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CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 1 2019

 General Government Finances
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €bnGDP€bn GDP€bn GDP
2017 Q1-1.4-2.0208.675.7178.064.6
2017 Q2-0.2-0.2211.375.1173.861.7
2017 Q3-1.8-2.3211.072.6174.360.0
2017 Q42.53.1201.467.8175.859.2
2018 Q1-1.8-2.3210.368.5177.557.8
2018 Q2-0.7-0.9215.168.4177.056.3
2018 Q3-1.5-1.8216.267.4177.755.4
2018 Q44.04.8206.263.6177.654.8
2019 Q1-1.8-2.2215.565.6179.154.6

Government deficit of €1.8 billion in quarter 1 2019

Figure 1: General Government Balance (%GDP)
go to full release

Government deficit of €1.8 billion in Q1 2019

The government recorded a deficit of €1.8 billion (2.2% of quarterly GDP) in the first quarter of 2019 (Table 1).

In Q1 2019, government revenue amounted to €18.7 billion, up from €17.8 billion in Q1 2018. This increase was mainly due to increases in Taxes and Social contributions (+6.6%).

Government expenditure for Q1 2019 was €20.5 billion, an increase of €0.9 billion (4.8%) on the same period last year. This increase is mainly due to expenditure in Compensation of employees/Pay (+4.8%), Use of goods and services (+5.3%) and Social benefits (+3.5%). (Tables 1 and 4).

Government Gross Debt at 65.6% of GDP at end Q1 2019

General Government Gross Debt (GG Debt) was €215.5 billion (65.6% of GDP) at the end of Q1 2019 (Figure 2 and Table 7). This compares with a debt level of 63.6% of GDP at the end of Q4 2018. The increase in the debt ratio is due mainly to increased net issuance of short-term and long-term debt securities of €3.6 billion and €4.7 billion respectively.

At the end of March 2019, General Government Net Debt was €179.1 billion (54.6% of GDP), an increase of €1.6 billion on the net debt level a year earlier. In the same period Maastricht debt rose by €5.2 billion due primarily to the issuance of long-term debt securities. This was largely offset by a €4.7 billion increase in Currency and deposit assets which are intended to cover remaining 2019 debt repayments. The market value of Equity and Investment Fund Shares fell by €3.4 billion over the year. This decrease in the value of the investment portfolio was caused mainly by stock market movements which impacted the State’s shares in Irish banks (Tables 2, 5 and 6).

The debt per capita at the end of Q1 2019 stood at €44,365, a slight reduction from the peak of €47,514 in Q1 2013 but significantly higher than the pre-crisis level of €10,667 in Q1 2007 (Figure 3).

Government accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.

The pre 2019 data in this release reflect the previously published tables under the Excessive Debt Procedure in April 2019, however there has been some revisions in the expenditure profile -see Background notes for further information.

The calculation methods for quarterly 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.

A full description of the concepts and definitions used in the production of these statistics is provided in the Background notes.


