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This release has been compiled during the COVID-19 crisis. The results contained in this release reflect some of the economic impacts of the COVID-19 situation. For further information see Background notes.

CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 1 2021

General Government Finances
PeriodDeficit/Surplus Gross Debt Net Debt
 €bn% of quarterly GDP€bn% of annualised GDP€bn% of annualised GDP
 
2019 Q1-2.1-2.5215.064.6178.453.6
2019 Q20.70.8213.863.0175.351.6
2019 Q3-1.2-1.3213.161.2175.150.3
2019 Q43.74.0204.057.2175.349.2
2020 Q1-3.6-3.9213.758.8178.249.0
2020 Q2-6.2-7.4225.862.1178.749.2
2020 Q3-6.7-6.6227.261.2183.249.3
2020 Q4-2.3-2.4217.958.4186.850.1
2021 Q1-6.8-6.7230.560.5192.250.5

Government deficit of €6.8bn in quarter 1 2021

Figure 1 General Government Deficit
go to full release

General government recorded a deficit of €6.8bn (6.7% of quarterly GDP) in the first quarter of 2021 and is the fifth consecutive deficit. While the first quarter position is generally a deficit, due to the timing of revenue and expenditure flows over the course of the year, the scale of the deficit this quarter reflects the ongoing pandemic supports. The level of expenditure rose by €4.8bn compared with Q1 2020 while revenue has increased by €1.6bn. Excluding c.€3.7bn of COVID-19 related expenditure leaves an underlying deficit of approximately €3.1bn. It should be noted that support measures were introduced towards the end of Q1 2020 and this can influence year-on-year comparisons.

In Q1 2021, government revenue of €19.5bn was 8.7% higher than the same period of 2020. This is mainly due to tax revenue which was 13.7% higher than Q1 2020 on a par with pre-pandemic levels. Within this, indirect taxes were up 23.7%, predominantly due to VAT receipts, with direct taxes (including corporation tax and income tax) up 5.7%. On the other hand sale of goods and services (reduced receipts across health, transport and local government) was down 16.4% which can be attributed to the ongoing level of restrictions, while investment income was down 10.6%.

Expenditure in Q1 2021 increased significantly reflecting the supports put in place by Government. Subsidies (mainly the Employment Wage Subsidy Scheme) and social transfers (Pandemic Unemployment Payment) increased by €3.8bn compared to the same period last year. Intermediate consumption increased by €0.8bn, mostly related to increase spending in the health sector, while current transfers are up €0.4bn. As a result, government expenditure rose to €26.3bn in Q1 2021. For further details of COVID-19 related expenditure in Q1 2021 see background notes

Financing the deficit - general government debt at €230.5bn at end of Q1 2021

Gross general government debt increased by €12.6bn in the quarter to €230.5bn. The increase was due primarily to the issuance of short term (€2.8bn) and long term (€6.8bn) debt securities and an increase in long term loan liabilities (€2.1bn) with a draw down from the European Commission’s Support to mitigate Unemployment Risks in an Emergency (SURE) instrument. There were also small movements in the other debt instrument liabilities, with currency and deposits rising by €0.6bn and short term loans by €0.3bn. The debt to GDP ratio stood at 60.5% at the end of the first quarter.

While EDP debt instrument assets increased by €7.2bn in the quarter, this was offset by the rise of €12.6bn in liabilities resulting in net general government debt increasing by €5.4bn. The increase in assets is due entirely to a rise in currency and deposits - the proceeds of the issuance of debt securities and borrowing under the SURE facility.

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

This release contains quarterly Government Finance Statistics (GFS) and is aligned to the National Income and Expenditure 2020 (NIE)  published on 15 July 2021 and the Government Income and Expenditure 2020 (GIE) published on 16 July 2021. 

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 201868.557.7
Q2 20186856
Q3 201866.855
Q4 201863.154.4
Q1 201964.653.6
Q2 20196351.6
Q3 201961.250.3
Q4 201957.249.2
Q1 202058.849
Q2 202062.149.2
Q3 202061.249.3
Q4 202058.450.1
Q1 202160.550.5
GG Debt per Capita
2009 Q119962
2010 Q127419
2011 Q134213
2012 Q142468
2013 Q147517
2014 Q146607
2015 Q143827
2016 Q144202
2017 Q144013
2018 Q143863
2019 Q144273
2020 Q143421
2021 Q146303
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                 €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q1
General Government transactions              
RevenueTR17,90320,22918,87226,08118,88421,65620,52627,06617,92021,12919,99225,48619,478
Taxes and social contributionsD2 + D5 + D91 + D6116,42417,62217,21123,91817,55718,98018,84625,12816,51019,04518,45923,94818,218
TaxesD2 + D5 + D9112,78514,08813,71519,96113,61715,14715,07620,83812,51115,51414,51319,75114,230
Social contributions D613,6393,5343,4953,9573,9403,8333,7704,2903,9993,5313,9464,1983,988
Sales of goods and servicesP1O1,0551,2161,2241,4331,0511,2121,2191,4281,1159171,0731,075934
Investment incomeD41101,07687271571,233119198478801567642
Current transfer revenue (excluding taxes)D7170184219293110120218196148176191174185
Capital transfer revenue (excluding taxes)D9N144131133165109112124115100111113213100
                  
