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CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 2 2019

General Government Finances
  Balance Gross Debt Net Debt
 % quarterly % annualised% annualised
 €bnGDP€bn GDP€bn GDP
2018 Q1-1.8-2.3210.368.5177.657.8
2018 Q2-0.6-0.8214.668.3177.056.3
2018 Q3-1.6-1.8215.867.2177.855.4
2018 Q44.14.9206.063.6177.954.9
2019 Q1-1.6-1.9215.165.4178.954.4
2019 Q21.51.8213.863.9175.952.6
2018 Q1-Q2-2.4-1.5    
2019 Q1-Q2-0.1-0.1    

Government deficit of €0.1 billion in the first half of 2019

Figure 1 General Government Deficit
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The government recorded a deficit of €0.1 billion (-0.1% of GDP) in the first half of 2019 (Table 1).

In the first 6 months of 2019, government revenue amounted to €40.3 billion, up 7.2% compared with the same period of 2018. This increase was mainly due to increases in Taxes and Social contributions (+7.3%).

In the first 6 months of 2019, government expenditure was €40.5 billion, an increase of €0.4 billion (+1.1%) on the same period last year. This increase is mainly due to expenditure in Compensation of employees/Pay (+4.2%), Use of goods and services (+4.2%) and Social benefits (+2.1%). (Tables 1 and 4).

Government Gross Debt at 63.9% of GDP at end Q2 2019

General Government Gross Debt (GG Debt) was €213.8 billion (63.9% of GDP) at the end of Q2 2019 (Figure 2 and Table 7). This compares with a debt level of 65.4% of GDP at the end of Q1 2019. The fall in the debt ratio is due mainly to increased GDP.

At the end of June 2019, General Government Net Debt was €175.9 billion (52.6% of GDP), a decrease of €1.1 billion on the net debt level a year earlier. In the same period Maastricht debt fell by €0.9 billion due primarily to the redemption of long-term debt securities

The market value of Equity and Investment Fund Shares fell by €5.1 billion over the same period. This decrease in the value of the investment portfolio was caused by a combination of net sales of these assets (€2.6 billion) and stock market losses (€2.5 billion) which impacted the State’s shares in Irish banks (Tables 2, 5 and 6).

The debt per capita at the end of Q2 2019 stood at €43,439 (Figure 3).

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

Government Finance Statistics (GFS) quarterly results are benchmarked to the most recent 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 and the Quarterly National Accounts.

