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For more information on this release:
E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Elaine O'Sullivan (+353) 1 498 4203 Derek Stynes (+353) 1 498 4303
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 2 2016

 General Government
  Surplus/Deficit  Gross Debt  Net Debt
 €m% quarterly GDP €m% annualised GDP €m% annualised GDP
2014 Q1-2,864-6.4 214,997118.1 161,01188.4
2014 Q2-1,483-3.2 209,473113.7 163,15488.5
2014 Q3-2,113-4.1 208,253110.9 164,51887.6
2014 Q4-737-1.5 203,299105.2 166,49186.2
2015 Q1-2,390-3.9 203,47297.0 167,03079.6
2015 Q2660.1 203,75690.8 165,50673.8
2015 Q3-911-1.4 203,19185.6 164,77769.4
2015 Q4-1,551-2.3 201,13478.6 171,53367.1
2016 Q1-1,425-2.3 206,62680.5 173,00667.4
2016 Q21560.3 200,10677.8 172,28467.0

Government Deficit of 1% of GDP in first half of 2016

Figure 1 General Government Deficit
go to full release

For the first half of 2016, the Government had a deficit of -€1,269 million (1% of GDP) compared with a deficit of -€2,324 (1.9% of GDP) for the same period last year (Table 1).

In the first six months of 2016, Government revenue increased by 3.4% to €34.5 billion when compared with the same period last year. This increase was driven by a 7.1% increase in Taxes which was partially offset by a reduction in Investment income of €654 million (Tables 1 and 3).

Expenditure levels of Government remained fairly flat when comparing the first six months of 2016 and 2015 (Tables 1 and 4).

Government Gross Debt at 77.8% of GDP at the end of June 2016

At the end of June 2016, General Government Gross Debt (GG Debt) fell by €6.5 billion to stand at €200.1 billion (77.8% of GDP).  This compares with a debt level of 90.8% of GDP for the same period in 2015. The fall in the ratio was primarily due to increased GDP (Table 2).

General Government Net Debt was €172.3 billion (67.0% of GDP) at the end of June 2016 compared with €165.5 billion (73.8% of GDP) a year earlier.  The increased net debt figure was mainly due to the combination of a reduction in assets arising from the disposal of Government shareholdings in financial institutions and a net increase in the issuance of debt securities (Tables 2 and 6).

   

 

National accounts are compiled in the EU according to the European System of National Accounts framework - ESA 2010. 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. A full description of the concepts and definitions used in the production of these figures is provided in the Background notes.

GFS quarterly results are benchmarked to the most recent Excessive Deficit Procedure (EDP) notification. Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The data in this release are subject to the normal EDP verification process by Eurostat until 21st October 2016 and are therefore provisional. 

 

GG Gross DebtGG Net Debt
Q1 2013123.887.4
Q2 201312489.4
Q3 201312288.1
Q4 2013119.589.2
Q1 2014 118.188.4
Q2 2014113.788.5
Q3 2014110.987.6
Q4 2014105.286.2
Q1 20159779.6
Q2 201590.873.8
Q3 201585.669.4
Q4 201578.667.1
Q1 201680.567.4
Q2 201677.867
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                     €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q2
    
General Government transactions                   
     
RevenueTR13,63114,58714,69216,58214,11915,37914,87017,15414,95416,30815,90518,63615,94417,40716,58920,59316,28418,207
Taxes and social contributionsD2 + D5 + D91 + D6111,92211,69812,67914,50512,34812,29513,25315,01313,23813,33114,16316,69914,22014,31414,86618,72314,95415,510
TaxesD2 + D5 + D919,5739,24310,29611,8179,7799,75510,74112,22510,46510,69511,53813,75111,34211,58012,16515,64811,92812,616
Social contributions D612,3492,4552,3832,6882,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0262,894
Sales of goods and servicesP1O1,0891,1841,2841,5571,2011,2371,1141,3861,0491,1651,1701,3211,1781,3111,3171,4891,0851,199
Investment incomeD44621,5825933904691,7574125435131,6984183344091,675310267951,335
Current transfer revenue (excluding taxes)D7685753735045406077726782665955736659
Capital transfer revenue (excluding taxes)D9N916783575145511517742862017048414185103
           
ExpenditureTE18,43518,28317,87418,91417,57517,22717,68019,23417,81817,79118,01819,37318,33417,34117,50122,14417,70918,051
ExpenseExpense17,99617,82418,44218,99217,68817,57718,17718,65017,59317,55018,14618,91217,97517,69517,83021,04017,73917,506
Compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9074,8044,6134,5505,0354,930
Use of goods and services plus taxes payableP2 + D5 + D291,8332,0252,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,1392,282
Depreciation (Consumption of fixed capital)P51c825825825825817817817817858858858858907907907907958958
Interest (excluding FISIM)D411,6501,7291,8531,9471,9221,8711,9121,9101,8531,8861,8751,8351,6471,6651,6881,6931,6121,547
SubsidiesD3411430453627413433457611398415437603383399418585381397
Social benefitsD62 + D6327,0027,1397,3897,9466,8306,8307,2277,6976,6086,7057,2457,6506,6606,7327,2437,6146,6256,725
Other current transfersD71,008360701451795648769679889489600796935671238721694412
Capital transfersD9326646350198380258324713302593003444623053732,415295254
           