ExpenditureTE19,66720,49420,55122,31021,01520,94221,74323,36021,52927,35726,64627,75526,304
ExpenseExpense19,02819,77920,08621,53820,05320,06420,98122,36420,63926,48225,22926,89525,438
Compensation of employeesD15,4535,5445,5325,5965,7275,9305,7506,0276,0326,1225,9836,5086,091
Use of goods and services plus taxes payableP2 + D5 + D292,4852,7273,0372,9672,8173,0343,4303,3533,0003,7344,0834,0873,771
Depreciation (Consumption of fixed capital)P51c1,0941,0941,0941,0941,1841,1841,1841,1841,2621,2621,2621,2621,262
Interest (excluding FISIM)D411,3921,3331,3481,2441,2011,2281,1201,0831,040950977872828
SubsidiesD34184364586353743924135544712,1851,7191,7131,604
Social benefitsD62 + D6326,8056,9197,4858,1887,0677,2027,8148,5617,27710,4569,78010,6199,964
Other current transfersD79829857931,0371,3006699598241,0801,2568971,1331,442
Capital transfersD9399741339778383424311777478517528702476
                  
 Net operating balanceNOB-1,125450-1,2134,542-1,1691,592-4554,702-2,719-5,353-5,237-1,409-5,959
                  
Net acquisition of non-financial assetsP5 + NP - P51c6397154657729628797629968908751,417861866
                  
 General Government Surplus/DeficitB9-1,765-266-1,6793,770-2,131714-1,2173,705-3,608-6,228-6,654-2,269-6,826
equals                
Net acquisition of financial assetsΔFA7,0638,13110,501-8,4177,859-177-415-7,1183,2997,977-2,620-11,7984,893
Debt instrumentsF2 + F3 + F47,5284,777429-9,7408,1281,818-575-9,2326,9258,255-2,977-12,9517,150
Equity and Investment Fund SharesF5240-1,3593-122-14-2,465-87215-17-1,153-13815242
Other financial assetsF6 + F7 + F8 -7054,71310,0691,445-2554702471,899-3,6098754951,138-2,499
less                
Net incurrence of liabilitiesΔL8,8288,39712,180-12,1879,990-891802-10,8236,90714,2054,034-9,52911,719
Debt instrumentsF2 + F3 + F48,8643,6732,529-12,46210,009-906702-11,0826,72913,8113,843-9,91811,850
Other liabilitiesF5 + F6 + F7 + F8 -364,7249,651275-1915100259178394191389-131
                  
Memo: Net derivative flows on debt interest swap contracts -55-52-48-45-38-37-42-21-21-26-17-17-11
General Government Surplus/Deficit (% of quarterly GDP) -2.2-0.3-2.04.5-2.50.8-1.34.0-3.9-7.4-6.6-2.4-6.7
Quarterly GDP at current market prices 79,31078,15184,57884,00386,10784,70193,18592,53293,18384,562100,96094,164101,164
Table 2 General Government Net Worth, Gross and Net Debt
             €million
Description ESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q1
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-27,515-27,154-26,690-23,041-21,812-19,331-19,818-9,692-18,639-19,786-23,507-24,081-24,385
equals             
Non-financial assets at market valueNFA122,204124,473126,491128,816132,012135,124138,120141,350143,401145,437148,015150,036150,902
plus             
Financial net worth at market value, excluding pension liabilitiesFNW-149,719-151,627-153,181-151,857-153,824-154,455-157,938-151,042-162,040-165,223-171,522-174,117-175,287
equals             
 Financial assets at market valueFA86,57293,082101,91791,817102,830101,95099,38294,55593,412104,856102,10392,85899,842
EDP debt instrumentsF2 + F3 + F432,98037,80238,23628,48336,65738,50237,92728,63735,50347,08744,08031,10738,267
Equity and Investment Fund SharesF543,25340,15338,46236,62739,89036,56734,69637,41732,97231,67531,28233,89435,953
Other financial assetsF6 + F7 + F8 10,33915,12725,21926,70726,28326,88126,75928,50124,93726,09426,74127,85725,622
less             
Liabilities at market valueL236,291244,709255,098243,674256,654256,405257,320245,597255,452270,079273,625266,975275,129
EDP debt instrumentsF2 + F3 + F4226,309229,943230,771219,158232,230232,047233,081221,235231,007245,187248,573241,562249,353
Other liabilitiesF5 + F6 + F7 + F89,98214,76624,32724,51624,42424,35824,23924,36224,44524,89225,05225,41325,776
             
Memo: Estimated pension liabilities of government 114,500114,500114,500149,600149,600149,600149,600149,600149,600149,600149,600149,600149,600
Memo: Net worth, including pension liabilities-142,015-141,654-141,190-172,641-171,412-168,931-169,418-159,292-168,239-169,386-173,107-173,681-173,985
Contingent liabilities5,0665,0665,0665,0665,3145,3145,3145,3146,1826,1826,1826,1826,182
Memo: Net worth, including pension liabilities and contingent liabilities -147,080-146,720-146,256-177,707-176,726-174,245-174,732-164,606-174,421-175,569-179,290-179,863-180,167
             