GG Gross DebtGG Net Debt
Q1 201678.366.1
Q2 201675.565.6
Q3 201676.165.8
Q4 201673.965.2
Q1 201775.764.6
Q2 201775.161.7
Q3 201772.660
Q4 201767.859.2
Q1 201868.557.8
Q2 201868.456.3
Q3 201867.455.4
Q4 201863.654.8
Q1 201965.654.6
GG Debt per Capita
2007 Q110667
2008 Q111792
2009 Q119963
2010 Q127420
2011 Q134142
2012 Q142468
2013 Q147514
2014 Q146602
2015 Q143822
2016 Q144207
2017 Q144014
2018 Q143879
2019 Q144365
Table 1 General Government transactions: revenue, expenditure, financing and deficit
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q1
General Government transactions              
Taxes and social contributionsD2 + D5 + D91 + D6114,89915,46914,91519,73815,55516,05515,94020,84916,08517,21616,83523,59917,140
TaxesD2 + D5 + D9111,88512,58712,04616,45012,37413,00312,91417,45412,73913,99313,64819,96213,536
Social contributions D613,0142,8822,8693,2893,1823,0523,0263,3943,3453,2233,1873,6373,605
Sales of goods and servicesP1O1,2071,3451,3511,5301,2431,3681,3821,5341,3041,4491,4551,6431,302
Investment incomeD41081,3381172583261,0891122411048408126868
Current transfer revenue (excluding taxes)D774694483109929711611811612024257
Capital transfer revenue (excluding taxes)D9N11913864894106107111104139126127160119
Compensation of employeesD15,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,5075,953
Use of goods and services plus taxes payableP2 + D5 + D292,1092,2482,4802,6872,1662,3092,5932,8042,3772,6322,9552,8992,503
Depreciation (Consumption of fixed capital)P51c9229229229229769769769761,0361,0361,0361,0361,036
Interest (excluding FISIM)D411,6411,5611,5231,4411,5171,4281,5071,3511,3601,3081,3231,2391,222
Social benefitsD62 + D6326,6646,7707,3897,7006,7626,9047,5157,9056,8447,1227,5868,2757,081
Other current transfersD78424556421,0676698936809289569667671,0111,262
Capital transfersD9327352247660328358225702340683206635325
 Net operating balanceNOB-1,533705-1,2981,962-841177-1,3332,578-1,2050-1,0764,768-1,060
Net acquisition of non-financial assetsP5 + NP - P51c37742229754751033548285602672442724743
 General Government Surplus/DeficitB9-1,910282-1,5961,414-1,351-158-1,8142,493-1,807-672-1,5184,043-1,803
Net acquisition of financial assetsΔFA3,984-7,9071,299-1,9636,0122,553-822-9,6006,9328,65110,485-9,0567,680
Debt instrumentsF2 + F3 + F44,121-6,1561,012-3,8496,9816,980-785-11,2287,3555,287369-10,2977,881
Equity and Investment Fund SharesF5631-1,508554-5617-4,401-15-92242-1,3584-123-20
Other financial assetsF6 + F7 + F8 -768-243-2671,942-986-26-221,720-6654,72210,1121,364-181
Net incurrence of liabilitiesΔL5,894-8,1892,895-3,3777,3632,711992-12,0938,7399,32312,003-13,0999,483
Debt instrumentsF2 + F3 + F45,847-8,1813,185-3,3227,3922,644997-12,1728,7284,5452,302-13,4079,449
Other liabilitiesF5 + F6 + F7 + F8 47-8-290-55-2967-579114,7789,70130834
Memo: Net derivative flows on debt interest swap contracts -71-70-69-65-62-57-56-49-55-52-48-45-38
General Government Surplus/Deficit (% of quarterly GDP) -2.90.4-2.31.9-2.0-0.2-2.33.1-2.3-0.9-1.84.8-2.2
Quarterly GDP at current market prices 65,04863,78968,83074,01768,96769,74277,87380,54978,94076,85884,60083,64083,201
Table 2 General Government Net Worth, Gross and Net Debt
Description ESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q1
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-52,018-50,952-51,517-46,960-45,381-41,036-40,311-36,677-35,713-35,770-35,601-32,286-36,392
Non-financial assets at market valueNFA100,548102,142103,610105,329107,163108,823110,629112,039113,811115,653117,265119,159114,608
Financial net worth at market value, excluding pension liabilitiesFNW-152,566-153,094-155,127-152,289-152,544-149,859-150,940-148,716-149,524-151,423-152,866-151,445-151,000
 Financial assets at market valueFA87,58180,25081,23578,75383,15287,60287,31579,16786,41193,551102,48092,370102,771
EDP debt instrumentsF2 + F3 + F432,47426,37127,43223,65730,65437,56236,74125,52332,75938,09038,46628,64636,384
Equity and Investment Fund SharesF547,11546,09146,22645,55743,91441,09841,46842,60643,30540,31738,73537,01139,867
Other financial assetsF6 + F7 + F8 7,9927,7887,5779,5398,5848,9429,10611,03810,34715,14425,27926,71326,520