 Net operating balanceNOB-4,366-3,237-3,749-2,411-3,568-2,199-3,307-1,496-2,639-1,242-2,241-276-2,031-288-1,241-447-1,454701
           
Net acquisition of non-financial assetsP5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301104-30545
                       
 General Government Surplus/DeficitB9-4,805-3,695-3,182-2,332-3,456-1,848-2,810-2,079-2,864-1,483-2,113-737-2,39066-911-1,551-1,425156
equals           
Net acquisition of financial assetsΔFA527738,482-3,2485,759-2,683-1,590-7,012-2,576-7,421-2,334-6,525-1,31030925-6,3084,072-7,741
Debt instrumentsF2 + F3 + F41,441-4048,396-5,0536,596-2,825-414-7,738-560-8,226-2,362-8,360-901,112185-8,5214,051-5,802
Equity and Investment Fund SharesF5-501,390548156477-1,297-543-1,194569282252477-830-36629630-1,509
Other financial assetsF6 + F7 + F8 -1,339-213811,324-893-3351211,269-822236-2541,583-1,69727-1241,584-609-430
less           
Net incurrence of liabilitiesΔL4,8574,46811,664-9169,215-8351,220-4,933288-5,938-221-5,7881,080243936-4,7575,497-7,897
Debt instrumentsF2 + F3 + F44,9054,50311,648-1,35610,039-8001,269-4,970171-5,972-194-6,53498346927-4,7625,727-7,823
Other liabilitiesF5 + F6 + F7 + F8 -48-3516440-824-35-493711734-277469719795-230-74
                  
  Memo: Net derivative flows on debt interest swap contracts -49-54-55-63-80-58-58-77-69-68-74-53-22-74-73-71-71-70
                
 General Government Surplus/Deficit (% of quarterly GDP) -11.3-8.3-7.1-5.3-8.0-4.2-5.9-4.6-6.4-3.2-4.1-1.5-3.90.1-1.4-2.3-2.30.3
                       
 Quarterly GDP at current market prices 42,51944,70744,65943,86943,09944,46347,64645,00144,95046,68451,15850,36761,50961,37664,09068,84062,43361,699
Table 2 General Government Net Worth, Gross and Net Debt
                        €million
Description ESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q2
General Government net worth                   
Net worth at market value, excluding pension liabilitiesNW-30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,692-51,902
equals                  
Non-financial assets at market valueNFA85,98186,96586,92487,37188,03088,45288,72690,08191,34992,63393,54995,05396,67397,58198,512100,877100,848101,393
plus                  
Financial net worth at market value, excluding pension liabilitiesFNW-116,231-123,779-130,834-136,778-140,673-143,147-146,899-145,207-148,728-154,272-157,561-153,414-151,969-150,274-152,167-150,438-152,540-153,295
equals                  
Financial assets at market valueFA87,87387,09495,94093,06898,81695,69994,08694,80694,48086,44685,19384,34289,57384,81085,66584,81089,70782,590
EDP debt instrumentsF2 + F3 + F455,89054,94363,43558,71864,07461,03660,80054,59053,98646,31943,73536,80836,44238,25038,41429,60133,62027,822
Equity and Investment Fund SharesF523,46523,71323,90425,09826,65427,00325,29330,79531,98831,80933,64738,20244,18937,93538,96845,25947,48546,470
Other financial assetsF6 + F7 + F8 8,5188,4388,6019,2528,0887,6607,9939,4218,5068,3187,8119,3328,9428,6258,2839,9498,6028,298
less                  
Liabilities at market valueL204,104210,873226,774229,846239,489238,846240,985240,013243,208240,718242,754237,756241,542235,084237,832235,248242,247235,885
EDP debt instrumentsF2 + F3 + F4193,519200,529216,212218,596230,511230,296232,405231,503234,413231,661232,907228,849231,710225,220227,983225,423232,315226,416
Other liabilitiesF5 + F6 + F7 + F810,58510,34410,56211,2508,9788,5508,5808,5108,7959,0579,8478,9079,8329,8649,8499,8259,9329,469
                  
Memo: Estimated pension liabilities of government98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                  
Memo: Net worth, including pension liabilities-128,250-134,814-141,910-147,407-150,643-152,695-156,173-153,126-155,379-159,639-162,012-156,361-153,296-150,693-151,655-147,561-149,692-149,902
                  
Contingent liabilities119,131119,131119,131119,13159,72359,72359,72359,72329,21929,21929,21929,25316,86216,86216,86216,86216,86216,862
                  
 Memo: Net worth, including pension liabilities and contingent liabilities -247,381-253,944-261,041-266,538-210,365-212,418-215,896-212,848-184,598-188,858-191,231-185,614-170,157-167,555-168,517-164,422-166,554-166,764
General Government: changes in net worth                   
Opening net worth-19,609-30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,692
                  
Change in net worth due to transactions-4,366-3,237-3,749-2,411-3,568-2,199-3,307-1,496-2,639-1,242-2,241-276-2,031-288-1,241-447-1,454701
Net acquisition of non-financial assets P5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,104-30545
Net lending/net borrowingB9-4,805-3,695-3,182-2,332-3,456-1,848-2,810-2,079-2,864-1,483-2,113-737-2,39066-911-1,551-1,425156
                  