General Government: changes in net worth             
Opening net worth-28,886-27,515-27,154-26,690-23,041-21,812-19,331-19,818-9,692-18,639-19,786-23,507-24,081
Change in net worth due to transactions-1,125450-1,2134,542-1,1691,592-4554,702-2,719-5,353-5,237-1,409-5,959
Net acquisition of non-financial assets P5 + NP - P51c6397154657729628797629968908751,417861866
Net lending/net borrowingB9-1,765-266-1,6793,770-2,131714-1,2173,705-3,608-6,228-6,654-2,269-6,826
Change in net worth due to other economic flowsKx2,497-891,678-8932,398889-325,425-6,2294,2061,5168355,656
Other changes in non-financial assets1,5531,5531,5531,5532,2342,2342,2342,2341,1611,1611,1611,1610
Other changes in financial assets116-1,621-1,666-1,6833,154-703-2,1532,291-4,4423,467-1332,5532,091
Other changes in liabilities828-211,791-763-2,990-642-113900-2,948-422488-2,8793,565
Closing net worth -27,515-27,154-26,690-23,041-21,812-19,331-19,818-9,692-18,639-19,786-23,507-24,081-24,385
                   
General Government Debt (GGDebt)             
Debt instrument liabilities at market valueF2 + F3 + F4226,309229,943230,771219,158232,230232,047233,081221,235231,007245,187248,573241,562249,353
+ Difference between EDP face value and market value-16,094-15,444-15,096-13,311-17,198-18,259-20,017-17,254-17,311-19,354-21,328-23,650-18,886
Gross General Government Debt (EDP face value)GGDebt210,215214,499215,675205,847215,032213,788213,064203,981213,696225,833227,245217,912230,467
less EDP debt instrument assetsF2 + F3 + F4-32,980-37,802-38,236-28,483-36,657-38,502-37,927-28,637-35,503-47,087-44,080-31,107-38,267
Net General Government Debt GGNetDebt177,235176,697177,439177,364178,375175,286175,137175,344178,193178,746183,165186,805192,200
             
Closing Net Worth (% of annualised GDP)-9.0-8.6-8.3-7.1-6.6-5.7-5.7-2.7-5.1-5.4-6.3-6.5-6.4
Gross General Government Debt (% of annualised GDP)68.568.066.863.164.663.061.257.258.862.161.258.460.5
Net General Government Debt (% of annualised GDP)57.756.055.054.453.651.650.349.249.049.249.350.150.5
Annualised GDP 306,964315,436322,718326,043332,840339,390347,997356,526363,602363,463371,237372,869380,849
Table 3 General Government: detailed classification of revenue and output
                  €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q1
Total RevenueTR17,90320,22918,87226,08118,88421,65620,52627,06617,92021,12919,99225,48619,478
 Taxes and social contributions16,42417,62217,21123,91817,55718,98018,84625,12816,51019,04518,45923,94818,218
  TaxesD2 + D5 + D9112,78514,08813,71519,96113,61715,14715,07620,83812,51115,51414,51319,75114,230
   Indirect taxes (taxes on production and imports)D26,7845,2477,3816,3327,3325,7347,7546,7005,5865,3137,2696,0496,908
    Taxes on productsD215,8324,4236,5785,3186,3764,9086,8935,7374,6924,7476,6385,2776,175
    of which Value-Added TaxD2114,0902,4164,6193,0504,4402,6024,9123,3272,8052,2694,6592,8974,321
    Other taxes on production D299538248031,014956826861964893566631772733
   Direct taxesD55,9678,7896,24813,2836,2389,3607,24113,7876,87210,1477,14813,3997,261
    Taxes on income, profits and capital gainsD515,6898,5396,00913,0555,9619,1147,00113,5706,6159,9096,90013,1786,997
    Other current direct taxesD59278250240228277246240217258238249221264
   Capital taxesD9134528634647528135053539630361
  Social contributions D613,6393,5343,4953,9573,9403,8333,7704,2903,9993,5313,9464,1983,988
   Actual social contributionsD611 + D6133,0132,8972,8603,3143,2503,1723,0893,6293,2732,8223,2193,5083,260
    PRSI receipts D611 + D613(pt)2,6592,5372,5012,9512,9012,8032,7433,2552,9082,4522,8633,1112,893
    Government employees' pension contributionsD613(pt)354360359363349369346374365369356398367
   Employers' imputed social contributionsD612626637635643690661681662726710727689727
 Sales of goods and servicesP1O1,0551,2161,2241,4331,0511,2121,2191,4281,1159171,0731,075934
  Sales of market establishments (= market output)P110000000000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P125555666666666
Incidental sales and fees of non-market establishmentsP1311,0491,2111,2181,4281,0451,2061,2141,4221,1109111,0671,069928
Investment incomeD41101,07687271571,233119198478801567642
Interest (excluding FISIM)D4150413652323834341925112913
Dividends / Other investment incomeD42 + D44321,0072319171,17667146118381283011
Rent of land and subsoil assetsD4528282828181818181717171717
Current transfer revenueD39 + D7170184219293110120218196148176191174185
SubsidiesD390000000000000
Other current transfersD7170184219293110120218196148176191174185
Non-life insurance claimsD724444444444444
Other Domestic - Current D7N_S1899913288103112146104140149183142178
From Rest of World - CurrentD7N_S27681822003468883223283
Capital transfer revenueD9N144131133165109112124115100111113213100
                   