Liabilities at market valueL240,147233,344236,362231,042235,696237,461238,255227,883235,935244,974255,346243,815253,771
EDP debt instrumentsF2 + F3 + F4229,442222,799226,372221,125225,920227,924228,707218,340226,419230,615231,377219,621229,322
Other liabilitiesF5 + F6 + F7 + F810,70510,5459,9909,9179,7769,5379,5489,5439,51614,35923,96924,19424,449
Memo: Estimated pension liabilities of government114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-166,518-165,452-166,017-161,460-159,881-155,536-154,811-151,177-150,213-150,270-150,101-146,786-150,892
Contingent liabilities9,0069,0069,0069,0065,3155,3155,3155,3155,0545,0545,0545,0545,048
Memo: Net worth, including pension liabilities and contingent liabilities -175,523-174,458-175,022-170,466-165,195-160,851-160,126-156,492-155,267-155,324-155,156-151,841-155,940
General Government: changes in net worth             
Opening net worth-51,834-52,018-50,952-51,517-46,960-45,381-41,036-40,311-36,677-35,713-35,770-35,601-37,580
Change in net worth due to transactions-1,533705-1,2981,962-841177-1,3332,578-1,2050-1,0764,768-1,060
Net acquisition of non-financial assets P5 + NP - P51c37742229754751033548285602672442724743
Net lending/net borrowingB9-1,910282-1,5961,414-1,351-158-1,8142,493-1,807-672-1,5184,043-1,803
Change in net worth due to other economic flowsKx1,3503617342,5952,4204,1672,0581,0562,169-571,245-1,4532,248
Other changes in non-financial assets1,1711,1711,1711,1711,3251,3251,3251,3251,1701,1701,1701,1700
Other changes in financial assets915576-314-519-1,6131,8975351,452312-1,511-1,556-1,0542,721
Other changes in liabilities-737-1,386-1231,9432,709946198-1,7216872841,631-1,568-473
Closing net worth -52,018-50,952-51,517-46,960-45,381-41,036-40,311-36,677-35,713-35,770-35,601-32,286-36,392
General Government Debt (GGDebt)             
Debt instrument liabilities at market valueF2 + F3 + F4229,442222,799226,372221,125225,920227,924228,707218,340226,419230,615231,377219,621229,322
+ Difference between EDP face value and market value-22,206-22,356-23,850-20,415-17,310-16,594-17,671-16,972-16,127-15,540-15,191-13,407-13,839
Gross General Government Debt (EDP face value)GGDebt207,236200,443202,522200,710208,610211,330211,036201,368210,292215,075216,186206,214215,483
less EDP debt instrument assetsF2 + F3 + F4-32,473-26,369-27,432-23,657-30,653-37,562-36,740-25,524-32,759-38,090-38,466-28,646-36,382
Net General Government Debt GGNetDebt174,763174,074175,090177,053177,957173,768174,296175,844177,533176,985177,720177,568179,101
Closing Net Worth (% of annualised GDP)-19.7-19.2-19.3-17.3-16.5-14.6-13.9-12.3-11.6-11.4-11.1-10-11.1
Gross General Government Debt (% of annualised GDP)78.375.576.173.975.775.172.667.868.568.467.463.665.6
Net General Government Debt (% of annualised GDP)66.165.665.865.264.661.76059.257.856.355.454.854.6
Annualised GDP 264,519265,353266,251271,684275,602281,555290,599297,131307,104314,220320,947324,038328,299
Table 3 General Government: detailed classification of revenue and output
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q1
Total RevenueTR16,40818,36017,07421,70317,33818,71117,64122,84317,75019,74718,62025,91218,687
 Taxes and social contributions14,89915,46914,91519,73815,55516,05515,94020,84916,08517,21616,83523,59917,140
  TaxesD2 + D5 + D9111,88512,58712,04616,45012,37413,00312,91417,45412,73913,99313,64819,96213,536
   Indirect taxes (taxes on production and imports)D26,2665,2636,4825,6146,7524,9846,8626,0846,7425,1547,3166,0517,233
    Taxes on productsD215,6054,5165,7634,8765,8374,2076,1245,2615,8644,4046,5885,2616,327
    of which Value-Added TaxD2113,6302,2764,0212,8753,9862,1734,1652,7874,0892,4164,6193,0094,397
    Other taxes on production D29662747719738914777737823878750729790906
   Direct taxesD55,5847,2625,50110,5855,5867,9735,97711,0805,9648,7876,24613,5656,255
    Taxes on income, profits and capital gainsD515,2936,9975,24810,3555,2947,7175,73310,8565,6888,5396,00813,3395,980
    Other current direct taxesD59291264253231292256244224276248237225275
   Capital taxesD9135626325137467529034528634647
