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E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Mary Brew (+353) 1 498 4365 Derek Stynes (+353) 1 498 4303
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information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 1 2017

 General Government Finances
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €mGDP€m GDP€m GDP
2015 Q1-2,251-3.6203,53096.5167,76879.5
2015 Q2-481-0.8204,24890.5166,64473.9
2015 Q3-1,349-2.0203,51483.6165,73068.1
2015 Q4-888-1.3201,59276.9172,51765.8
2016 Q1-1,839-2.8207,18178.3173,93965.7
2016 Q21630.2200,37474.9173,15964.7
2016 Q3-1,640-2.3202,43175.1174,10964.6
2016 Q41,5052.0200,59572.8175,62063.7
2017 Q1-1,363-2.0208,22274.3176,56963.0

Government deficit of €1.4 billion in Q1 2017

Figure 1 General Government Deficit
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The government recorded a deficit of €1.4 billion (-2.0% of quarterly GDP) in the first quarter of 2017, an improvement on the Q1 2016 deficit of €1.8 billion (-2.8% of GDP). In Q1 2017, government revenue amounted to €16.9 billion, up from €16.2 billion in Q1 2016.  This increase was driven by Taxes, Social contributions and Investment income (Tables 1 and 3).

Government expenditure for Q1 2017 was €18.3 billion, reflecting an increase of €0.2 billion (1.2%) on the same period last year. The reductions in Interest and Current transfers were outweighed by increases in the other expenditure categories (Tables 1 and 4).

Government Gross Debt at 74.3% of GDP at end Q1 2017

General government Gross Debt (GG Debt) was €208.2 billion (74.3% of GDP) at the end of Q1 2017.  This compares with a debt level of €200.6 billion (72.8% of GDP) at the end of Q4 2016. The rise in the nominal debt level in Q1 2017 is due primarily to the increased issuance of both short and long-term government bonds.

At the end of Q1 2017, general government Net Debt was €176.6 billion (63.0% of GDP).  This is a worsening on the net debt level of a year earlier which stood at €173.9 billion.  This is mainly due to a combination of a reduction in debt instrument assets and an increase in the corresponding liabilities over this period (Tables 2 and 7).

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

The calculation methods for quarterly government finance statistics (GFS) are similar to those used in deriving the annual GFS.  As some of the available sources are of lesser reliability than those used for the annual GFS, the quarterly estimates are subject to a greater margin of error than the annual figures.

These quarterly data are aligned with the Quarterly National Accounts published on 14 July 2017.

Changes to the previously published quarterly data in April 2017 reflect updated data sources which have since become available as well as a change to methodology for the treatment of the sale of mobile phone licences. A full description of methodologies, concepts and definitions is provided in the Background notes.  

 

GG Gross DebtGG Net Debt
Q1 2014 117.488.4
Q2 2014112.588.1
Q3 2014110.287.4
Q4 2014104.586
Q1 201596.579.5
Q2 201590.573.9
Q3 201583.668.1
Q4 201576.965.8
Q1 201678.365.7
Q2 201674.964.7
Q3 201675.164.6
Q4 201672.863.7
Q1 201774.363
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                    €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q1
General Government transactions                  
RevenueTR14,10115,37714,88017,13814,97416,33615,93818,69216,00317,43016,60920,58216,19918,11116,82621,43016,898
Taxes and social contributionsD2 + D5 + D91 + D6112,35212,30013,25715,01713,24313,33614,16816,70214,23714,33014,88218,72514,86915,42314,86919,72615,359
TaxesD2 + D5 + D919,7839,75910,74512,22910,47010,70011,54313,75411,35911,59612,18115,65011,87912,56412,02416,46112,202
Social contributions D612,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0752,9902,8592,8453,2653,158
Sales of goods and servicesP1O1,1841,2191,0961,3691,0521,1731,1791,3351,1361,2671,2731,4431,0481,1621,1671,3151,069
Investment incomeD44751,7794385635381,7214403654211,6873322911111,341120259316
Current transfer revenue (excluding taxes)D740353838646464891127154557066405567
Capital transfer revenue (excluding taxes)D9N514551151774286201977568681011196297586
     
ExpenditureTE18,31217,23917,70619,25917,84317,80618,00719,38218,25317,91017,95721,47018,03817,94818,46619,92418,261
ExpenseExpense17,67817,56718,18118,65217,59317,54018,10918,89517,99317,69017,88721,14017,76517,59218,23519,56017,868
Compensation of employeesD14,8334,7334,5454,4834,7694,6704,4834,4224,9134,8114,6194,5565,0324,9274,7304,6655,175
Use of goods and services plus taxes payableP2 + D5 + D291,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,227
Depreciation (Consumption of fixed capital)P51c794794794794832832832832881881881881935935935935935
Interest (excluding FISIM)D411,9601,9111,9531,9501,8941,9261,9141,8741,7351,6991,7051,7241,6501,5691,5311,4511,522
SubsidiesD3412431456608400417439607379395414578353369389563378
Social benefitsD62 + D6326,8146,8147,2147,6846,5876,6747,2027,6136,6566,7547,3037,7086,6436,7617,3957,6956,741
Other current transfersD77956487696798934935928009336762447257474556391,078561
Capital transfersD9373248324713302593003444252653732,415290315210550330
     
 Net operating balanceNOB-3,577-2,190-3,301-1,514-2,618-1,204-2,171-204-1,991-260-1,278-558-1,566519-1,4091,869-970
     
Net acquisition of non-financial assetsP5 + NP - P51c634-328-475607251266-10248726022070330273356231364393
                      