Output P19,0319,3659,6639,6569,72810,14910,36510,56410,29311,11811,32711,85611,123
Market output (sales of market establishments)P110000000000000
Output for own final useP125555666666666
Non-market outputP139,0269,3599,6589,6519,72210,14310,35910,55810,28711,11211,32211,85111,118
= Non-market compensation of employeesD1_nonmarket5,4475,5395,5265,5905,7215,9255,7456,0226,0266,1165,9776,5026,085
= Total compensation of employeesD15,4535,5445,5325,5965,7275,9305,7506,0276,0326,1225,9836,5086,091
- Compensation of employees of market establishmentsD1_market0000000000000
- Compensation related to production of own-use capital assetsD1_own-use-5-5-5-5-6-6-6-6-6-6-6-6-6
+ Non-market intermediate consumptionP2_nonmarket2,4852,7273,0372,9672,8173,0343,4303,3533,0003,7344,0834,0873,771
= Total intermediate consumptionP22,4852,7273,0372,9672,8173,0343,4303,3533,0003,7344,0834,0873,771
- Intermediate consumption of market establishmentsP2_market0000000000000
- Intermediate consumption related to production of own-use capital assetsP2_own-use0000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket1,0941,0941,0941,0941,1841,1841,1841,1841,2621,2621,2621,2621,262
= Total consumption of fixed capitalP51c1,0941,0941,0941,0941,1841,1841,1841,1841,2621,2621,2621,2621,262
- Consumption of fixed capital by market establishmentsP51c_market0000000000000
- 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
              €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q1
Total ExpenditureTE19,66720,49420,55122,31021,01520,94221,74323,36021,52927,35726,64627,75526,304
Expense19,02819,77920,08621,53820,05320,06420,98122,36420,63926,48225,22926,89525,438
Compensation of employeesD15,4535,5445,5325,5965,7275,9305,7506,0276,0326,1225,9836,5086,091
Of which: Related to production of own-use capital assets5555666666666
Use of goods and services plus taxes payableP2 + D5 + D292,4852,7273,0372,9672,8173,0343,4303,3533,0003,7344,0834,0873,771
Use of goods and services [Intermediate consumption]P22,4852,7273,0372,9672,8173,0343,4303,3533,0003,7344,0834,0873,771
Of which: Intermediate consumption of market establishments 0000000000000
Taxes, payableD50000000000000
Depreciation (Consumption of fixed capital)P51c1,0941,0941,0941,0941,1841,1841,1841,1841,2621,2621,2621,2621,262
Of which: Depreciation by market establishments 0000000000000
Interest (excluding FISIM)D411,3921,3331,3481,2441,2011,2281,1201,0831,040950977872828
Other domestic interest payableD41_S1528459482454398434363434484424503414153
Interest payable to rest of worldD41_S2864875865790803793757650557527474458675
SubsidiesD34184364586353743924135544712,1851,7191,7131,604
Product subsidiesD31221240261271220239259270280306289311242
Other subsidies on productionD391971961973641541531542841911,8791,4301,4021,362
Social benefitsD62 + D6326,8056,9197,4858,1887,0677,2027,8148,5617,27710,4569,78010,6199,964
Social benefits in cashD625,8055,5965,5476,4236,0065,7925,7426,6386,1568,9807,6428,6168,856
Social benefits in kind (via market producers)D6321,0001,3231,9381,7651,0611,4102,0721,9241,1211,4772,1382,0031,108
Other current transfersD79829857931,0371,3006699598241,0801,2568971,1331,442
Net non-life insurance premiumsD7117171717191919192121212121
Current international cooperationD74881241361931131221271688616814111596
Miscellaneous current transfersD75215236163198207202200261165415340245296
VAT and GNI based EU budget contributionD766616084776299613256123758096533967521,030
VAT-based EU own resourcesD761754362651095469469177485998
GNI-based EU own resourcesD762585565414565851271543330718575348694932
Capital transfersD9399741339778383424311777478517528702476
Investment grantsD92391521332770378419306772478500450702476
Other capital transfersD9982207765550177900
Net acquisition of non-financial assetsP5 + NP - P51c6397154657729628797629968908751,417861866
= Gross investment in non-financial assetsP5 + NP1,7331,8091,5591,8652,1462,0631,9462,1812,1512,1372,6792,1222,128
Gross fixed capital formationP511,7181,7941,5441,8502,1312,0482,0712,1662,1362,1222,6642,1072,113
Net acquisition of stocksP5215151515151515151515151515
Net acquisition of unproduced assetsNP000000-140000000
- Consumption of fixed capitalP51c-1,094-1,094-1,094-1,094-1,184-1,184-1,184-1,184-1,262-1,262-1,262-1,262-1,262
Net expenditure on current goods and servicesP3 excl. D6327,9778,1488,4398,2238,6778,9379,1469,1369,17810,20110,25510,78110,190
= OutputP19,0319,3659,6639,6569,72810,14910,36510,56410,29311,11811,32711,85611,123
- Sales of goods and services P11+P12+P131-1,055-1,216-1,224-1,433-1,051-1,212-1,219-1,428-1,115-917-1,073-1,075-934
Market output (sales of market establishments)P110000000000000
Output for own final useP12-5-5-5-5-6-6-6-6-6-6-6-6-6
Incidental sales and fees of non-market establishmentsP131-1,049-1,211-1,218-1,428-1,045-1,206-1,214-1,422-1,110-911-1,067-1,069-928
Final consumption expenditureP38,9779,47110,3779,9889,73810,34811,21711,06010,29911,67812,39312,78511,298
= Net expenditure on current goods and servicesP3 excl. D6327,9778,1488,4398,2238,6778,9379,1469,1369,17810,20110,25510,78110,190
+ Social transfers in kind via market producers D6321,0001,3231,9381,7651,0611,4102,0721,9241,1211,4772,1382,0031,108
made up of             
Individual consumption (= social transfers in kind)P31 (= D63)5,9876,4136,9276,6646,5286,9517,5287,4427,2677,7378,3808,2836,859
Social transfers in kind (via market producers)D6321,0001,3231,9381,7651,0611,4102,0721,9241,1211,4772,1382,0031,108
Social transfers in kind (provided directly by government)D6314,9865,0894,9904,9005,4675,5415,4565,5186,1466,2606,2426,2805,751
Collective consumption (= actual final consumption of government)P322,9903,0593,4493,3233,2103,3973,6893,6183,0323,9414,0134,5024,439
Total social transfersD62 + D6311,79212,00812,47413,08812,53412,74313,27014,08013,42316,71716,02216,89915,714
Social benefits in cashD62 5,8055,5965,5476,4236,0065,7925,7426,6386,1568,9807,6428,6168,856