  Social contributions D613,0142,8822,8693,2893,1823,0523,0263,3943,3453,2233,1873,6373,605
   Actual social contributionsD611 + D6132,6802,5482,5352,9542,8782,7482,7223,0913,0632,9412,9053,3553,323
    PRSI receipts D611 + D613(pt)2,3102,1782,1652,5852,4772,3472,3212,6902,6582,5362,5002,9502,899
    Government employees' social contributionsD613(pt)370370370370401401401401405405405405423
   Employers' imputed social contributionsD612334334334334304304304304282282282282282
 Sales of goods and servicesP1O1,2071,3451,3511,5301,2431,3681,3821,5341,3041,4491,4551,6431,302
  Sales of market establishments (= market output)P11305305305305331331331331358358358358387
  Imputed sales related to production of own-use capital assets (= output for own final use)P125555555555556
Incidental sales and fees of non-market establishmentsP1318961,0341,0411,2209061,0311,0451,1979411,0851,0921,280910
Investment incomeD41081,3381172583261,0891122411048408126868
Interest (excluding FISIM)D4176726632472213494436304933
Dividends / Other investment incomeD42 + D4451,239241992531,0417316532775231917
Rent of land and subsoil assetsD4527272727262626262828282828
Current transfer revenueD39 + D774694483109929711611811612024257
Other current transfersD774694483109929711611811612024257
Non-life insurance claimsD724444555555555
Other Domestic - Current D7N_S118673233235365448515449
From Rest of World - CurrentD7N_S2515832471015558755964651833
Capital transfer revenueD9N11913864894106107111104139126127160119
Output P18,2208,2548,2898,4318,6668,6978,7728,9419,2739,4699,5959,6239,702
Market output (sales of market establishments)P11305305305305331331331331358358358358387
Output for own final useP125555555555556
Non-market outputP137,9097,9437,9788,1208,3308,3608,4368,6048,9109,1069,2319,2609,310
= Non-market compensation of employeesD1_nonmarket5,0494,9444,7474,6825,3645,2525,0435,0015,6745,6145,4175,5025,947
= Total compensation of employeesD15,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,5075,953
- Compensation of employees of market establishmentsD1_market0000000000000
- Compensation related to production of own-use capital assetsD1_own-use-5-5-5-5-5-5-5-5-5-5-5-5-6
+ Non-market intermediate consumptionP2_nonmarket2,0472,1872,4192,6262,1032,2462,5302,7412,3142,5692,8922,8362,440
= Total intermediate consumptionP22,1092,2482,4802,6872,1662,3092,5932,8042,3772,6322,9552,8992,503
- Intermediate consumption of market establishmentsP2_market-62-62-62-62-63-63-63-63-63-63-63-63-63
- Intermediate consumption related to production of own-use capital assetsP2_own-use0000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket813813813813862862862862922922922922922
= Total consumption of fixed capitalP51c9229229229229769769769761,0361,0361,0361,0361,036
- Consumption of fixed capital by market establishmentsP51c_market-109-109-109-109-114-114-114-114-114-114-114-114-114
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use0000000000000
+ Other taxes on production, payable D29_pay0000000000000
  - Other subsidies on production, receivableD39_rec0000000000000
Table 4 General Government: detailed classification of expenditure and consumption
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q1
Total ExpenditureTE18,31818,07718,67020,28918,68918,86819,45520,35019,55720,41920,13821,86920,490
Compensation of employeesD15,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,5075,953
Of which: Related to production of own-use capital assets5555555555556
Use of goods and services plus taxes payableP2 + D5 + D292,1092,2482,4802,6872,1662,3092,5932,8042,3772,6322,9552,8992,503
Use of goods and services [Intermediate consumption]P22,1092,2482,4802,6872,1662,3092,5932,8042,3772,6322,9552,8992,503
Of which: Intermediate consumption of market establishments 62626262636363636363636363
Taxes, payableD50000000000000
Depreciation (Consumption of fixed capital)P51c9229229229229769769769761,0361,0361,0361,0361,036
Of which: Depreciation by market establishments 109109109109114114114114114114114114114
Interest (excluding FISIM)D411,6411,5611,5231,4411,5171,4281,5071,3511,3601,3081,3231,2391,222
Other domestic interest payableD41_S1576564563556559490575482496433458449419