 General Government Surplus/DeficitB9-4,211-1,862-2,826-2,120-2,869-1,471-2,069-690-2,251-481-1,349-888-1,839163-1,6401,505-1,363
equals
Net acquisition of financial assetsΔFA5,622-2,703-1,613-6,957-2,666-7,424-2,310-6,517-1,26122236-6,5014,158-7,7861,403-1,7905,521
Debt instrumentsF2 + F3 + F46,493-2,812-404-7,599-665-8,244-2,351-8,337-831,146202-8,4194,201-6,0311,108-3,3916,701
Equity and Investment Fund SharesF556477-1,297-543-1,194569282252477-830-36629630-1,509551-5717
Other financial assetsF6 + F7 + F8 -927-368881,185-807251-2411,568-1,655-94-1301,289-673-246-2561,658-1,197
 less
Net incurrence of liabilitiesΔL9,833-8411,213-4,837203-5,953-241-5,8279907031,385-5,6135,997-7,9493,043-3,2956,884
Debt instrumentsF2 + F3 + F49,934-8061,262-4,865101-5,974-203-6,5298624721,316-5,4655,972-7,9573,319-3,2506,956
Other liabilitiesF5 + F6 + F7 + F8 -101-35-492810221-3870212823169-148258-276-45-72
                 
  Memo: Net derivative flows on debt interest swap contracts -80-58-58-77-69-68-74-53-22-74-73-71-71-70-69-65-62
 
 General Government Surplus/Deficit (% of quarterly GDP) -9.8-4.2-5.9-4.7-6.3-3.1-4.1-1.4-3.6-0.8-2.0-1.3-2.80.2-2.32.0-2.0
                      
 Quarterly GDP at current market prices 42,87744,69447,67345,05545,68447,72950,58050,54562,05862,45168,43569,09464,60865,44770,35175,16269,209
Open in Excel: Government Finance Statistics Quarter 1 2017 Table 1 (XLS 16KB)
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Table 2 General Government Net Worth, Gross and Net Debt
                       €million
Description ESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q1
General Government net worth                  
Net worth at market value, excluding pension liabilitiesNW-53,188-55,434-59,101-56,147-58,433-62,622-64,921-59,138-56,190-53,601-54,060-50,917-51,789-51,284-52,263-48,645-48,908
equals                 
Non-financial assets at market valueNFA88,57388,81388,90790,08191,34992,63393,54995,05396,54998,00599,311100,877102,390103,985105,456107,059107,452
plus                 
Financial net worth at market value, excluding pension liabilitiesFNW-141,761-144,247-148,008-146,228-149,782-155,255-158,470-154,191-152,739-151,606-153,371-151,794-154,179-155,269-157,719-155,704-156,360
equals                 
Financial assets at market valueFA98,23295,10493,47894,29293,92985,94584,77084,00889,29884,45685,33084,29189,27181,95182,93379,83084,458
EDP debt instrumentsF2 + F3 + F463,15960,13459,90853,83753,16545,52042,98536,12035,76237,60537,78629,07633,24327,21528,32324,97531,653
Equity and Investment Fund SharesF526,65427,00325,29330,79531,98831,80833,64638,20144,18937,93538,96845,26047,48546,47146,61345,22644,373
Other financial assetsF6 + F7 + F8 8,4197,9678,2779,6608,7768,6178,1399,6879,3478,9168,5769,9558,5438,2657,9979,6298,432
less                 
Liabilities at market valueL239,993239,351241,486240,520243,711241,200243,240238,199242,037236,062238,701236,085243,450237,220240,652235,534240,818
EDP debt instrumentsF2 + F3 + F4230,498230,283232,388231,501234,422231,663232,924228,867231,748225,708228,302225,862232,865226,779230,753225,690231,162
Other liabilitiesF5 + F6 + F7 + F89,4959,0689,0989,0199,2899,53710,3169,33210,28910,35410,39910,22310,58510,4419,8999,8449,656
                 
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-151,188-153,434-157,101-154,147-156,433-160,622-162,921-157,138-154,190-151,601-152,060-148,917-149,789-149,284-150,263-146,645-146,908
                 
Contingent liabilities59,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,33010,33010,33010,33010,330
                 
 Memo: Net worth, including pension liabilities and contingent liabilities -210,710-212,956-216,623-213,669-185,844-190,033-192,333-186,550-171,445-168,856-169,315-166,172-160,119-159,614-160,593-156,975-157,238
General Government: changes in net worth                  
Opening net worth-49,680-53,188-55,434-59,101-56,147-58,433-62,622-64,921-59,138-56,190-53,601-54,060-50,917-51,789-51,284-52,263-48,645
                 
Change in net worth due to transactions-3,577-2,190-3,301-1,514-2,618-1,204-2,171-204-1,991-260-1,278-558-1,566519-1,4091,869-970
Net acquisition of non-financial assets P5 + NP - P51c634-328-475607251266-10248726022070330273356231364393
Net lending/net borrowingB9-4,211-1,862-2,826-2,120-2,869-1,471-2,069-690-2,251-481-1,349-888-1,839163-1,6401,505-1,363
                 
Change in net worth due to other economic flowsKx69-56-3674,469333-2,985-1285,9874,9392,8508203,701693-144301,749707
Other changes in non-financial assets5685685685681,0181,0181,0181,0181,2361,2361,2361,2361,2391,2391,2391,2390
Other changes in financial assets1-425-137,7712,303-5601,1355,7556,551-5,0648385,462822466-421-1,313-893
Other changes in liabilities-500-199-922-3,871-2,988-3,442-2,281-786-2,8486,678-1,254-2,997-1,368-1,719-3891,8231,600
                        