 Social transfers in kind (= individual consumption)D635,9876,4136,9276,6646,5286,9517,5287,4427,2677,7378,3808,2836,859
Table 5 General Government financial transactions
   €million
Description 2018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q1
Net lending (+) / net borrowing (-)B.9-1,765-266-1,6793,770-2,131714-1,2173,705-3,608-6,228-6,654-2,269-6,826
equals  
Net acquisition of financial assets ΔA7,0638,13110,501-8,4177,859-177-415-7,1183,2997,977-2,620-11,7984,893
EDP debt instruments F2 + F3 + F475284777429-974081281818-575-923269258255-2977-129517150
 Currency and deposits F27,5355,011165-8,3878,2471,942-95-7,8197,2658,525-2,948-13,0198,353
Debt securities F3-432247-341235-130-178-80-55-85-2950-913
Short-term F31-44-8970-3244-63120-209-27-52-44-50-16
Long-term F32191177-309191-67-298129-28-3315100-897
Loans F436-23617-1,012-3546-302-1,333-285-185018-290
Short-term loans F41-107-1172-4-21557-196-1627996-68-6-180
Long-term loans F42143-11915-1,008-139-51-106-1,171-364-2816824-110
Equity and Investment Fund Shares F5240-1,3593-122-14-2,465-87215-17-1,153-13815242
Other financial assets F6 + F7 + F8 -7054,71310,0691,445-2554702471,899-3,6098754951,138-2,499
Insurance, Pensions and Standardised Guarantees F60000000100010
Financial derivatives and Employee Stock Options F7-67-34-28-36-29-37-39-22-20-41-142-100-18
Other accounts receivable/payableF8-6384,74710,0971,481-2265072861,920-3,5899166371,237-2,481
less  
Net incurrence of liabilities ΔL8,8288,39712,180-12,1879,990-891802-10,8236,90714,2054,034-9,52911,719
EDP debt instruments F2 + F3 + F48,8643,6732,529-12,46210,009-906702-11,0826,72913,8113,843-9,91811,850
Currency and deposits F218-322141164152106150293388368453564
Debt securities F38,2333,6522,468-12,2759,333-6591,467-10,3946,52613,9124,082-9,9318,541
Short-term F313,256417-492-3,0893,6581,191-817-3,7415,2428,931-1,488-6,3462,664
Long-term F324,9773,2352,960-9,1865,675-1,8502,284-6,6531,2844,9815,570-3,5855,877
Loans F46135340-228512-399-871-838-90-489-607-4402,745
Short-term loans F41396364-338-24824158-265-377209-57-5825322
Long-term loans F42217-31137820271-457-606-461-299-432-549-4652,423
Other liabilities F5 + F6 + F7 + F8 -364,7249,651275-1915100259178394191389-131
Equity and Investment Fund Shares F50000000000000
Insurance, Pensions and Standardised Guarantees F600010001000920
Financial derivatives and Employee Stock Options F7-24-113-23-11-3-4-12
   Other accounts receivable/payable F8-344,7209,652273-221797259177397195298-133
Table 6 General Government: detailed breakdown of net worth
                    €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q1
General Government balance sheet              
 Net worth at market value, excluding pension liabilitiesNW-27,515-27,154-26,690-23,041-21,812-19,331-19,818-9,692-18,639-19,786-23,507-24,081-24,385
 equals              
  Non-financial assets at market valueNFA122,204124,473126,491128,816132,012135,124138,120141,350143,401145,437148,015150,036150,902
 plus              
  Financial net worth at market value, excluding pension liabilitiesFNW-149,719-151,627-153,181-151,857-153,824-154,455-157,938-151,042-162,040-165,223-171,522-174,117-175,287
  equals              
   Financial assets at market valueFA86,57293,082101,91791,817102,830101,95099,38294,55593,412104,856102,10392,85899,842
    EDP debt instrumentsF2 + F3 + F432,98037,80238,23628,48336,65738,50237,92728,63735,50347,08744,08031,10738,267
     Currency and depositsF224,71129,73929,90721,52429,77631,71731,62923,80631,07341,84138,87325,84334,219
     Debt securitiesF31,6111,6381,8791,5251,8091,6861,5391,4311,3471,2941,2691,327388
      Short-termF3138328835531835929141419616611577384
      Long-termF321,2291,3501,5241,2071,4501,3951,1251,2341,1811,1781,1921,289384
     LoansF46,6586,4256,4505,4345,0725,0994,7593,4003,0833,9523,9383,9373,660
      Short-term loansF4180368668868446952633016824734327626989
      Long-term loansF425,8555,7395,7624,7504,6034,5734,4283,2322,8363,6093,6623,6683,571
    Equity and Investment Fund SharesF543,25340,15338,46236,62739,89036,56734,69637,41732,97231,67531,28233,89435,953
    Other financial assetsF6 + F7 + F8 10,33915,12725,21926,70726,28326,88126,75928,50124,93726,09426,74127,85725,622
     Insurance, Pensions and Standardised GuaranteesF60000000111122
     Financial derivatives and Employee Stock OptionsF7317358353387213278916942692792010
     Other accounts receivable/payableF810,02214,76924,86626,32026,07026,60326,66828,49424,84225,82426,46127,65425,620
  less              
   Liabilities at market valueL236,291244,709255,098243,674256,654256,405257,320245,597255,452270,079273,625266,975275,129
    EDP debt instrumentsF2 + F3 + F4226,309229,943230,771219,158232,230232,047233,081221,235231,007245,187248,573241,562249,353
     Currency and depositsF221,61821,58621,60721,64821,81221,96522,07022,22022,51322,90123,26923,72124,285
     Debt securitiesF3153,927157,542158,388146,997159,122159,236160,983149,903159,488173,767177,431170,347174,889
      Short-termF316,2106,7556,2513,0926,7517,8237,0963,3488,60217,36515,6969,30512,132
      Long-termF32147,717150,787152,137143,904152,371151,413153,886146,555150,886156,402161,735161,042162,757
     LoansF450,76450,81550,77650,51351,29650,84650,02849,11249,00648,51947,87347,49450,179
      Short-term loansF419411,3459726819831,099808335582533432502820
      Long-term loansF4249,82249,47049,80449,83150,31249,74749,22048,77848,42447,98747,44246,99249,359
    Other liabilitiesF5 + F6 + F7 + F89,98214,76624,32724,51624,42424,35824,23924,36224,44524,89225,05225,41325,776
     Equity and Investment Fund SharesF50000000000000
     Insurance, Pensions and Standardised GuaranteesF6444444455559797
     Financial derivatives and Employee Stock OptionsF7515579489405359250255178147122886893
     Other accounts receivable/payableF89,46314,18323,83424,10724,06124,10423,98024,17924,29324,76524,95925,24825,586
                     