Change in net worth due to other economic flowsKx-6,275-3,327-3,348-3,086333146-1704,543387-3,018-1335,9275,0972,8902804,541-677-911
Other changes in non-financial assets5265265265267727727727721,0431,0431,0431,0431,2611,2611,2611,26100
Other changes in financial assets-460-1,552364376-11-434-237,7322,250-6131,0815,6746,541-5,0728305,453825624
Other changes in liabilities-6,341-2,301-4,237-3,988-428-192-919-3,961-2,907-3,448-2,257-790-2,7066,701-1,812-2,173-1,502-1,535
                         
Closing net worth -30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,692-51,902
                         
General Government Debt (GGDebt)                   
Debt instrument liabilities at market valueF2 + F3 + F4193,519200,529216,212218,596230,511230,296232,405231,503234,413231,661232,907228,849231,710225,220227,983225,423232,315226,416
+ Difference between EDP face value and market value768-763-5,807-8,610-12,251-11,893-13,881-16,205-19,416-22,188-24,654-25,550-28,238-21,464-24,792-24,289-25,689-26,310
                         
 Gross General Government Debt (EDP face value)GGDebt194,287199,766210,405209,986218,260218,403218,524215,298214,997209,473208,253203,299203,472203,756203,191201,134206,626200,106
                  
less EDP debt instrument assetsF2 + F3 + F4-55,890-54,943-63,435-58,718-64,074-61,036-60,800-54,590-53,986-46,319-43,735-36,808-36,442-38,250-38,414-29,601-33,620-27,822
 Net General Government Debt GGNetDebt138,397144,823146,970151,268154,186157,367157,724160,708161,011163,154164,518166,491167,030165,506164,777171,533173,006172,284
     
Closing Net Worth (% of annualised GDP) -17.4-21.1-25.0-28.1-29.9-31.1-32.5-30.6-31.5-33.4-34.1-30.2-26.4-23.5-22.6-19.4-20.1-20.2
Gross General Government Debt (% of annualised GDP)111.8114.3120.0119.5123.8124.0122.0119.5118.1113.7110.9105.297.090.885.678.680.577.8
Net General Government Debt (% of annualised GDP) 79.682.883.886.187.489.488.189.288.488.587.686.279.673.869.467.167.467.0
 
Annualised GDP 173,777174,821175,399175,754176,334176,090179,077180,209182,060184,281187,793193,159209,718224,410237,342255,815256,739257,062
Table 3 General Government: detailed classification of revenue and output
                       €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q2
                        
Total RevenueTR13,63114,58714,69216,58214,11915,37914,87017,15414,95416,30815,90518,63615,94417,40716,58920,59316,28418,207
 Taxes and social contributions 11,92211,69812,67914,50512,34812,29513,25315,01313,23813,33114,16316,69914,22014,31414,86618,72314,95415,510
  TaxesD2 + D5 + D919,5739,24310,29611,8179,7799,75510,74112,22510,46510,69511,53813,75111,34211,58012,16515,64811,92812,616
   Indirect taxes (taxes on production and imports)D24,9013,7975,4404,2075,1263,9795,6474,5335,5394,6105,7855,2615,9424,8626,2725,3776,2485,244
    Taxes on productsD214,3293,2244,8733,6734,5403,3375,0173,8554,7003,8865,0794,5735,0384,1695,5754,6495,6064,516
    of which Value-Added TaxD2113,0501,8603,1492,1613,0251,8123,4342,1013,2002,1653,4812,6753,3252,2593,7582,6143,6302,287
    Other taxes on production D29572573567534586642630678838724706688904693697729642728
   Direct taxesD54,6505,4204,8147,4174,6325,7505,0577,4974,8966,0495,7098,2395,3706,6835,8389,9905,6457,310
    Taxes on income, profits and capital gainsD514,3875,1694,0997,1824,3625,4674,2627,2074,5835,7594,7297,9455,0576,4045,4099,7345,3367,028
    Other current direct taxesD59263251715234269283795289313290980294313279429256309282
   Capital taxesD912226431942126371952936432503135562803562
  Social contributions D612,3492,4552,3832,6882,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0262,894
   Actual social contributionsD611 + D6132,0002,1072,0352,3402,2222,1932,1642,4402,4232,2862,2752,5972,5372,3932,3602,7332,6842,553
    PRSI receipts D611 + D613(pt)1,5801,6861,6141,9191,7911,7631,7342,0102,0151,8771,8662,1892,1592,0151,9822,3562,3072,175
    Government employees' social contributionsD613(pt)421421421421430430430430408408408408378378378378378378
   Employers' imputed social contributionsD612348348348348347347347347351351351351342342342342342342
 Sales of goods and servicesP1O1,0891,1841,2841,5571,2011,2371,1141,3861,0491,1651,1701,3211,1781,3111,3171,4891,0851,199
  Sales of market establishments (= market output)P11245245245245262262262262284284284284311311311311311311
  Imputed sales related to production of own-use capital assets (= output for own final use)P121010101088888888555555
  Incidental sales and fees of non-market establishmentsP1318359301,0301,3039319678441,1167568738781,0298629951,0011,173769883
 Investment incomeD44621,5825933904691,7574125435131,6984183344091,675310267951,335
  Interest (excluding FISIM)D413704484073694113293353303212912142111961911701578793
  DividendsD42911,13218520581,426762121911,4072031222111,48313910971,241
  Rent of land and subsoil assetsD45111111111111111111
 Current transfer revenueD39 + D7685753735045406077726782665955736659
  SubsidiesD39000000000000000000
  Other current transfersD7685753735045406077726782665955736659
   Non-life insurance claimsD72222222222222222222
   Other Domestic - Current D7N_S1505050503333333360606060494747504947
   From Rest of World - CurrentD7N_S21651211610626161062016106211610
 Capital transfer revenueD9N916783575145511517742862017048414185103
                        