Closing net worth -53,188-55,434-59,101-56,147-58,433-62,622-64,921-59,138-56,190-53,601-54,060-50,917-51,789-51,284-52,263-48,645-48,908
                        
General Government Debt (GGDebt)                  
Debt instrument liabilities at market valueF2 + F3 + F4230,498230,283232,388231,501234,422231,663232,924228,867231,748225,708228,302225,862232,865226,779230,753225,690231,162
+ Difference between EDP face value and market value-12,238-11,880-13,866-16,205-19,408-22,170-24,647-25,541-28,218-21,460-24,788-24,270-25,684-26,405-28,322-25,095-22,940
                        
 Gross General Government Debt (EDP face value)GGDebt218,260218,403218,522215,296215,014209,493208,277203,326203,530204,248203,514201,592207,181200,374202,431200,595208,222
                 
less EDP debt instrument assetsF2 + F3 + F4-63,158-60,134-59,908-53,836-53,167-45,519-42,984-36,120-35,762-37,604-37,784-29,075-33,242-27,215-28,322-24,975-31,653
 Net General Government Debt GGNetDebt155,102158,269158,614161,460161,847163,974165,293167,206167,768166,644165,730172,517173,939173,159174,109175,620176,569
      
Closing Net Worth (% of annualised GDP) -30.3-31.5-33.1-31.1-31.9-33.6-34.3-30.4-26.6-23.8-22.2-19.4-19.6-19.2-19.4-17.7-17.5
Gross General Government Debt (% of annualised GDP) 124.2124.2122.3119.4117.4112.5110.2104.596.590.583.676.978.374.975.172.874.3
Net General Government Debt (% of annualised GDP) 88.290.088.889.688.488.187.486.079.573.968.165.865.764.764.663.763.0
  
Annualised GDP 175,770175,865178,649180,298183,105186,140189,047194,537210,911225,633243,488262,037264,587267,583269,499275,567280,168
Open in Excel: Government Finance Statistics Quarter 1 2017 Table 2 (XLS 18KB)
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Table 3 General Government: detailed classification of revenue and output
                     €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q1
                       
Total RevenueTR14,10115,37714,88017,13814,97416,33615,93818,69216,00317,43016,60920,58216,19918,11116,82621,43016,898
 Taxes and social contributions12,35212,30013,25715,01713,24313,33614,16816,70214,23714,33014,88218,72514,86915,42314,86919,72615,359
  TaxesD2 + D5 + D919,7839,75910,74512,22910,47010,70011,54313,75411,35911,59612,18115,65011,87912,56412,02416,46112,202
   Indirect taxes (taxes on production and imports)D25,1303,9835,6514,5385,5434,6145,7895,2645,9604,8806,2905,3946,2175,2086,4315,5756,501
    Taxes on productsD214,5403,3375,0173,8554,7003,8855,0794,5725,0414,1725,5784,6505,6084,5135,7634,8895,655
    of which Value-Added TaxD2113,0251,8123,4342,1013,2002,1653,4812,6753,3252,2593,7582,6143,6302,2764,0212,9004,038
    Other taxes on production D29590647634682843728710693919708712744609694668686846
   Direct taxesD54,6325,7505,0577,4974,8976,0505,7108,2405,3686,6815,8359,9765,6277,2945,53010,6355,664
    Taxes on income, profits and capital gainsD514,3625,4674,2627,2074,5835,7594,7297,9455,0576,4035,4079,7225,3347,0285,27510,4035,370
    Other current direct taxesD59269283795289314291981295311278428255293267255233294
   Capital taxesD9121263719529364325031355628035626325137
  Social contributions D612,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0752,9902,8592,8453,2653,158
   Actual social contributionsD611 + D6132,2222,1932,1642,4402,4232,2862,2752,5972,5832,4392,4062,7792,6952,5632,5502,9702,862
    PRSI receipts D611 + D613(pt)1,7911,7631,7342,0102,0151,8771,8662,1892,1592,0151,9822,3562,3072,1762,1622,5822,474
    Government employees' social contributionsD613(pt)430430430430408408408408424424424424388388388388388
   Employers' imputed social contributionsD612347347347347351351351351295295295295295295295295295
 Sales of goods and servicesP1O1,1841,2191,0961,3691,0521,1731,1791,3351,1361,2671,2731,4431,0481,1621,1671,3151,069
  Sales of market establishments (= market output)P11248248248248260260260260279279279279302302302302331
  Imputed sales related to production of own-use capital assets (= output for own final use)P1288888888555555555
Incidental sales and fees of non-market establishmentsP1319289638411,1137849059101,0678519839891,1587418558601,008733
Investment incomeD44751,7794385635381,7214403654211,6873322911111,341120259316
Interest (excluding FISIM)D413913273363263212882122171831781671567874673034
DividendsD42581,426762121911,4072031222111,48313910971,24127203255
Rent of land and subsoil assetsD452626262626262626262626262626262626
Current transfer revenueD39 + D740353838646464891127154557066405567
SubsidiesD3900000000000000000
Other current transfersD740353838646464891127154557066405567
Non-life insurance claimsD7222222222222222222
Other Domestic - Current D7N_S13333333360606060494747504947475049
From Rest of World - CurrentD7N_S25033333276223532017-8317
Capital transfer revenueD9N514551151774286201977568681011196297586
                       