Memo: Estimated pension liabilities of government  114,500114,500114,500149,600149,600149,600149,600149,600149,600149,600149,600149,600149,600
Memo: Net worth, including pension liabilities -142,015-141,654-141,190-172,641-171,412-168,931-169,418-159,292-168,239-169,386-173,107-173,681-173,985
Contingent liabilities 5,0665,0665,0665,0665,3145,3145,3145,3146,1826,1826,1826,1826,182
Guarantees 77777777656656656656656
Off-balance sheet PPPs and concessions 5,0595,0595,0595,0595,3075,3075,3075,3075,5265,5265,5265,5265,526
Memo: Net worth, including pension liabilities and contingent liabilities -147,080-146,720-146,256-177,707-176,726-174,245-174,732-164,606-174,421-175,569-179,290-179,863-180,167
Change in net worth of government              
 Opening net worth -28,886-27,515-27,154-26,690-23,041-21,812-19,331-19,818-9,692-18,639-19,786-23,507-24,081
                     
 Change in net worth due to transactions -1,125450-1,2134,542-1,1691,592-4554,702-2,719-5,353-5,237-1,409-5,959
  Net acquisition of non-financial assets P5 + NP - P51c6397154657729628797629968908751,417861866
  Net lending/net borrowingB9-1,765-266-1,6793,770-2,131714-1,2173,705-3,608-6,228-6,654-2,269-6,826
   = Net acquisition of financial assets 7,0638,13110,501-8,4177,859-177-415-7,1183,2997,977-2,620-11,7984,893
   - Net incurrence of liabilities -8,828-8,397-12,18012,187-9,990891-80210,823-6,907-14,205-4,0349,529-11,719
                     
 Change in net worth due to other economic flowsKx2,497-891,678-8932,398889-325,425-6,2294,2061,5168355,656
  Other changes in non-financial assets 1,5531,5531,5531,5532,2342,2342,2342,2341,1611,1611,1611,1610
  Other changes in financial net worth 944-1,642125-2,446164-1,345-2,2663,191-7,3903,045355-3265,656
   = Other changes in financial assets 116-1,621-1,666-1,6833,154-703-2,1532,291-4,4423,467-1332,5532,091
     EDP debt instruments -120455-1346270-58-593,329-30-2210
     Equity and Investment Fund Shares 260-1,741-1,694-1,7133,277-858-1,7842,506-4,428-144-2552,5971,817
     Other financial assets -24752343-169128-369-15745282152-22264
   - Other changes in liabilities 828-211,791-763-2,990-642-113900-2,948-422488-2,8793,565
     EDP debt instruments 788391,701-849-3,063-723-332764-3,043-369457-2,9074,059
     Other liabilities 40-609086738121913695-533128-494
                     