Interest payable to rest of worldD41_S21,066998960885958939932868864875865790803
Product subsidiesD31202220239248207225244254207225245254206
Other subsidies on productionD39179178179329185183185340156155156287160
Social benefitsD62 + D6326,6646,7707,3897,7006,7626,9047,5157,9056,8447,1227,5868,2757,081
Social benefits in cashD625,7545,5325,4936,0475,7925,5835,5346,1205,8065,5975,5486,4245,968
Social benefits in kind (via market producers)D6329101,2381,8961,6529701,3211,9801,7851,0381,5252,0381,8511,113
Other current transfersD78424556421,0676698936809289569667671,0111,262
Net non-life insurance premiumsD7126262626272727272727272727
Current international cooperationD74851041041459511712316886121133190131
Miscellaneous current transfersD7518487155186139149186355183211131165144
VAT and GNI based EU budget contributionD76546238357709408601344378661608477629961
VAT-based EU own resourcesD761793353556373636375436265109
GNI-based EU own resourcesD762468205304655345528282315585565414565851
Capital transfersD9327352247660328358225702340683206635325
Investment grantsD92327352247660328358225672340470206635325
Other capital transfersD990000000300213000
Net acquisition of non-financial assetsP5 + NP - P51c37742229754751033548285602672442724743
= Gross investment in non-financial assetsP5 + NP1,2991,3441,2191,4701,4861,3111,4581,0611,6381,7081,4781,7601,779
Gross fixed capital formationP511,2841,3291,2041,4551,4711,2961,4431,1511,6231,6931,4631,7451,764
Net acquisition of stocksP5215151515151515151515151515
Net acquisition of unproduced assetsNP0000000-10500000
- Consumption of fixed capitalP51c-922-922-922-922-976-976-976-976-1,036-1,036-1,036-1,036-1,036
Net expenditure on current goods and servicesP3 excl. D6327,0136,9096,9376,9017,4247,3297,3917,4077,9698,0218,1397,9818,399
= OutputP18,2208,2548,2898,4318,6668,6978,7728,9419,2739,4699,5959,6239,702
- Sales of goods and services P11+P12+P131-1,207-1,345-1,351-1,530-1,243-1,368-1,382-1,534-1,304-1,449-1,455-1,643-1,302
Market output (sales of market establishments)P11-305-305-305-305-331-331-331-331-358-358-358-358-387
Output for own final useP12-5-5-5-5-5-5-5-5-5-5-5-5-6
Incidental sales and fees of non-market establishmentsP131-896-1,034-1,041-1,220-906-1,031-1,045-1,197-941-1,085-1,092-1,280-910
Final consumption expenditureP37,9238,1478,8348,5538,3948,6499,3719,1929,0079,54610,1779,8319,512
= Net expenditure on current goods and servicesP3 excl. D6327,0136,9096,9376,9017,4247,3297,3917,4077,9698,0218,1397,9818,399
+ Social transfers in kind via market producers D6329101,2381,8961,6529701,3211,9801,7851,0381,5252,0381,8511,113
made up of             
Individual consumption (= social transfers in kind)P31 (= D63)5,3695,5375,9345,7735,7395,9196,3446,1716,1776,3706,8276,6415,946
Social transfers in kind (via market producers)D6329101,2381,8961,6529701,3211,9801,7851,0381,5252,0381,8511,113
Social transfers in kind (provided directly by government)D6314,4594,3004,0384,1204,7704,5994,3634,3865,1394,8454,7894,7904,833
Collective consumption (= actual final consumption of government)P322,5542,6092,8992,7802,6542,7303,0283,0212,8313,1763,3503,1903,566
Total social transfersD62 + D6311,12311,06911,42711,82011,53111,50211,87812,29111,98211,96712,37513,06511,914
Social benefits in cashD62 5,7545,5325,4936,0475,7925,5835,5346,1205,8065,5975,5486,4245,968
 Social transfers in kind (= individual consumption)D635,3695,5375,9345,7735,7395,9196,3446,1716,1776,3706,8276,6415,946
Table 5 General Government financial transactions
Description 2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q1
Net lending (+) / net borrowing (-)B.9-1,910282-1,5961,414-1,351-158-1,8142,493-1,807-672-1,5184,043-1,803
Net acquisition of financial assets ΔA3,984-7,9071,299-1,9636,0122,553-822-9,6006,9328,65110,485-9,0567,680
EDP debt instruments F2 + F3 + F44,121-6,1561,012-3,8496,9816,980-785-11,2287,3555,287369-10,2977,881
 Currency and deposits F24,531-6,6692,251-3,2707,0826,829-988-10,4767,6465,081174-8,5968,131
Debt securities F3-718520-1,23275157247-208-7332272-330235
Short-term F31-832-201-1274-28483294-74-5995-1344