Output P17,4197,6097,5587,7537,5897,8717,7647,7597,9828,0187,9648,1078,2198,2608,2088,3608,503
Market output (sales of market establishments)P11248248248248260260260260279279279279302302302302331
Output for own final useP1288888888555555555
Non-market outputP137,1637,3537,3037,4977,3217,6037,4967,4917,6977,7347,6807,8237,9127,9537,9018,0538,167
= Non-market compensation of employeesD1_nonmarket4,8254,7244,5374,4754,7614,6614,4754,4144,9084,8054,6144,5515,0274,9224,7244,6605,170
= Total compensation of employeesD14,8334,7334,5454,4834,7694,6704,4834,4224,9134,8114,6194,5565,0324,9274,7304,6655,175
- Compensation of employees of market establishmentsD1_market00000000000000000
- Compensation related to production of own-use capital assetsD1_own-use-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5-5
+ Non-market intermediate consumptionP2_nonmarket1,6431,9342,0712,3281,8322,2142,2932,3492,0142,1532,2912,4972,0592,2052,3502,5672,171
= Total intermediate consumptionP21,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,227
- Intermediate consumption of market establishmentsP2_market-55-55-55-55-55-55-55-55-56-56-56-56-56-56-56-56-56
- Intermediate consumption related to production of own-use capital assetsP2_own-use00000000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket694694694694728728728728776776776776826826826826826
= Total consumption of fixed capitalP51c794794794794832832832832881881881881935935935935935
- Consumption of fixed capital by market establishmentsP51c_market-99-99-99-99-104-104-104-104-106-106-106-106-109-109-109-109-109
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use00000000000000000
+ Other taxes on production, payable D29_pay00000000000000000
  - Other subsidies on production, receivable D39_rec00000000000000000
Open in Excel: Government Finance Statistics Quarter 1 2017 Table 3 (XLS 18KB)
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Table 4 General Government: detailed classification of expenditure and consumption
                 €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q1
                       
Total ExpenditureTE18,31217,23917,70619,25917,84317,80618,00719,38218,25317,91017,95721,47018,03817,94818,46619,92418,261
                   
Expense17,67817,56718,18118,65217,59317,54018,10918,89517,99317,69017,88721,14017,76517,59218,23519,56017,868
Compensation of employeesD14,8334,7334,5454,4834,7694,6704,4834,4224,9134,8114,6194,5565,0324,9274,7304,6655,175
Of which: Related to production of own-use capital assets88888888555555555
Use of goods and services plus taxes payableP2 + D5 + D291,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,227
Use of goods and services [Intermediate consumption]P21,6981,9892,1262,3831,8862,2692,3472,4032,0702,2092,3472,5532,1152,2612,4072,6232,227
Of which: Intermediate consumption of market establishments 5555555555555555565656565656565656
Taxes, payableD500000000000000000
Depreciation (Consumption of fixed capital)P51c794794794794832832832832881881881881935935935935935
Of which: Depreciation by market establishments 99999999104104104104106106106106109109109109109
Interest (excluding FISIM)D411,9601,9111,9531,9501,8941,9261,9141,8741,7351,6991,7051,7241,6501,5691,5311,4511,522
Other domestic interest payableD41_S1772763796805739742734703615619601632584572572566563
Interest payable to rest of worldD41_S21,1881,1481,1571,1451,1551,1841,1801,1711,1211,0801,1041,0921,066998960885958
SubsidiesD3412431456608400417439607379395414578353369389563378
Product subsidiesD31244264288275213231251261196213232241182199218248211
Other subsidies on productionD39168167168332187186187345183182183337171170171315167
Social benefitsD62 + D6326,8146,8147,2147,6846,5876,6747,2027,6136,6566,7547,3037,7086,6436,7617,3957,6956,741
Social benefits in cashD625,9145,7025,6836,2425,7715,5645,5466,0925,7855,5775,5586,1075,7715,5635,5456,0925,757
Social benefits in kind (via market producers)D6329001,1131,5311,4428161,1101,6561,5218711,1771,7451,6018721,1981,8501,603984
Other current transfersD77956487696798934935928009336762447257474556391,078561
Net non-life insurance premiumsD711414141419191919202020202020202020
Current international cooperationD7475177145133927213913282158931418510410414595
Miscellaneous current transfersD75170157309111236852482162301802485959315820338
VAT and GNI based EU budget contributionD76535300301421546317186434602318108479546238357709408
VAT-based EU own resourcesD7617847472382472846834525637933535563
GNI-based EU own resourcesD76245725325439846526915838851927383416468205304655345
Capital transfersD9373248324713302593003444252653732,415290315210550330
Investment grantsD9233524832471330259289162425265373304290315210550330
Other capital transfersD993800000111820002,11100000
                   
Net acquisition of non-financial assetsP5 + NP - P51c634-328-475607251266-10248726022070330273356231364393
= Gross investment in non-financial assetsP5 + NP1,4284663191,4001,0831,0997301,3191,1421,1029521,2121,2081,2911,1661,2991,328
Gross fixed capital formationP511,4074452991,3801,0681,0847151,3041,1271,0879371,1971,1931,2761,1511,2841,313
Net acquisition of stocksP522121212115151515151515151515151515
Net acquisition of unproduced assetsNP00000000000000000
- Consumption of fixed capitalP51c-794-794-794-794-832-832-832-832-881-881-881-881-935-935-935-935-935
                       
Net expenditure on current goods and servicesP3 excl. D6326,2356,3896,4626,3856,5376,6986,5856,4246,8466,7516,6916,6647,1717,0987,0417,0457,434
= OutputP17,4197,6097,5587,7537,5897,8717,7647,7597,9828,0187,9648,1078,2198,2608,2088,3608,503
- Sales of goods and services P11+P12+P131-1,184-1,219-1,096-1,369-1,052-1,173-1,179-1,335-1,136-1,267-1,273-1,443-1,048-1,162-1,167-1,315-1,069
Market output (sales of market establishments)P11-248-248-248-248-260-260-260-260-279-279-279-279-302-302-302-302-331
Output for own final useP12-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5-5
Incidental sales and fees of non-market establishmentsP131-928-963-841-1,113-784-905-910-1,067-851-983-989-1,158-741-855-860-1,008-733
                       