Closing net worth -27,515-27,154-26,690-23,041-21,812-19,331-19,818-9,692-18,639-19,786-23,507-24,081-24,385
Table 7 General Government Gross and Net Debt
                 €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q1
General Government Debt              
  Debt instrument liabilities at market value226,309229,943230,771219,158232,230232,047233,081221,235231,007245,187248,573241,562249,353
  + Difference between face value and market value -16,094-15,444-15,096-13,311-17,198-18,259-20,017-17,254-17,311-19,354-21,328-23,650-18,886
Gross General Government Debt (face value)GGDebt210,215214,499215,675205,847215,032213,788213,064203,981213,696225,833227,245217,912230,467
By category:              
 Currency and deposits F221,61821,58621,60721,64821,81221,96522,07022,22022,51322,90123,26923,72124,285
 Debt securitiesF3138,277142,638143,813134,231142,569141,546141,820133,566143,178155,026156,766147,425157,014
  Short-termF316,2066,7496,2353,0846,7437,9037,0983,3528,60517,35715,6949,29912,132
  Long-termF32132,070135,889137,578131,147135,827133,643134,722130,214134,573137,669141,072138,126144,883
 LoansF450,32150,27550,25549,96850,65150,27849,17448,19548,00547,90747,21146,76649,167
  Short-termF419411,3459726819831,099808334582533432502820
  Long-termF4249,38048,93049,28449,28749,66849,17948,36647,86147,42347,37446,77946,26448,346
                  
less EDP debt instrument assetsF2 + F3 + F432,98037,80238,23628,48336,65738,50237,92728,63735,50347,08744,08031,10738,267
 By category:              
 Currency and deposits F224,71129,73929,90721,52429,77631,71731,62923,80631,07341,84138,87325,84334,219
 Debt securitiesF31,6111,6381,8791,5251,8091,6861,5391,4311,3471,2941,2691,327388
  Short-termF3138328835531835929141419616611577384
  Long-termF321,2291,3501,5241,2071,4501,3951,1251,2341,1811,1781,1921,289384
 LoansF46,6586,4256,4505,4345,0725,0994,7593,4003,0833,9523,9383,9373,660
  Short-termF4180368668868446952633016824734327626989
  Long-termF425,8555,7395,7624,7504,6034,5734,4283,2322,8363,6093,6623,6683,571
                  
 Net General Government Debt (face value)GGNetDebt177,235176,697177,439177,364178,375175,286175,137175,344178,193178,746183,165186,805192,200
 By category:              
 Currency and deposits F2-3,093-8,153-8,300124-7,964-9,752-9,559-1,586-8,560-18,940-15,604-2,122-9,934
 Debt securities F3136,666141,000141,934132,706140,760139,860140,281132,135141,831153,732155,497146,098156,626
  Short-termF315,8236,4615,8802,7666,3847,6126,6843,1568,43917,24215,6179,26112,128
  Long-termF32130,841134,539136,054129,940134,377132,248133,597128,980133,392136,491139,880136,837144,499
 LoansF443,66343,85043,80544,53445,57945,17944,41544,79544,92243,95543,27342,82945,507
  Short-termF41138659284-3514573478166335190156233731
  Long-termF4243,52543,19143,52244,53745,06544,60643,93844,62944,58743,76543,11742,59644,775

Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2018 to Q1 2021. The tables provide detailed revenue, expenditure and balance sheet data for general government. The full time series is available on CSO PxStat.

The data published in this series is aligned to the National Income and Expenditure 2020 (NIE) published on 15 July 2021 and the annual Government Income and Expenditure release, published on 16 July 2021.

The full suite of GFS publications is also available on the CSO Website

Data for all EU Member States are available on Eurostat's database.

 

Updates to general government deficit/surplus

Social contributions (D.61):
The presentation of the components has been updated, with ‘Government employees' social contributions’ (D.613)(pt) re-labelled as ‘Government employee pension contributions’. This had previously included an element of PRSI contributions and has now been amended.

Depreciation (P.51c):
Revisions have been made to the P.51c data in line with the latest National Income and Expenditure Accounts published on 15 July 2021.

Reclassification of local authority housing rent as non market output
To date the provision of local authority housing was treated as a market output. This meant that the difference between the differential rent paid by the tenant and a market rent was calculated and included as P.11 (market output), with a corresponding imputed expenditure D.632 (social benefit in kind). However, Approved Housing Bodies (AHB) reclassified into the local government sector are considered as non-market producers, with no imputed rent calculation made.
On review, this approach was not appropriate and thus a decision has been made to treat the local authority housing output as non-market. This ensures consistency with AHBs. This determination means that there is no longer an imputed D.632 expenditure related to local authority rent. Local authority rent payments are now recorded as P.131 (incidental sales and fees of non-market establishments). This methodology has been applied from 1995.