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

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


GG Gross DebtGG Net Debt
Q1 201678.366.1
Q2 201675.565.6
Q3 201676.165.7
Q4 201673.965.2
Q1 201775.764.6
Q2 201775.161.7
Q3 201772.659.9
Q4 201767.859.2
Q1 201868.557.8
Q2 201868.356.3
Q3 201867.255.4
Q4 201863.654.9
Q1 201965.454.4
Q2 201963.952.6
GG Debt per Capita
2007 Q210764
2008 Q213715
2009 Q222578
2010 Q227289
2011 Q234836
2012 Q243665
2013 Q247554
2014 Q245405
2015 Q243546
2016 Q242290
2017 Q244094
2018 Q244191
2019 Q243438
Table 1 General Government transactions: revenue, expenditure, financing and deficit
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q2
General Government transactions               
Taxes and social contributionsD2 + D5 + D91 + D6114,86015,42814,87419,66115,54716,03115,91620,81816,12017,30316,89423,70717,21418,650
TaxesD2 + D5 + D9111,84612,54612,00516,37212,36512,98012,89117,42412,75714,06213,68920,05313,61015,143
Social contributions D613,0142,8822,8693,2893,1823,0523,0263,3943,3633,2413,2053,6543,6043,506
Sales of goods and servicesP1O1,2071,3451,3511,5301,2441,3701,3831,5361,3131,4581,4651,6541,3071,447
Investment incomeD41091,3391182603291,09211524711184688272681,244
Current transfer revenue (excluding taxes)D71051108410215510811013111311611723812253
Capital transfer revenue (excluding taxes)D9N11913864894110111115108132118120153119123
Compensation of employeesD15,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,5075,9535,816
Use of goods and services plus taxes payableP2 + D5 + D292,1372,2762,5082,7152,1992,3422,6272,8372,4082,6632,9862,9302,5332,751
Depreciation (Consumption of fixed capital)P51c9229229229229769769769761,0361,0361,0361,0361,0361,036
Interest (excluding FISIM)D411,6411,5611,5231,4411,5251,4371,5161,3601,3671,3071,3221,2391,1161,155
Social benefitsD62 + D6326,6646,7707,3897,7006,7736,9237,5467,9326,8757,1757,6728,3497,0827,260
Other current transfersD78424556421,0676698936809289569667671,0111,268599
Capital transfersD9329354249662323353218690297640198554325366
 Net operating balanceNOB-1,567680-1,3241,883-842122-1,4012,517-1,23117-1,1574,789-8852,115
Net acquisition of non-financial assetsP5 + NP - P51c21346734253249231744252554624394676743604
 General Government Surplus/DeficitB9-1,780213-1,6651,351-1,334-195-1,8432,465-1,785-607-1,5524,113-1,6281,511
Net acquisition of financial assetsΔFA3,773-7,8931,308-2,0916,0502,585-883-9,8217,1468,29510,597-8,5247,730-394
Debt instrumentsF2 + F3 + F43,911-6,1511,014-3,9317,0157,021-797-11,5417,5094,844429-9,8988,0131,645
Equity and Investment Fund SharesF5631-1,508554-5617-4,401-15-92242-1,3584-123-10-2,464
Other financial assetsF6 + F7 + F8 -769-234-2601,896-982-35-711,812-6054,80910,1641,497-273425
Net incurrence of liabilitiesΔL5,553-8,1062,973-3,4427,3842,780960-12,2868,9318,90212,149-12,6379,358-1,905
Debt instrumentsF2 + F3 + F45,503-8,1013,260-3,3917,3472,644894-12,4338,8684,0702,391-13,0239,483-1,829
Other liabilitiesF5 + F6 + F7 + F8 50-5-287-513713666147634,8329,758386-125-76
Memo: Net derivative flows on debt interest swap contracts -71-70-69-65-62-57-56-49-55-52-48-45-38-37
General Government Surplus/Deficit (% of quarterly GDP) -2.70.3-2.41.8-1.9-0.3-2.43.1-2.3-0.8-1.84.9-1.91.8
Quarterly GDP at current market prices 65,04863,78968,83074,01768,96769,74277,87380,54978,94076,85884,60083,64083,58482,850
Table 2 General Government Net Worth, Gross and Net Debt
Description ESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q2
General Government net worth 
Net worth at market value, excluding pension liabilitiesNW-52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,570-31,273
Non-financial assets at market valueNFA100,407102,067103,603105,329107,173108,842110,636112,039113,811115,653117,265119,159119,902120,506
Financial net worth at market value, excluding pension liabilitiesFNW-152,537-153,055-155,078-152,319-152,635-149,908-151,055-149,212-149,876-151,731-153,183-151,959-151,472-151,779