Final consumption expenditureP37,1357,5027,9937,8277,3537,8098,2417,9457,7177,9288,4378,2658,0438,2968,8918,6488,418
= Net expenditure on current goods and servicesP3 excl. D6326,2356,3896,4626,3856,5376,6986,5856,4246,8466,7516,6916,6647,1717,0987,0417,0457,434
+ Social transfers in kind via market producers D6329001,1131,5311,4428161,1101,6561,5218711,1771,7451,6018721,1981,8501,603984
made up of                 
Individual consumption (= social transfers in kind)P31 (= D63)4,9555,2115,5555,4394,7915,2715,5635,3635,1925,3345,6765,5615,4115,5815,9815,8185,735
Social transfers in kind (via market producers)D6329001,1131,5311,4428161,1101,6561,5218711,1771,7451,6018721,1981,8501,603984
Social transfers in kind (provided directly by government)D6314,0554,0994,0243,9973,9754,1613,9073,8424,3204,1573,9313,9594,5394,3834,1314,2154,751
Collective consumption (= actual final consumption of government)P322,1802,2912,4382,3882,5622,5372,6782,5822,5262,5952,7612,7052,6322,7152,9102,8302,684
                       
Total social transfersD62 + D6310,86910,91311,23811,68110,56210,83511,10911,45510,97610,91011,23411,66711,18211,14411,52611,91011,491
Social benefits in cashD62 5,9145,7025,6836,2425,7715,5645,5466,0925,7855,5775,5586,1075,7715,5635,5456,0925,757
 Social transfers in kind (= individual consumption)D634,9555,2115,5555,4394,7915,2715,5635,3635,1925,3345,6765,5615,4115,5815,9815,8185,735
Open in Excel: Government Finance Statistics Quarter 1 2017 Table 4 (XLS 19KB)
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Table 5 General Government financial transactions
                €million
 2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q1
DescriptionESA2010 code                 
 Net lending (+) / net borrowing (-)B.9-4,211-1,862-2,826-2,120-2,869-1,471-2,069-690-2,251-481-1,349-888-1,839163-1,6401,505-1,363
equals                   
Net acquisition of financial assets ΔA5,622-2,703-1,613-6,957-2,666-7,424-2,310-6,517-1,26122236-6,5014,158-7,7861,403-1,7905,521
EDP debt instruments F2 + F3 + F46,493-2,812-404-7,599-665-8,244-2,351-8,337-831,146202-8,4194,201-6,0311,108-3,3916,701
 Currency and deposits F28,582-2,433-631-6,7372,235-1,038-283-7,2928891,639767-3,6334,594-6,6002,288-3,2037,085
Debt securities F3-860-10813279-21455-686-584-714-397-153-4,570-719529-1,225282-294
Short-term F31945111,750-201126-341-957-802258-135-505-832-201-1110-30
Long-term F32-1,805-109131-1,671-13-71-34537388-655-18-4,065113730-1,214272-264
Loans F4-1,229-27195-941-2,686-7,261-1,382-461-258-96-412-2163264045-470-90
Short-term loans F41-44-24834030114533-776-190-111-103-109-20719429-29-24010
Long-term loans F42-1,185-23-245-1,242-2,831-7,294-606-271-1477-303-91321174-230-100
Equity and Investment Fund Shares F556477-1,297-543-1,194569282252477-830-36629630-1,509551-5717
Other financial assets F6 + F7 + F8 -927-368881,185-807251-2411,568-1,655-94-1301,289-673-246-2561,658-1,197
Insurance, Pensions and Standardised Guarantees F600000001000-100000
Financial derivatives and Employee Stock Options F7164003217272330-3724-1200000
Other accounts receivable/payableF8-1,091-368881,153-824224-2641,537-1,283-98-1291,288-673-246-2561,658-1,197
less                   
Net incurrence of liabilities ΔL9,833-8411,213-4,837203-5,953-241-5,8279907031,385-5,6135,997-7,9493,043-3,2956,884
EDP debt instruments F2 + F3 + F49,934-8061,262-4,865101-5,974-203-6,5298624721,316-5,4655,972-7,9573,319-3,2506,956
Currency and deposits F2-30,613575172-841-2,842-6,962-567-103-44677863623119312560124
Debt securities F339,048-5,043-1,205-7,3222,1621,2776731,9259,604588898-5,5886,468-8,3993,185-3,2016,783
Short-term F312,303637-1,439-1,6901201,0131291531,875-780-1,084-2,4203,389-9701,670-3,0432,403
Long-term F3236,745-5,680234-5,6322,0422645441,7727,7291,3681,982-3,1683,079-7,4291,515-1584,380
Loans F41,4993,6622,2953,298781-289-309-8,351-8,296-19333287-7272499-10949
Short-term loans F41-115-393-20623553-50-15-113266-143-310-57-367-3-140170108
Long-term loans F421,6144,0552,5013,063728-239-294-8,238-8,562-50642144-360252149-279-59
Other liabilities F5 + F6 + F7 + F8 -101-35-492810221-3870212823169-148258-276-45-72
Equity and Investment Fund Shares F500000000000000000
Insurance, Pensions and Standardised Guarantees F6000-10000000000000
Financial derivatives and Employee Stock Options F7000-1000-1000000000
    Other accounts receivable/payable F8-101-35-493010221-3870312823169-148258-276-45-72
Open in Excel: Government Finance Statistics Quarter 1 2017 Table 5 (XLS 16KB)
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Table 6 General Government: detailed breakdown of net worth
                        €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q1
         