Output P17,6947,6137,7907,9177,4567,6467,5967,7917,6407,9227,8147,8098,0348,0708,0178,1608,2868,322
 Market output (sales of market establishments)P11245245245245262262262262284284284284311311311311311311
 Output for own final useP121010101088888888555555
 Non-market outputP137,4407,3597,5367,6637,1867,3767,3267,5207,3477,6297,5227,5177,7187,7547,7017,8437,9698,006
  = Non-market compensation of employeesD1_nonmarket4,9334,6604,6964,6694,8254,7244,5374,4754,7614,6614,4754,4144,9024,7994,6084,5455,0304,925
   = Total compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9074,8044,6134,5505,0354,930
   - Compensation of employees of market establishmentsD1_market000000000000000000
   - Compensation related to production of own-use capital assetsD1_own-use-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5-5-5
  + Non-market intermediate consumptionP2_nonmarket1,7801,9712,1122,2671,6431,9342,0712,3281,8322,2142,2932,3492,0192,1582,2962,5012,0842,227
   = Total intermediate consumptionP21,8332,0242,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,1392,282
   - Intermediate consumption of market establishmentsP2_market-53-53-53-53-55-55-55-55-55-55-55-55-55-55-55-55-55-55
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000000000000000
  + Non-market consumption of fixed capitalP51c_nonmarket728728728728717717717717754754754754797797797797854854
   = Total consumption of fixed capitalP51c825825825825817817817817858858858858907907907907958958
   - Consumption of fixed capital by market establishmentsP51c_market-97-97-97-97-99-99-99-99-104-104-104-104-110-110-110-110-104-104
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000000000000000
  + Other taxes on production, payable D29_pay000000000000000010
  - Other subsidies on production, receivable D39_rec000000000000000000
Table 4 General Government: detailed classification of expenditure and consumption
                       €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q2
                        
Total ExpenditureTE18,43518,28317,87418,91417,57517,22717,68019,23417,81817,79118,01819,37318,33417,34117,50122,14417,70918,051
                        
 Expense 17,99617,82418,44218,99217,68817,57718,17718,65017,59317,55018,14618,91217,97517,69517,83021,04017,73917,506
  Compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9074,8044,6134,5505,0354,930
   Of which: Related to production of own-use capital assets 1010101088888888555555
  Use of goods and services plus taxes payableP2 + D5 + D291,8332,0252,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,1392,282
   Use of goods and services [Intermediate consumption]P21,8332,0242,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,1392,282
    Of which: Intermediate consumption of market establishments 535353535555555555555555555555555555
   Taxes, payableD5000000000000000000
  Depreciation (Consumption of fixed capital)P51c825825825825817817817817858858858858907907907907958958
    Of which: Depreciation by market establishments 9797979799999999104104104104110110110110104104
  Interest (excluding FISIM)D411,6501,7291,8531,9471,9221,8711,9121,9101,8531,8861,8751,8351,6471,6651,6881,6931,6121,547
   Other domestic interest payableD41_S1561614666717734723755765698702695664526585584601546549
   Interest payable to rest of worldD41_S21,0891,1151,1871,2301,1881,1481,1571,1451,1551,1841,1801,1711,1211,0801,1041,0921,066998
  SubsidiesD3411430453627413433457611398415437603383399418585381397
   Product subsidiesD31225246268324244264288275213231251261196213232241198215
   Other subsidies on productionD39186184186303169168169335185184185342187185187344183182
  Social benefitsD62 + D6327,0027,1397,3897,9466,8306,8307,2277,6976,6086,7057,2457,6506,6606,7327,2437,6146,6256,725
   Social benefits in cashD626,0495,9675,7846,4345,9145,7025,6836,2425,7825,5755,5566,1025,8245,6155,5976,0965,7455,540
   Social benefits in kind (via market producers)D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,5188801,185
  Other current transfersD71,008360701451795648769679889489600796935671238721694412
   Net non-life insurance premiumsD71191919191414141414141414141414141414
   Current international cooperationD74102137187120751771451339272139132821589314185104
   Miscellaneous current transfersD75404-33260741701573091112368526021623718024854846
   VAT and GNI based EU budget contributionD76482237234237535300301421546317186434602318108480546248
    VAT-based EU own resourcesD761813940327847472382472846834525637933
    GNI-based EU own resourcesD76240219819420545725325439846526915838851927383417467215
  Capital transfersD9326646350198380258324713302593003444623053732,415295254
   Investment grantsD9232636635019834225832471330259289162425265373304295254
   Other capital transfersD99028000380000011182374002,11100
                        