 Financial assets at market valueFA87,61380,29581,29278,73583,20987,69387,38478,95386,41393,198102,23892,143101,990100,239
EDP debt instrumentsF2 + F3 + F432,49626,39927,46523,66930,70237,65136,81825,31332,70437,59338,02828,11736,17637,851
Equity and Investment Fund SharesF547,11546,09146,22645,55743,91441,09841,46842,60643,30540,31738,73537,01139,24135,262
Other financial assetsF6 + F7 + F8 8,0027,8057,6019,5098,5938,9449,09811,03410,40415,28825,47527,01526,57327,126
Liabilities at market valueL240,150233,350236,370231,054235,844237,601238,439228,165236,289244,929255,421244,102253,462252,018
EDP debt instrumentsF2 + F3 + F4229,441222,798226,370221,123225,988227,915228,672218,334226,433230,177231,001219,379228,934227,648
Other liabilitiesF5 + F6 + F7 + F810,70910,55210,0009,9319,8569,6869,7679,8319,85614,75224,42024,72324,52824,370
Memo: Estimated pension liabilities of government114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-166,630-165,488-165,975-161,490-159,962-155,566-154,919-151,673-150,565-150,578-150,418-147,300-146,070-145,773
Contingent liabilities9,0069,0069,0069,0065,3155,3155,3155,3155,0545,0545,0545,0545,0485,048
Memo: Net worth, including pension liabilities and contingent liabilities -175,636-174,493-174,981-170,496-165,277-160,881-160,234-156,988-155,619-155,632-155,473-152,355-151,118-150,821
General Government: changes in net worth              
Opening net worth-51,605-52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,570
Change in net worth due to transactions-1,567680-1,3241,883-842122-1,4012,517-1,23117-1,1574,789-8852,115
Net acquisition of non-financial assets P5 + NP - P51c21346734253249231744252554624394676743604
Net lending/net borrowingB9-1,780213-1,6651,351-1,334-195-1,8432,465-1,785-607-1,5524,113-1,6281,511
Change in net worth due to other economic flowsKx1,0424638362,6012,3704,2742,0487292,339-301,317-1,6712,115-1,818
Other changes in non-financial assets1,1941,1941,1941,1941,3521,3521,3521,3521,2181,2181,2181,21800
Other changes in financial assets914575-311-466-1,5761,8995741,390314-1,510-1,557-1,5712,117-1,357
Other changes in liabilities-1,066-1,306-471,8742,5941,023122-2,0128072621,657-1,318-2-461
Closing net worth -52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,570-31,273
General Government Debt (GGDebt)              
Debt instrument liabilities at market valueF2 + F3 + F4229,441222,798226,370221,123225,988227,915228,672218,334226,433230,177231,001219,379228,934227,648
+ Difference between EDP face value and market value-22,206-22,356-23,849-20,414-17,310-16,594-17,671-16,971-16,128-15,540-15,191-13,401-13,838-13,864
Gross General Government Debt (EDP face value)GGDebt207,235200,442202,521200,709208,678211,321211,001201,363210,305214,637215,810205,978215,096213,784
less EDP debt instrument assetsF2 + F3 + F4-32,496-26,398-27,465-23,669-30,701-37,650-36,817-25,314-32,704-37,593-38,029-28,117-36,175-37,851
Net General Government Debt GGNetDebt174,739174,044175,056177,040177,977173,671174,184176,049177,601177,044177,781177,861178,921175,933
Closing Net Worth (% of annualised GDP)-19.7-19.2-19.3-17.3-16.5-14.6-13.9-12.5-11.7-11.5-11.2-10.1-9.6-9.3
Gross General Government Debt (% of annualised GDP)78.375.576.173.975.775.172.667.868.568.367.263.665.463.9
Net General Government Debt (% of annualised GDP)66.165.665.765.264.661.759.959.257.856.355.454.954.452.6
Annualised GDP 264,519265,353266,251271,684275,602281,555290,599297,131307,104314,220320,947324,038328,682334,674
Table 3 General Government: detailed classification of revenue and output
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q2
Total RevenueTR16,40018,36017,07421,64717,38418,71217,63922,84017,78819,84118,68426,02418,83021,516
 Taxes and social contributions14,86015,42814,87419,66115,54716,03115,91620,81816,12017,30316,89423,70717,21418,650
  TaxesD2 + D5 + D9111,84612,54612,00516,37212,36512,98012,89117,42412,75714,06213,68920,05313,61015,143