General Government balance sheet                  
                         
 Net worth at market value, excluding pension liabilitiesNW-53,188-55,434-59,101-56,147-58,433-62,622-64,921-59,138-56,190-53,601-54,060-50,917-51,789-51,284-52,263-48,645-48,908
 equals                  
  Non-financial assets at market valueNFA88,57388,81388,90790,08191,34992,63393,54995,05396,54998,00599,311100,877102,390103,985105,456107,059107,452
 plus                  
  Financial net worth at market value, excluding pension liabilitiesFNW-141,761-144,247-148,008-146,228-149,782-155,255-158,470-154,191-152,739-151,606-153,371-151,794-154,179-155,269-157,719-155,704-156,360
  equals                  
   Financial assets at market valueFA98,23295,10493,47894,29293,92985,94584,77084,00889,29884,45685,33084,29189,27181,95182,93379,83084,458
    EDP debt instrumentsF2 + F3 + F463,15960,13459,90853,83753,16545,52042,98536,12035,76237,60537,78629,07633,24327,21528,32324,97531,653
     Currency and depositsF233,43530,99930,36923,63125,86524,83924,57917,32318,24619,87520,64317,20721,78515,18817,47514,28621,368
     Debt securitiesF38,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,3633,2892,5523,0821,8542,1621,849
      Short-termF311,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143178
      Long-termF326,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9331,7182,0191,671
     LoansF421,11420,64820,91919,95717,15410,4428,8469,1518,5579,2108,7808,5808,9068,9458,9948,5278,436
      Short-term loansF411,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949
      Long-term loansF4219,20518,98618,91717,65314,7067,9607,1407,6357,1527,9087,5877,5947,7267,7377,8147,5887,487
    Equity and Investment Fund SharesF526,65427,00325,29330,79531,98831,80833,64638,20144,18937,93538,96845,26047,48546,47146,61345,22644,373
    Other financial assetsF6 + F7 + F8 8,4197,9678,2779,6608,7768,6178,1399,6879,3478,9168,5769,9558,5438,2657,9979,6298,432
     Insurance, Pensions and Standardised GuaranteesF600000001111000000
     Financial derivatives and Employee Stock OptionsF77927009141,1351,0486393983521,28794772881273412933
     Other accounts receivable/payableF87,6277,2677,3638,5257,7287,9787,7419,3348,0597,9687,8479,1438,4708,2247,9689,6268,429
  less                  
   Liabilities at market valueL239,993239,351241,486240,520243,711241,200243,240238,199242,037236,062238,701236,085243,450237,220240,652235,534240,818
    EDP debt instrumentsF2 + F3 + F4230,498230,283232,388231,501234,422231,663232,924228,867231,748225,708228,302225,862232,865226,779230,753225,690231,162
     Currency and depositsF231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,439
     Debt securitiesF3135,255130,599130,024126,265131,265135,388138,054142,372154,101147,721149,948146,942154,072147,362150,806145,319150,006
      Short-termF314,9555,5724,1072,3952,4943,4803,6393,7635,8604,8763,7491,3864,6883,7415,4122,4004,782
      Long-termF32130,300125,027125,917123,870128,771131,909134,416138,609148,241142,845146,200145,556149,384143,621145,394142,919145,224
     LoansF463,79067,64970,18373,88074,63274,70373,85765,57757,16957,42657,70258,20757,85158,28558,69259,05659,717
      Short-term loansF411,7691,3761,1701,4401,4751,3991,3801,2901,5341,3851,0691,029646643509683834
      Long-term loansF4262,02166,27469,01372,44073,15773,30372,47864,28755,63556,04156,63257,17857,20557,64158,18358,37358,883
    Other liabilitiesF5 + F6 + F7 + F89,4959,0689,0989,0199,2899,53710,3169,33210,28910,35410,39910,22310,58510,4419,8999,8449,656
     Equity and Investment Fund SharesF500000000000000000
     Insurance, Pensions and Standardised GuaranteesF611100000000000000
     Financial derivatives and Employee Stock OptionsF71,3549611,0409321,1001,3272,1444571,2861,1201,0961,0681,4051,253987977861
     Other accounts receivable/payableF88,1408,1068,0578,0878,1898,2108,1728,8759,0039,2349,3039,1559,1809,1888,9128,8678,795
                         
                         
  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 -151,188-153,434-157,101-154,147-156,433-160,622-162,921-157,138-154,190-151,601-152,060-148,917-149,789-149,284-150,263-146,645-146,908
                         
  Contingent liabilities 59,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,33010,33010,33010,33010,330
   Guarantees 56,02056,02056,02056,02025,14525,14525,14525,14512,60412,60412,60412,6045,2765,2765,2765,2765,276
   Off-balance sheet PPPs and concessions 3,5023,5023,5023,5024,2664,2664,2664,2664,6514,6514,6514,6515,0545,0545,0545,0545,054
                         
 Memo: Net worth, including pension liabilities and contingent liabilities -210,710-212,956-216,623-213,669-185,844-190,033-192,333-186,550-171,445-168,856-169,315-166,172-160,119-159,614-160,593-156,975-157,238
                         
Change in net worth of government                  
                         
 Opening net worth -49,680-53,188-55,434-59,101-56,147-58,433-62,622-64,921-59,138-56,190-53,601-54,060-50,917-51,789-51,284-52,263-48,645
                         