Transactions of note Q1 2021 

COVID-19

A preliminary estimate of the full year impact of COVID-19 supports on expenditure for 2020 was published in the annual Government Finance Statistics, Table A. See the annual Government Income and Expenditure release of 16 July for details. Provisional details of Q1 COVID-19 expenditure are below:

ESA 2010 CodeMeasure€ billion
P2 Health sector expenditure 0.4
D.39 Employment Wage Subsidy Scheme 1.2
D.62 Pandemic Unemployment Payment 1.8
D.7 Covid Restrictions Support Scheme 0.2
D.7 Education 0.1
Total Expenditure   3.7


Movements of note in the balance sheet, Q1 2021

The value of the State's assets in Equity and Investment Fund Shares (AF.5, Table 6) stood at €36.0 billion, representing a net quarterly increase of €2.0 billion since Q4 2020. Over this period the rise in value was composed of further net acquisition of these assets of €0.2 billion (Table 5), together with holding gains of €1.8 billion (Tables 5 and 6), the majority of which were as a result of increases in the market value of Irish banks. The State’s cash holdings rose by €8.4 billion in Q1 2021 largely following increased debt security issuance and borrowing from the European Commission’s SURE facility.

GDP and GNI* figures used in publication

The GDP and GNI* figures used in the current publication are consistent with those published in the latest National Income and Expenditure Accounts 2020 on 15 July 2021.

Population estimates used in publication

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

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).

In addition to the legally binding accounting rules set out in ESA2010 the Manual on Government Debt and Deficit (MGDD) provides further implementation guidance 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 (Maastricht debt) for general government

These data are available on the Eurostat website.

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 balance is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact obligations.

This measure is by definition equal to both Total Revenue (TR) less Total Expenditure (TE), and Net Acquisition of Financial Assets less Net Incurrence of Liabilities as shown in the GFS release.

A listing of some of the main items included in this release is shown below.

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.

A listing of some of the main items included in this release is shown below.

Main components of general government expenditure and revenue

P.2       Intermediate consumption – value of goods and services used in the process of production, excluding fixed assets

P.5       Gross capital formation

            P.51g   Gross fixed capital formation - acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by productive activity. Fixed assets are tangible or intangible assets produced as outputs from processes of production that are themselves used repeatedly, or continuously, in processes of production for more than one year

            P.51c   Consumption of fixed capital - the amount of fixed assets used up, during the period under consideration, as a result of normal wear and tear and foreseeable obsolescence, including a provision for losses of fixed assets as a result of accidental damage which can be insured against.

P.52     Changes in inventories

P.53     Acquisitions less disposals of valuables

D.1      Compensation of employees – the total remuneration of government employees

D.21    Taxes on products are taxes that are payable per unit of a given good or service produced or transacted. Included in this is customs and excise taxes and VAT. To accrue this data the cash receipts are time adjusted. Customs and excise taxes are time adjusted by 1 month and VAT is time adjusted by 2 months. For example Q1 VAT is March, April, May cash receipts.

D.29    Other taxes on production (payable) all taxes that enterprises incur as a result of engaging in production, independently of the quantity or value of the goods and services produced or sold. These include taxes on use or ownership of land or buildings, taxes on use of fixed assets, taxes on total wage bill and payroll, taxes on international transactions related to production.

D.3      Subsidies (payable) - current unrequited payments which general government or the institutions of the European Union make to resident producers, with the objective of influencing their levels of production, their prices or the remuneration of the factors of production

D.4      Property income accrues when the owners of financial assets and natural resources put them at the disposal of other units of the economy. The income payable for the use of financial assets is called investment income, while that payable for the use of a natural resource is called rent. Property income is the sum of investment income and rent.

           D.41    Interest receivable by the owners of a financial asset for putting it at the disposal of another institutional unit - applies to deposits (AF.2), debt securities (AF.3), loans (AF.4) and other accounts payable (AF.8)

           D.42    Dividends receivable by the owners of share equities. Dividends exclude "super dividends" which arise where the dividend paid is large relative to the recent level of dividends and earnings. Super dividends are recorded as withdrawal of equity (F.5). This arises, for example, in the case of dividends paid by the Central Bank in 2015.

           D.45    Rent of a natural resource – income receivable by the owner of a natural resource for putting the resource at the disposal of another party.

D.5      Current taxes on income, wealth, etc., (payable) - all compulsory, unrequited payments, in cash or in kind, levied periodically by general government and by the rest of the world on the income and wealth of units in the economy, and some periodic taxes which are assessed neither on income nor wealth

D.6      Social contributions - transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs.

D.7      Other current transfers – includes VAT and GNI based EU budget contributions, current transfers between subsectors of government, current international co-operation and current transfers to households and non-profit institutions.

D.9      Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction.  Includes capital taxes and investment grants.

 P.1       Total output of Government is equal to market output, own account capital formation, and non-market output (i.e. the sum of D.1+P.2+P51c). The market output referred to in this publication is the imputed market value of social housing rented dwellings. See Table 3.

P.3        Final consumption expenditure of Government is equal to the total of its output (P.1) plus the expenditure on products/services supplied to households via market producers minus the sales of goods and services (at both market and non-market prices). This is made up of individual non-market services plus collective non-market services (P.31 and P.32). See Table 4.  

Categories of Financial Flows

F.1       Monetary gold and special drawing rights (SDRs)

            F.11     Monetary gold

            F.12     Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund shares

            F.51 Equity

            F.52 Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71     Financial derivatives

            F.72     Employee stock options

F.8       Other accounts receivable/payable

            F.81     Trade credits and advances

            F.89     Other trade credits

 

 

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