSB) repurchased contingent capital notes issued in 2011, for which the State received €410.5 million.  At around the same time the State sold shares which it held in PTSB at a value of €97 million.  The proceeds of both transactions were recorded in the Exchequer statement.

In quarter 4 2015 the Ireland Strategic Investment Fund redeemed part of its preference shares in AIB for the sum of €1,700 million.  At the same time the balance of its preference shares were converted to ordinary shares, and the promissory note issued to EBS in 2010 was paid off in full.  The net proceeds of these transactions were recorded in the December Exchequer statement.

For National Accounts purposes the net inflows to the Exchequer arising from all of the above transactions are not treated as revenue as they are simply the exchange of one asset (equity or securities) for cash or another form of financial asset.  Therefore they have no impact on the General Government Deficit.  The balance sheet of government shows changes in the relevant instrument categories resulting from these transactions.

The conversion of the preference shares to ordinary shares has been determined to be a capital transfer (expenditure) rather than a reinvestment of capital. This determination was arrived at by Eurostat during the EDP clarification process based on AIB losses incurred since the last capital injection was made in 2012 and on the uncertainty of a return on the investment when compared to the guaranteed return on the preference shares previously held.

Repayment of water-related loans by Central Government.

In Quarter 3 2015 the amount of €423 million was transferred from the Exchequer to local authorities to allow them redeem loans from the Housing Finance Agency related to water services assets.  The assets in question had transferred to Irish Water while the legal title to the loans remained with the local authorities.  This payment was treated as a capital transfer to Local Government from Central Government, resulting in an improvement of the Local Government balance for 2015 and a corresponding worsening of the Central Government balance, resulting in a zero impact at the General Government level as a result of this transaction. A further amount of approximately €147m in loans related to water services assets are also due for repayment by the Minister. 

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.

In addition to the EDP transmission programme, detailed statistics on government revenue and expenditure are also provided to Eurostat under the ESA transmission programme.  For quarterly data the main tables reported are:

Table 801   Quarterly Non-financial accounts by sector  

Table 2500 Quarterly Short Term Statistics (Revenue and Expenditure) for General Government

Table 2700 Quarterly financial accounts for General Government

Table 2800 Quarterly Government Debt

These data are available on the Eurostat website.

http://ec.europa.eu/eurostat/web/government-finance-statistics/data/main-tables.

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 (Tables 1 and 5). In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG Deficit/Surplus. This adjustment has no impact on gross debt, net debt or net worth. (For this Q1 2016 release, see note on revisions referred to earlier).

General Government Gross Debt (GG Debt) is defined in the EU regulations implementing the Maastricht Treaty as the Gross Debt Liabilities of the consolidated General Government sector, at nominal value.

‘Gross’ means that the value of any financial assets held by General Government cannot be deducted from the GG Debt. In Ireland’s case, this means that the liquid assets which are deducted from the ‘gross’ National Debt in arriving at the audited National Debt cannot be deducted from the GG Debt.

‘Debt liabilities’ are defined as the ESA 2010 categories AF.2 (Currency and Deposits), AF.3 (Debt Securities), and AF.4 (Loans).

This definition excludes liabilities in derivatives, equity liabilities, pension and insurance liabilities and accounts payable.

‘Consolidated’ means that any money owed by one entity within General Government to another is excluded from the total GG Debt.

‘Nominal value’ is defined in the governing regulation as face value.  If debt is sold at a discount, it is the undiscounted value of the instrument, rather than the amount actually received, that is shown in the GG Debt. In other statistical contexts, ‘nominal value’ means face value plus any interest accrued but not paid; however, such interest is excluded from GG Debt by definition.

General Government Net Debt is a measure produced in accordance with the methodology of the IMF/World Bank Public Sector Debt Statistics Guide, by subtracting from the GG Gross Debt figure the value of the financial assets corresponding to the categories of financial liabilities which comprise GG Gross Debt.

General Government Net Worth is calculated as the sum of financial and non-financial assets of General Government less financial liabilities. 

Detailed codes and technical definitions can be seen in the ESA 2010 manual available at http://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334

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.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 shar

            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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