Long-term F32114721-1,2201432415-302191177-317191
Loans F4308-7-7-654-11679156-544-218174-77-1,371-485
Short-term loans F4119429-29-2401034-18-58-108-1171-4-215
Long-term loans F42114-3622-414-12645174-486-110291-78-1,367-270
Equity and Investment Fund Shares F5631-1,508554-5617-4,401-15-92242-1,3584-123-20
Other financial assets F6 + F7 + F8 -768-243-2671,942-986-26-221,720-6654,72210,1121,364-181
Insurance, Pensions and Standardised Guarantees F60000000000000
Financial derivatives and Employee Stock Options F7-72-69-66-71-25-254-91-56-67-34-28-36-36
Other accounts receivable/payableF8-696-174-2012,013-961228691,776-5984,75610,1401,400-145
Net incurrence of liabilities ΔL5,894-8,1892,895-3,3777,3632,711992-12,0938,7399,32312,003-13,0999,483
EDP debt instruments F2 + F3 + F45,847-8,1813,185-3,3227,3922,644997-12,1728,7284,5452,302-13,4079,449
Currency and deposits F22311931256012473156921-322129176
Debt securities F36,274-8,5272,861-3,9017,5652,862765-6,4728,1184,0202,307-13,0978,800
Short-term F313,389-9701,670-2,9792,3601,002-1,025-1,6753,191474-490-3,0933,659
Long-term F322,885-7,5571,191-9225,2051,8601,790-4,7974,9273,5462,797-10,0045,141
Loans F4-658153199519-297-291217-5,769589557-26-339473
Short-term loans F41-366-2-139169111-371184-124391359-343-253235
Long-term loans F42-292155338350-4088033-5,645198198317-86238
Other liabilities F5 + F6 + F7 + F8 47-8-290-55-2967-579114,7789,70130834
Equity and Investment Fund Shares F50000000000000
Insurance, Pensions and Standardised Guarantees F60000000000000
Financial derivatives and Employee Stock Options F700000005-50000
   Other accounts receivable/payable F847-8-290-55-2967-574164,7789,70130834
Table 6 General Government: detailed breakdown of net worth
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q1
General Government balance sheet              
 Net worth at market value, excluding pension liabilitiesNW-52,018-50,952-51,517-46,960-45,381-41,036-40,311-36,677-35,713-35,770-35,601-32,286-36,392
  Non-financial assets at market valueNFA100,548102,142103,610105,329107,163108,823110,629112,039113,811115,653117,265119,159114,608
  Financial net worth at market value, excluding pension liabilitiesFNW-152,566-153,094-155,127-152,289-152,544-149,859-150,940-148,716-149,524-151,423-152,866-151,445-151,000
   Financial assets at market valueFA87,58180,25081,23578,75383,15287,60287,31579,16786,41193,551102,48092,370102,771
    EDP debt instrumentsF2 + F3 + F432,47426,37127,43223,65730,65437,56236,74125,52332,75938,09038,46628,64636,384
     Currency and depositsF222,30615,64617,90214,65221,73328,55627,56617,09424,74529,84430,02221,43029,409
     Debt securitiesF32,5523,0821,8541,8911,8871,8981,9141,7181,5311,5871,8531,5221,806
      Short-term loansF411,1801,2081,179939949983966907799683684680465
      Long-term loansF426,4366,4346,4976,1756,0856,1256,2955,8045,6835,9765,9065,0144,703
    Equity and Investment Fund SharesF547,11546,09146,22645,55743,91441,09841,46842,60643,30540,31738,73537,01139,867
    Other financial assetsF6 + F7 + F8 7,9927,7887,5779,5398,5848,9429,10611,03810,34715,14425,27926,71326,520
     Insurance, Pensions and Standardised GuaranteesF60000000000000
     Financial derivatives and Employee Stock OptionsF771403006136231409317358353387213
     Other accounts receivable/payableF87,9217,7487,5479,5398,5788,8068,87510,62910,03014,78624,92626,32626,307
   Liabilities at market valueL240,147233,344236,362231,042235,696237,461238,255227,883235,935244,974255,346243,815253,771
    EDP debt instrumentsF2 + F3 + F4229,442222,799226,372221,125225,920227,924228,707218,340226,419230,615231,377219,621229,322
     Currency and depositsF220,94221,13221,25521,31521,43921,51221,52821,59721,61821,58621,60721,63621,815
     Debt securitiesF3152,465145,538148,944143,057148,028150,630151,267146,555153,961157,633158,480147,088155,754
      Short-term loansF416536515176918464236275149271,327948652948
      Long-term loansF4255,38255,47955,65656,06255,60755,35855,28449,67449,91350,06950,34250,24550,805
    Other liabilitiesF5 + F6 + F7 + F810,70510,5459,9909,9179,7769,5379,5489,5439,51614,35923,96924,19424,449