 Net acquisition of non-financial assetsP5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,104-30545
  = Gross investment in non-financial assetsP5 + NP1,2641,2842587477044663191,4001,0831,0997301,3191,2665535772,0119281,503
   Gross fixed capital formationP511,2441,2632377261,4074452991,3801,0681,0847151,3041,2515385621,9969131,488
   Net acquisition of stocksP52212121212121212115151515151515151515
   Net acquisition of unproduced assetsNP0000-7230000000000000
  - Consumption of fixed capitalP51c-825-825-825-825-817-817-817-817-858-858-858-858-907-907-907-907-958-958
                        
Net expenditure on current goods and servicesP3 excl. D6326,6066,4296,5066,3616,2556,4096,4826,4046,5916,7576,6446,4886,8566,7596,7006,6707,2017,123
 = OutputP17,6947,6137,7907,9177,4567,6467,5967,7917,6407,9227,8147,8098,0348,0708,0178,1608,2868,322
 - Sales of goods and services P11+P12+P131-1,089-1,184-1,284-1,557-1,201-1,237-1,114-1,386-1,049-1,165-1,170-1,321-1,178-1,311-1,317-1,489-1,085-1,199
   Market output (sales of market establishments)P11-245-245-245-245-262-262-262-262-284-284-284-284-311-311-311-311-311-311
   Output for own final useP12-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5-5-5
   Incidental sales and fees of non-market establishmentsP131-835-930-1,030-1,303-931-967-844-1,116-756-873-878-1,029-862-995-1,001-1,173-769-883
                        
Final consumption expenditureP37,5587,6028,1107,8737,1717,5378,0267,8597,4187,8878,3338,0367,6927,8758,3458,1888,0808,308
 = Net expenditure on current goods and servicesP3 excl. D6326,6066,4296,5066,3616,2556,4096,4826,4046,5916,7576,6446,4886,8566,7596,7006,6707,2017,123
 + Social transfers in kind via market producers D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,5188801,185
made up of                    
 Individual consumption (= social transfers in kind)P31 (= D63)5,1975,3045,8345,0284,9435,2245,7294,9654,9935,4176,0345,1385,1575,3975,9985,1755,4185,701
  Social transfers in kind (via market producers)D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,5188801,185
  Social transfers in kind (provided directly by government)D6314,2454,1324,2303,5164,0274,0964,1853,5104,1664,2874,3453,5894,3204,2804,3523,6574,5384,516
 Collective consumption (= actual final consumption of government)P322,3612,2982,2762,8442,2282,3132,2962,8942,4252,4702,2982,8992,5362,4792,3483,0132,6632,607
                        
Total social transfersD62 + D6311,24611,27111,61911,46210,85710,92611,41211,20710,77410,99211,59111,23910,98011,01211,59511,27111,16311,241
 Social benefits in cashD62 6,0495,9675,7846,4345,9145,7025,6836,2425,7825,5755,5566,1025,8245,6155,5976,0965,7455,540
 Social transfers in kind (= individual consumption)D635,1975,3045,8345,0284,9435,2245,7294,9654,9935,4176,0345,1385,1575,3975,9985,1755,4185,701
Table 5 General Government financial transactions
             €million
 2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q2
DescriptionESA2010 code                  
 Net lending (+) / net borrowing (-)B.9-4,805-3,695-3,182-2,332-3,456-1,848-2,810-2,079-2,864-1,483-2,113-737-2,39066-911-1,551-1,425156
equals                    
Net acquisition of financial assets ΔA527738,482-3,2485,759-2,683-1,590-7,012-2,576-7,421-2,334-6,525-1,31030925-6,3084,072-7,741
EDP debt instruments F2 + F3 + F41,441-4048,396-5,0536,596-2,825-414-7,738-560-8,226-2,362-8,360-901,112185-8,5214,051-5,802
 Currency and deposits F21,8985989,613-6,2718,685-2,446-641-6,8562,350-1,010-282-7,2909021,612757-3,7764,539-6,521
Debt securities F3-1-116-1231,197-860-10813279-21455-686-584-714-397-153-4,570-755511
Short-term F31-9-301,046945111,750-201126-341-957-802258-135-505-832-201
Long-term F328-113-123151-1,805-109131-1,671-13-71-34537388-655-18-4,06577712
Loans F4-456-886-1,09421-1,229-27195-961-2,696-7,271-1,394-486-278-103-419-175267208
Short-term loans F41231-30414454-44-24834030114533-776-190-111-103-109-20719429
Long-term loans F42-687-856-1,508-433-1,185-23-245-1,262-2,841-7,304-618-296-1670-3103273179
Equity and Investment Fund Shares F5-501,390548156477-1,297-543-1,194569282252477-830-36629630-1,509
Other financial assets F6 + F7 + F8 -1,339-213811,324-893-3351211,269-822236-2541,583-1,69727-1241,584-609-430
Insurance, Pensions and Standardised Guarantees F6000-100000001000-100
Financial derivatives and Employee Stock Options F7-7500-1164003217272330-3724-1200
Other accounts receivable/payableF8-1,264-213811,326-1,057-3351211,237-839209-2771,552-1,32523-1231,583-609-430
less                    
Net incurrence of liabilities ΔL4,8574,46811,664-9169,215-8351,220-4,933288-5,938-221-5,7881,080243936-4,7575,497-7,897
EDP debt instruments F2 + F3 + F44,9054,50311,648-1,35610,039-8001,269-4,970171-5,972-194-6,53498346927-4,7625,727-7,823
Currency and deposits F29392,681-534716-30,613575172-841-2,842-6,962-567-103-446778636231193
Debt securities F3-6,004-3,6706,711-4,41639,248-5,035-1,197-7,4062,2341,2824752,18110,489-35506-5,1646,075-8,381
Short-term F31-3844831,031-2,4012,309637-1,432-1,6821091,0231121641,897-974-1,059-2,1903,020-448
Long-term F32-5,620-4,1535,680-2,01536,939-5,672235-5,7242,1252593632,0178,5929391,565-2,9743,055-7,933
Loans F49,9705,4925,4712,3441,4043,6602,2943,277779-292-102-8,612-9,0604335366-579365
Short-term loans F41-711,220424-245-117-395-20723350-48-10-106275-134-301-48-362-139
Long-term loans F4210,0414,2725,0472,5891,5214,0552,5013,044729-244-92-8,506-9,335138636414-217504
Other liabilities F5 + F6 + F7 + F8 -48-3516440-824-35-493711734-277469719795-230-74
Equity and Investment Fund Shares F5000000000000000000
Insurance, Pensions and Standardised Guarantees F60001000-10000000000
Financial derivatives and Employee Stock Options F70001000-1000-1000000
    Other accounts receivable/payable F8-48-3516438-824-35-493911734-277479719795-230-74
Table 6 General Government: detailed breakdown of net worth
                         €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q2
             