 Change in net worth due to transactions -3,577-2,190-3,301-1,514-2,618-1,204-2,171-204-1,991-260-1,278-558-1,566519-1,4091,869-970
  Net acquisition of non-financial assets P5 + NP - P51c634-328-475607251266-10248726022070330273356231364393
  Net lending/net borrowingB9-4,211-1,862-2,826-2,120-2,869-1,471-2,069-690-2,251-481-1,349-888-1,839163-1,6401,505-1,363
   = Net acquisition of financial assets 5,622-2,703-1,613-6,957-2,666-7,424-2,310-6,517-1,26122236-6,5014,158-7,7861,403-1,7905,521
   - Net incurrence of liabilities -9,833841-1,2134,837-2035,9532415,827-990-703-1,3855,613-5,9977,949-3,0433,295-6,884
                         
 Change in net worth due to other economic flowsKx69-56-3674,469333-2,985-1285,9874,9392,8508203,701693-144301,749707
  Other changes in non-financial assets 5685685685681,0181,0181,0181,0181,2361,2361,2361,2361,2391,2391,2391,2390
  Other changes in financial net worth -499-624-9353,900-685-4,002-1,1464,9693,7031,614-4162,465-546-1,253-810510707
   = Other changes in financial assets 1-425-137,7712,303-5601,1355,7556,551-5,0648385,462822466-421-1,313-893
     EDP debt instruments -1,239-2131781,528-7599-1841,472-275697-21-291-343043-23
     Equity and Investment Fund Shares 1,500-128-4136,0452,387-7491,5564,3035,511-5,4241,0695,6631,595495-409-1,330-870
     Other financial assets -260-84222198-77-410-237-201,315-337-21090-739-32-12-260
   - Other changes in liabilities -500-199-922-3,871-2,988-3,442-2,281-786-2,8486,678-1,254-2,997-1,368-1,719-3891,8231,600
     EDP debt instruments -1,948-591-843-3,978-2,820-3,215-1,464-2,472-2,0196,512-1,278-3,025-1,031-1,871-6551,8131,484
     Other liabilities 1,448392-79107-168-227-8171,686-8291662428-33715226610116
                         
                         
Closing net worth -53,188-55,434-59,101-56,147-58,433-62,622-64,921-59,138-56,190-53,601-54,060-50,917-51,789-51,284-52,263-48,645-48,908
Open in Excel: Government Finance Statistics Quarter 1 2017 Table 6 (XLS 21KB)
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Table 7 General Government Gross and Net Debt
                    €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q1
   
General Government Debt                  
                      
  Debt instrument liabilities at market value230,498230,283232,388231,501234,422231,663232,924228,867231,748225,708228,302225,862232,865226,779230,753225,690231,162
  + Difference between face value and market value-12,238-11,880-13,866-16,205-19,408-22,170-24,647-25,541-28,218-21,460-24,788-24,270-25,684-26,405-28,322-25,095-22,940
                      
Gross General Government Debt (face value)GGDebt218,260218,403218,522215,296215,014209,493208,277203,326203,530204,248203,514201,592207,181200,374202,431200,595208,222
By category:                  
 Currency and deposits F231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,439
 Debt securitiesF3124,601120,462118,306112,665114,475116,113115,546119,078128,539129,080128,202125,766131,436124,322126,157124,151131,671
  Short-termF314,9595,5624,1022,3892,4893,4773,6373,7605,8494,8633,7331,3804,6803,7345,4062,3954,780
  Long-termF32119,642114,900114,205110,276111,986112,636111,910115,318122,690124,217124,469124,387126,756120,589120,751121,756126,891
 LoansF462,20665,90568,03671,27572,01571,80871,71863,33054,51254,60654,66055,11354,80354,92055,01955,12955,112
  Short-termF411,7691,3761,1701,4401,4751,3991,3801,2901,5341,3491,0691,026646643509681834
  Long-termF4260,43664,52966,86569,83670,54070,40870,33862,04052,97953,25753,59154,08754,15754,27754,51154,44854,277
                      
less EDP debt instrument assetsF2 + F3 + F463,15860,13459,90853,83653,16745,51942,98436,12035,76237,60437,78429,07533,24227,21528,32224,97531,653
 By category:                  
 Currency and deposits F233,43530,99930,36923,63125,86524,83924,57917,32318,24619,87520,64317,20721,78515,18817,47514,28621,368
 Debt securitiesF38,6098,4878,62010,24910,14710,2389,5599,6468,9598,5198,3623,2882,5513,0821,8542,1621,849
  Short-termF311,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143178
  Long-termF326,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9331,7182,0191,671
 LoansF421,11420,64820,91919,95617,15510,4428,8469,1518,5579,2108,7798,5808,9068,9458,9938,5278,436
  Short-termF411,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949
  Long-termF4219,20518,98618,91717,65314,7067,9607,1407,6357,1527,9087,5877,5947,7267,7377,8147,5887,487
                      
 Net General Government Debt (face value)GGNetDebt155,102158,269158,614161,460161,847163,974165,293167,206167,768166,644165,730172,517173,939173,159174,109175,620176,569
 By category:                  
 Currency and deposits F2-1,9821,0361,8127,7252,660-3,267-3,5663,5952,23268693,506-8435,9443,7807,02971
 Debt securities F3115,992111,975109,686102,416104,328105,875105,987109,432119,580120,561119,840122,478128,885121,240124,303121,989129,822
  Short-termF312,9693,5712,110-1,355-1,053-1903111,3914,2823,0382,0441964,3283,5855,2702,2524,602
  Long-termF32113,023108,404107,577103,771105,381106,065105,677108,041115,298117,523117,796122,283124,557117,656119,033119,737125,220
 LoansF441,09245,25747,11751,31954,86061,36662,87254,17945,95545,39645,88146,53345,89745,97546,02646,60246,676
  Short-termF41-140-286-832-863-974-1,083-326-22612947-12340-534-565-670-258-115
  Long-termF4241,23145,54347,94852,18355,83462,44863,19854,40545,82745,34946,00446,49346,43146,54046,69746,86046,790
Open in Excel: Government Finance Statistics Quarter 1 2017 Table 7 (XLS 16KB)
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Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2013 to Q1 2017.