     Equity and Investment Fund SharesF50000000000000
     Insurance, Pensions and Standardised GuaranteesF60000000000000
     Financial derivatives and Employee Stock OptionsF71,4741,3221,0571,039927621637558515579489406367
     Other accounts receivable/payableF89,2319,2238,9338,8788,8498,9168,9118,9859,00113,78023,48023,78824,082
Memo: Estimated pension liabilities of government 114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -166,518-165,452-166,017-161,460-159,881-155,536-154,811-151,177-150,213-150,270-150,101-146,786-150,892
Contingent liabilities 9,0069,0069,0069,0065,3155,3155,3155,3155,0545,0545,0545,0545,048
Guarantees 3,9733,9733,9733,97328228228228277770
Off-balance sheet PPPs and concessions 5,0325,0325,0325,0325,0325,0325,0325,0325,0485,0485,0485,0485,048
Memo: Net worth, including pension liabilities and contingent liabilities -175,523-174,458-175,022-170,466-165,195-160,851-160,126-156,492-155,267-155,324-155,156-151,841-155,940
Change in net worth of government              
 Opening net worth -51,834-52,018-50,952-51,517-46,960-45,381-41,036-40,311-36,677-35,713-35,770-35,601-37,580
 Change in net worth due to transactions -1,533705-1,2981,962-841177-1,3332,578-1,2050-1,0764,768-1,060
  Net acquisition of non-financial assets P5 + NP - P51c37742229754751033548285602672442724743
  Net lending/net borrowingB9-1,910282-1,5961,414-1,351-158-1,8142,493-1,807-672-1,5184,043-1,803
   = Net acquisition of financial assets 3,984-7,9071,299-1,9636,0122,553-822-9,6006,9328,65110,485-9,0567,680
   - Net incurrence of liabilities -5,8948,189-2,8953,377-7,363-2,711-99212,093-8,739-9,323-12,00313,099-9,483
 Change in net worth due to other economic flowsKx1,3503617342,5952,4204,1672,0581,0562,169-571,245-1,4532,248
  Other changes in non-financial assets 1,1711,1711,1711,1711,3251,3251,3251,3251,1701,1701,1701,1700
  Other changes in financial net worth 178-810-4371,4241,0962,843733-269999-1,22775-2,6222,248
   = Other changes in financial assets 915576-314-519-1,6131,8975351,452312-1,511-1,556-1,0542,721
     EDP debt instruments -153497416-72-3610-119447477-143
     Equity and Investment Fund Shares 1,585484-419-613-1,6601,5853851,230457-1,630-1,586-1,6012,876
     Other financial assets -66939562031384186212-26752370-12
   - Other changes in liabilities -737-1,386-1231,9432,709946198-1,7216872841,631-1,568-473
     EDP debt instruments -401-1,538-3881,9252,597640214-1,8056493491,540-1,651-252
     Other liabilities -33615226518112306-168438-659183-221
Closing net worth -52,018-50,952-51,517-46,960-45,381-41,036-40,311-36,677-35,713-35,770-35,601-32,286-36,392
Table 7 General Government Gross and Net Debt
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q1
General Government Debt              
  Debt instrument liabilities at market value229,442222,799226,372221,125225,920227,924228,707218,340226,419230,615231,377219,621229,322
  + Difference between face value and market value -22,206-22,356-23,850-20,415-17,310-16,594-17,671-16,972-16,127-15,540-15,191-13,407-13,839
Gross General Government Debt (face value)GGDebt207,236200,443202,522200,710208,610211,330211,036201,368210,292215,075216,186206,214215,483
By category:              
 Currency and deposits F220,94221,13221,25521,31521,43921,51221,52821,59721,61821,58621,60721,63621,815
 Debt securitiesF3131,436124,326126,161123,881131,665134,630134,242130,121138,281142,638143,815134,236142,565
less EDP debt instrument assetsF2 + F3 + F432,47326,36927,43223,65730,65337,56236,74025,52432,75938,09038,46628,64636,382
 By category:              
 Currency and deposits F222,30615,64617,90214,65221,73328,55627,56617,09424,74529,84430,02221,43029,409
 Debt securitiesF32,5513,0811,8541,8911,8861,8981,9131,7191,5321,5871,8541,5221,805
 Net General Government Debt (face value)GGNetDebt174,763174,074175,090177,053177,957173,768174,296175,844177,533176,985177,720177,568179,101
 By category:              
 Currency and deposits F2-1,3645,4863,3536,663-294-7,044-6,0384,503-3,127-8,258-8,415206-7,594
 Debt securities F3128,885121,245124,307121,990129,779132,732132,329128,402136,749141,051141,961132,714140,760