General Government balance sheet                   
                          
 Net worth at market value, excluding pension liabilitiesNW-30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,692-51,902
 equals                   
  Non-financial assets at market valueNFA85,98186,96586,92487,37188,03088,45288,72690,08191,34992,63393,54995,05396,67397,58198,512100,877100,848101,393
 plus                   
  Financial net worth at market value, excluding pension liabilitiesFNW-116,231-123,779-130,834-136,778-140,673-143,147-146,899-145,207-148,728-154,272-157,561-153,414-151,969-150,274-152,167-150,438-152,540-153,295
  equals                   
   Financial assets at market valueFA87,87387,09495,94093,06898,81695,69994,08694,80694,48086,44685,19384,34289,57384,81085,66584,81089,70782,590
    EDP debt instrumentsF2 + F3 + F455,89054,94363,43558,71864,07461,03660,80054,59053,98646,31943,73536,80836,44238,25038,41429,60133,62027,822
     Currency and depositsF221,18021,77931,39225,28333,96831,51930,87924,02226,37325,37425,11617,86318,79820,40021,15817,57922,10215,584
     Debt securitiesF38,0698,0217,9269,4708,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,3633,2882,5163,029
      Short-termF313001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149
      Long-termF328,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1642,879
     LoansF426,64125,14324,11723,96521,49621,03021,30120,31917,46710,7069,0599,2998,6859,3308,8938,7349,0029,209
      Short-term loansF411,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,208
      Long-term loansF4225,52524,05622,61722,01119,58719,36819,29918,01615,0198,2247,3537,7837,2808,0297,7007,7487,8228,000
    Equity and Investment Fund SharesF523,46523,71323,90425,09826,65427,00325,29330,79531,98831,80933,64738,20244,18937,93538,96845,25947,48546,470
    Other financial assetsF6 + F7 + F8 8,5188,4388,6019,2528,0887,6607,9939,4218,5068,3187,8119,3328,9428,6258,2839,9498,6028,298
     Insurance, Pensions and Standardised GuaranteesF6111000000001111000
     Financial derivatives and Employee Stock OptionsF71,3391,4741,5578977927009141,1351,0486393983521,28794772881273199
     Other accounts receivable/payableF87,1786,9637,0438,3557,2966,9607,0798,2867,4587,6797,4138,9797,6547,6777,5549,1378,5298,099
  less                   
   Liabilities at market valueL204,104210,873226,774229,846239,489238,846240,985240,013243,208240,718242,754237,756241,542235,084237,832235,248242,247235,885
    EDP debt instrumentsF2 + F3 + F4193,519200,529216,212218,596230,511230,296232,405231,503234,413231,661232,907228,849231,710225,220227,983225,423232,315226,416
     Currency and depositsF259,34662,02061,46862,09931,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,132
     Debt securitiesF385,91683,13994,79794,295135,269130,614130,045126,293131,283135,416138,066142,394154,120147,320149,747146,741153,835147,111
      Short-termF313,5204,0395,0522,5804,9695,5874,1282,4232,5123,5083,6503,7855,8804,6773,5481,1884,4903,543
      Long-termF3282,39679,10089,74591,715130,300125,027125,917123,870128,771131,909134,416138,609148,241142,644146,200145,552149,345143,568
     LoansF448,25755,37059,94762,20263,78967,64770,17973,85474,60574,67373,82865,53757,11257,33957,58457,96957,53858,173
      Short-term loansF414861,7072,1301,8851,7691,3741,1661,4341,4651,3921,3771,2951,5441,4011,0911,055673671
      Long-term loansF4247,77153,66357,81760,31662,02166,27469,01372,42073,13873,28072,45164,24355,56855,93656,49056,90956,86057,498
    Other liabilitiesF5 + F6 + F7 + F810,58510,34410,56211,2508,9788,5508,5808,5108,7959,0579,8478,9079,8329,8649,8499,8259,9329,469
     Equity and Investment Fund SharesF5000000000000000000
     Insurance, Pensions and Standardised GuaranteesF6000111100000000000
     Financial derivatives and Employee Stock OptionsF72,5582,3512,5532,8021,3549611,0409321,1001,3272,1444571,2861,1201,0961,0681,4051,015
     Other accounts receivable/payableF88,0277,9938,0098,4477,6237,5887,5397,5787,6957,7307,7038,4508,5468,7448,7538,7578,5278,454
                          