The results for 2016 are still provisional estimates and replace the data published as part of the Excessive Deficit Procedure notification on 24 April 2017. The data published in this series are fully consistent with the Quarterly National Accounts.

The official publication by Eurostat of deficit and debt levels for all EU member states is due on 20 July 2017.

The tables provide detailed revenue, expenditure and balance sheet data for general government. These data are also available on Statbank. Data for all EU Member States are available on Eurostat’s data base, located at the following link:

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

The full suite of GFS tables are also available on the CSO website by following the link:

http://www.cso.ie/en/statistics/nationalaccounts/governmentfinancestatistics/

 

Changed treatment of sale of mobile telephony (UMTS) licences

On 27 March 2017 Eurostat published a Guidance Note on the treatment of mobile phone licences, exploration rights and other licences on the recording of revenues arising from the sale of licences by government see - http://ec.europa.eu/eurostat/documents/1015035/7959867/Mobile-phone-licences-exploration-rights-and-other-licences.pdf.

This clarifies the rules for whether sales of licences by government for use of natural resources (e.g. use of the electromagnetic spectrum for mobile phone transmissions) should be treated as the direct sale of an asset, resulting in a once-off revenue or as the rent of an asset over a prolonged period resulting in a series of revenue over the period of the licence.

The CSO have amended the treatment of past sales of mobile phone licences to bring these in line with the March 2017 guidance note on the treatment of the sales of UMTS licences in 2002, 2007 and 2013.  The transactions in question are no longer treated as disposals of non-produced assets but as payments for rent of natural resources by the relevant operators over the period of the licence.  Under this treatment the deficit benefit accruing from the transaction is spread over the period of the licence rather than entering the accounts in the year of the transaction.  Up front lump sum payments are treated as a prepayment, and enter the balance sheet of government as a liability under “accounts payable” and are unwound over the period of the licence.

The changes in key revenue and expenditure aggregates following this revised treatment are as follows:

  • Reversal of negative capital expenditure (NP) in 2002, 2007 and 2013 (increases expenditure in relevant years).

  • Imputation of rent revenues (D.45r) over the period of each licence (increases revenue in each year).

  • Reduction in interest receivable (D.41r) associated with imputed loan asset on UMTS sales over the period of the licences (reduction of revenue over the years 2002-2016).

  • Additions to interest payable (D.41p) due to imputation of interest over the period of the licences (increased expenditure over the period of the licences).

  • Removal of a loan asset from the financial accounts and acquisition of an accounts payable liability.

 

Treatment of pre-paid margin on borrowing from the European Financial Stability Facility (EFSF)

The general government debt (GG Debt) of Ireland includes borrowings from the European Financial Stability Facility (EFSF). The terms of the agreement establishing the EFSF were that it was a facility to make loans to euro area Member States and to finance such loans by issuing or entering into funding instruments backed by guarantees.  The financing was made available in the context of the financial crisis as a facility for Member States “in difficulties caused by exceptional circumstances beyond such Member States' control”.

The first of these loans to Ireland was drawn down in February 2011 and had an original maturity date of 18 July 2016.  In accordance with the arrangements for EFSF borrowing at that time, a pre-paid margin of €530 million was deducted from the loan amount on disbursement and held as a cash reserve, essentially as a form of security.

The total amount shown on the GG Debt for Ireland in relation to this loan was €4,194 million. This sum includes the full pre-paid margin of €530 million. There was also a counterbalancing asset in the amount of the margin shown in the accounts.

Following a decision of the relevant Heads of State and Government on 21 July 2011 the margin was no longer applicable to new loans, and the reimbursement of the prepaid margin plus interest earned over the period fell due to Ireland and the member state guarantors (€485 million and €45 million respectively) in proportion to the duration of the loan before and after 21 July 2011.  For Ireland, therefore, this reimbursement fell due on 18 July 2016*.  On this date a payment of €554.9 million was received.  This payment comprises the portion of the pre-paid margin due to the Exchequer (covering the period from 21 July 2011 onwards) plus interest income.

Following clarification from Eurostat the original margin of €530 million has been recorded as interest expenditure over the period of the loan (2011-2016) and the rebate of €554.9 million has been treated as one-off capital transfer revenue in 2016.  This treatment is specific to this particular loan and applies to all Member States involved in this type of borrowing from the EFSF. It does not apply to other loans drawn down from the EFSF or other programme funding accessed by Ireland during the financial crisis.  This treatment was applied in the April version of these figures and is unchanged in the current release.

*In 2013 the original loan was extended and split into two separate loans, with maturity dates in 2032 and 2033. However, the agreement to reimburse the prepaid margin on the maturity date of the original loan held under the new arrangements.

GDP figures used in publication

The GDP figures used in the current publication are consistent with those published in the latest Quarterly National Accounts published on 14 July 2017.

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

Estimates of the general government deficit for years 2002 to 2016 have been revised since April 2017. The changes reflect the changes due to the revised methodology following the updated Eurostat guidance on the sale of licences along with changes in the estimation of financial intermediation services indirectly measured (FISIM).  Changes to recent years also reflect the availability of more up-to-date and detailed data sources.

Government Finance Statistics – concepts and definitions

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 0801 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 Q2 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 (Pay) - 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 share

            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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