Background Notes

Background Notes


This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2016 to Q1 2019.

The data published in this series are consistent with with National Income and Expenditure. Government accounts are compiled in the EU according to the European System of National Accounts framework - ESA2010.

The calculation methods for quarterly 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 annual GFS, the quarterly estimates are subject to a greater margin of error than the annual figures.

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

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

Data for all EU Member States are available on Eurostat’s data base here

Reclassification of Approved Housing Bodies to local government sub-sector (S.1313)

As of March 2018, 14 Approved Housing Bodies (AHBs) have been reclassified to the local government sub-sector (S.1313) from the Non-Profit Institution Serving Households Sector (S.15). In addition the housing activities of another non-profit organisation have been re-routed to the local government sub-sector. Details on the reclassification can be found here .

Super dividend

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

IBRC payment to Exchequer

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

Consultant’s pay settlement

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

Investment Portfolio

In quarter 1 of 2019 the market value of the State's Equity and Investment Fund Shares assets stood at €39.9 billion, up from €37.0 billion in quarter 4 of 2018 (Table 6). The increase in the value of the State’s equity holdings is explained mostly by stock market gains during the quarter relating to shares held in Irish banks. Compared to the same quarter last year the value of equity assets fell by €3.4 billion, which equates to a year-on-year drop of 7.9%.

Debt Issuance and Redemption

Quarterly General Government Consolidated Gross Debt rosel by approximately €9.3 billion in Q1 2019. This increase was driven mostly by the net issuance of debt securities amounting to €8.3 billion.

Movements of note in the balance sheet

There was a net issuance of both short and long-term debt securities (AF.3) amounting to €8.8 billion in quarter 1 that resulted in an inflow of cash to the Exchequer. The growth in AF.2 assets of €8.0 billion in the first quarter of 2019 is largely explained by this new borrowing (Tables 5 and 6).

GDP figures used in publication

The GDP figures used in the current publication are consistent with those published in the latest National Income and Expenditure Accounts published on 11 July 2019.

Population estimates used in publication

The population estimates used in calculating the debt per capita data in Figure 3 are the previous years' mid-April estimates of population except for the year 2017 where the 2016 census of population figure is used (see Statbank table PEA15: Annual Population Change by Component and Year).

Revisions to Government Data since EDP

Pension data: (D613) has been revised for years 1995-1999.

VAT MOSS (VAT Mini One Stop Shop): The treatment of VAT MOSS has been partially implemented for 2017 and fully implemented for 2018, resulting in a reclassification between D211 and D7. VAT MOSS is a way of paying VAT on supplies of certain digital services.

Revisions to General Government Net Worth: Revisions have been made to Net worth figures. These revisions are due to increased availability of data. See Tables 2 and 6.

Depreciation (P51c): Revisions have been made to the P51c data for 2014 to 2018 due to increased availability of data, this is in line with the latest National Income and Expenditure Accounts published on 11 July 2019.

Social Benefits in cash (D62): Figures for 2018 have been revised due to the availability of more up-to-date and detailed data sources.

Local Government Data: The overall B9 for Local Government remains unchanged for 2017 and 2018; however the availability of new data sources facilitated a reclassification of the income and expenditure profile within and between the LG and CG sectors for 2017 and 2018, overall GG income and expenditure remains unchanged.

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 here

Definition of general government and its subsectors

The general government sector of the economy, is defined in ESA2010 paragraph 2.111: as “institutional units which are non-market producers whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth”. General government comprises the sub-sectors central government (S.1311), state government (S.1312 – which does not apply in Ireland), local government (S.1313), and social security funds (S.1314 – which does not apply in Ireland).

General government deficit/surplus (GG deficit/surplus) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact.

This measure is by definition equal to both Total revenue (TR) less Total expenditure (TE), and Net acquisition of financial assets less Net incurrence of liabilities (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.

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 here

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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