                          
  Memo: Estimated pension liabilities of government 98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                          
 Memo: Net worth, including pension liabilities -128,250-134,814-141,910-147,407-150,643-152,695-156,173-153,126-155,379-159,639-162,012-156,361-153,296-150,693-151,655-147,561-149,692-149,902
                          
  Contingent liabilities 119,131119,131119,131119,13159,72359,72359,72359,72329,21929,21929,21929,25316,86216,86216,86216,86216,86216,862
   Guarantees 115,555115,555115,555115,55556,02056,02056,02056,02025,14525,14525,14525,14512,60412,60412,60412,60412,60412,604
   Off-balance sheet PPPs 3,5763,5763,5763,5763,7033,7033,7033,7034,0744,0744,0744,1084,2584,2584,2584,2584,2584,258
                          
 Memo: Net worth, including pension liabilities and contingent liabilities -247,381-253,944-261,041-266,538-210,365-212,418-215,896-212,848-184,598-188,858-191,231-185,614-170,157-167,555-168,517-164,422-166,554-166,764
                          
Change in net worth of government                   
                          
 Opening net worth -19,609-30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,692
                          
 Change in net worth due to transactions -4,366-3,237-3,749-2,411-3,568-2,199-3,307-1,496-2,639-1,242-2,241-276-2,031-288-1,241-447-1,454701
  Net acquisition of non-financial assets P5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,104-30545
  Net lending/net borrowingB9-4,805-3,695-3,182-2,332-3,456-1,848-2,810-2,079-2,864-1,483-2,113-737-2,39066-911-1,551-1,425156
   = Net acquisition of financial assets 527738,482-3,2485,759-2,683-1,590-7,012-2,576-7,421-2,334-6,525-1,31030925-6,3084,072-7,741
   - Net incurrence of liabilities -4,857-4,468-11,664916-9,215835-1,2204,933-2885,9382215,788-1,080-243-9364,757-5,4977,897
                          
 Change in net worth due to other economic flowsKx-6,275-3,327-3,348-3,086333146-1704,543387-3,018-1335,9275,0972,8902804,541-677-911
  Other changes in non-financial assets 5265265265267727727727721,0431,0431,0431,0431,2611,2611,2611,26100
  Other changes in financial net worth -6,801-3,853-3,873-3,612-439-626-9423,771-657-4,061-1,1764,8843,8351,629-9823,280-677-911
   = Other changes in financial assets -460-1,552364376-11-434-237,7322,250-6131,0815,6746,541-5,0728305,453825624
     EDP debt instruments -719-54396336-1,240-2131781,528-44559-2221,433-276696-21-291-334
     Equity and Investment Fund Shares 540-1,1421867131,500-128-4136,0452,387-7481,5564,3035,510-5,4241,0695,6621,596494
     Other financial assets -28113382-673-271-93212159-93-424-253-621,307-344-21882-738126
   - Other changes in liabilities -6,341-2,301-4,237-3,988-428-192-919-3,961-2,907-3,448-2,257-790-2,7066,701-1,812-2,173-1,502-1,535
     EDP debt instruments -6,757-2,507-4,035-3,740-1,876-585-840-4,068-2,739-3,220-1,440-2,476-1,8786,536-1,836-2,202-1,165-1,924
     Other liabilities 416206-202-2481,448393-79107-168-228-8171,686-8281652429-337389
                          
                          
Closing net worth -30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,692-51,902
Table 7 General Government Gross and Net Debt
                      €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q2
                       
General Government Debt                   
                       
  Debt instrument liabilities at market value 193,519200,529216,212218,596230,511230,296232,405231,503234,413231,661232,907228,849231,710225,220227,983225,423232,315226,416
  + Difference between face value and market value 768-763-5,807-8,610-12,251-11,893-13,881-16,205-19,416-22,188-24,654-25,550-28,238-21,464-24,792-24,289-25,689-26,310
                       
Gross General Government Debt (face value)GGDebt194,287199,766210,405209,986218,260218,403218,524215,298214,997209,473208,253203,299203,472203,756203,191201,134206,626200,106
By category:                   
 Currency and deposits F259,34662,02061,46862,09231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,132
 Debt securitiesF387,67984,94190,47587,297124,601120,462118,306112,665114,475116,113115,546119,078128,539128,678128,001125,565131,200124,071
  Short-termF313,4974,0235,0432,5354,9595,5624,1022,3892,4893,4773,6373,7605,8494,6623,5321,1824,4823,536
  Long-termF3284,18280,91885,43284,762119,642114,900114,205110,276111,986112,636111,910115,318122,690124,016124,469124,383126,717120,536
 LoansF447,26252,80458,46260,59762,20665,90668,03771,27771,99871,78771,69463,30354,45554,51654,53854,85654,48554,903
  Short-termF415691,8272,2361,8841,7701,3771,1711,4411,4771,4021,3821,2941,5431,3641,0891,050672669
  Long-termF4246,69350,97756,22658,71360,43664,52966,86669,83670,52170,38670,31262,01052,91253,15253,44953,80553,81354,233
                       
less EDP debt instrument assetsF2 + F3 + F455,89054,94363,43558,71864,07461,03660,80054,59053,98646,31943,73536,80836,44238,25038,41429,60133,62027,822
 By category:                   
 Currency and deposits F221,18021,77931,39225,28333,96831,51930,87924,02226,37325,37425,11617,86318,79820,40021,15817,57922,10215,584
 Debt securitiesF38,0698,0217,9269,4708,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,3633,2882,5163,029
  Short-termF313001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149
  Long-termF328,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1642,879
 LoansF426,64125,14324,11723,96521,49621,03021,30120,31917,46710,7069,0599,2998,6859,3308,8938,7349,0029,209
  Short-termF411,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,208
  Long-termF4225,52524,05622,61722,01119,58719,36819,29918,01615,0198,2247,3537,7837,2808,0297,7007,7487,8228,000
                       
 Net General Government Debt (face value)GGNetDebt138,397144,823146,970151,268154,186157,367157,724160,708161,011163,154164,518166,491167,030165,506164,777171,533173,006172,284
 By category:                   
 Currency and deposits F238,16640,24130,07636,809-2,5155161,3027,3342,152-3,802-4,1033,0551,680161-5063,134-1,1605,548
 Debt securities F379,61076,92082,54977,827115,992111,975109,686102,416104,328105,875105,987109,432119,580120,159119,639122,277128,684121,043
  Short-termF313,4944,0235,0431,4892,9693,5712,110-1,355-1,053-1903111,3914,2822,8371,843-24,1303,387
  Long-termF3276,11672,89777,50676,338113,023108,404107,577103,771105,381106,065105,677108,041115,298117,322117,796122,279124,553117,657
 LoansF420,62127,66134,34536,63240,71044,87646,73650,95854,53061,08162,63554,00445,77045,18545,64646,12245,48345,695
  Short-termF41-547740736-70-139-285-831-862-972-1,080-324-22213862-10364-508-539
  Long-termF4221,16826,92133,60936,70240,84945,16147,56751,82055,50262,16262,95954,22745,63245,12345,74946,05745,99146,233

Background Notes

Introduction

This detailed release is the official publication by the CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2012 to Q2 2016. The data in this release is subject to the normal verification process by Eurostat until 21st October 2016 and are therefore provisional.

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-September 2016 under the EU regulation governing the Excessive Deficit Procedure (EDP). Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The official publication by Eurostat of deficit and debt levels for all EU member states is due on 21st October 2016.

The full suite of GFS tables is available on the CSO’s website by following the link:

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

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

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

Revisions have been made to previously published Net acquisition of financial assets and Net incurrence of liabilities figures for the Quarters Q1 2012 up to Q4 2015 inclusive. This is the alternative measure of GG Deficit/Surplus, referred to as Net Lending/Borrowing. See Tables 1 and 5.

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

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

Revisions have been made to Debt or Net worth figures for the Quarters Q1 2012 up to Q4 2015 inclusive. These revisions are due to increased availability of data. See Tables 2 and 6.

Revisions to GDP

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

Significant events arising that impact Deficit/Debt

The following significant transactions took place in 2015 and first six months of 2016.

Share Transactions

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

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

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

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

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

Investment income

The Central Bank paid a dividend to the exchequer of €1.4 billion in Quarter 2 2015 and €1.2 billion in Quarter 2 2016 which are recorded as Investment income. Dividends paid to the State are subject to the "super-dividend test" which excludes holding gains from the profit on which dividends may be paid. Payments to Government in excess of the allowable profit are recorded as equity withdrawals and are not part of revenue. In both 2015 and 2016, the Central Bank surplus paid to the Exchequer were split into two parts - dividend and equity withdrawal as a result of the "super-dividend test".

Repayment of water-related loans by Central Government

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

Government Finance Statistics – Concepts and Definitions

GFS form the basis for fiscal monitoring in Europe, in particular in relation to the Excessive Deficit Procedure (EDP).

European GFS, including EDP statistics, are produced according to the legally binding accounting rules of the European System of Accounts (ESA2010).  The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA 2010 in the context of GFS.

EU Member States are required to report Government Deficit/Surplus and Debt data biannually under the EDP - before 1 April and 1 October in year N, for years N-4 to N-1 calendar years, as well as a forecast for the current year. The data are reported in harmonised tables, which provide a consistent framework for the presentation of this data by Member States. The tables provide a structure for linking national budgetary aggregates with Government Deficit and Debt.

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

Table 801   Quarterly Non-financial accounts by sector  

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

Table 2700 Quarterly financial accounts for General Government

Table 2800 Quarterly Government Debt

These data are available on the Eurostat website -

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

Definition of General Government and its subsectors

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

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

This measure is by definition equal to both Total Revenue (TR) less Total Expenditure (TE), and Net acquisition of financial assets less Net incurrence of liabilities (Tables 1 and 5).  In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG Deficit/Surplus. This adjustment has no impact on Gross debt, Net debt or Net worth. For this 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 – the total remuneration of Government employees.

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

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

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

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

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

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

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

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

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

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

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

Categories of Financial Flows

F.1       Monetary gold and Special Drawing Rights (SDRs)

            F.11     Monetary gold

            F.12     Special Drawing Rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund 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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