   Indirect taxes (taxes on production and imports)D26,2275,2226,4415,5366,7434,9606,8386,0536,7565,2217,3546,1407,3055,693
    Taxes on productsD215,5654,4755,7224,7995,8374,1926,1095,2395,8284,4206,5755,2986,3494,861
    of which Value-Added TaxD2113,5902,2353,9792,7973,9862,1584,1502,7654,0902,4164,6193,0334,4192,561
    Other taxes on production D29662747719738906769729814928801780841956832
   Direct taxesD55,5847,2625,50110,5855,5867,9735,97711,0805,9678,7896,24813,5676,2589,398
    Taxes on income, profits and capital gainsD515,2936,9975,24810,3555,2947,7175,73410,8565,6898,5396,00913,3395,9809,152
    Other current direct taxesD59291264253231292256244224278250240228277247
   Capital taxesD913562632513746752903452863464752
  Social contributions D613,0142,8822,8693,2893,1823,0523,0263,3943,3633,2413,2053,6543,6043,506
   Actual social contributionsD611 + D6132,6802,5482,5352,9542,8782,7482,7223,0913,0812,9592,9233,3723,3223,224
    PRSI receipts D611 + D613(pt)2,3102,1782,1652,5852,4772,3472,3212,6902,6582,5362,4992,9492,8992,801
    Government employees' social contributionsD613(pt)370370370370401401401401423423423423423423
   Employers' imputed social contributionsD612334334334334304304304304282282282282282282
 Sales of goods and servicesP1O1,2071,3451,3511,5301,2441,3701,3831,5361,3131,4581,4651,6541,3071,447
  Sales of market establishments (= market output)P11305305305305331331331331362362362362391391
  Imputed sales related to production of own-use capital assets (= output for own final use)P1255555555555566
Incidental sales and fees of non-market establishmentsP1318961,0341,0411,2209071,0331,0461,1999451,0911,0981,2869101,050
Investment incomeD41091,3391182603291,09211524711184688272681,244
Interest (excluding FISIM)D417773673449251655514237533339
Dividends / Other investment incomeD42 + D4451,239241992531,04173165327752319171,176
Rent of land and subsoil assetsD452727272726262626282828282828
Current transfer revenueD39 + D71051108410215510811013111311611723812253
Other current transfersD71051108410215510811013111311611723812253
Non-life insurance claimsD7244445555555522
Other Domestic - Current D7N_S14947475049484851494848514948
From Rest of World - CurrentD7N_S251583247101555875596465183714
Capital transfer revenueD9N11913864894110111115108132118120153119123
Output P18,2488,2828,3178,4598,7008,7308,8068,9749,3089,5049,6299,6589,7369,817
Market output (sales of market establishments)P11305305305305331331331331362362362362391391
Output for own final useP1255555555555566
Non-market outputP137,9377,9718,0068,1488,3638,3938,4698,6378,9419,1379,2629,2909,3409,420
= Non-market compensation of employeesD1_nonmarket5,0494,9444,7474,6825,3645,2525,0435,0015,6745,6145,4175,5025,9475,810
= Total compensation of employeesD15,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,5075,9535,816
- Compensation of employees of market establishmentsD1_market00000000000000
- Compensation related to production of own-use capital assetsD1_own-use-5-5-5-5-5-5-5-5-5-5-5-5-6-6
+ Non-market intermediate consumptionP2_nonmarket2,0752,2152,4472,6532,1362,2792,5642,7742,3452,6002,9232,8672,4702,688
= Total intermediate consumptionP22,1372,2762,5082,7152,1992,3422,6272,8372,4082,6632,9862,9302,5332,751
- Intermediate consumption of market establishmentsP2_market-62-62-62-62-63-63-63-63-63-63-63-63-63-63
- Intermediate consumption related to production of own-use capital assetsP2_own-use00000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket813813813813862862862862922922922922922922
= Total consumption of fixed capitalP51c9229229229229769769769761,0361,0361,0361,0361,0361,036
- Consumption of fixed capital by market establishmentsP51c_market-109-109-109-109-114-114-114-114-114-114-114-114-114-114
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use00000000000000
+ Other taxes on production, payable D29_pay00000000000000
  - Other subsidies on production, receivableD39_rec00000000000000
Table 4 General Government: detailed classification of expenditure and consumption
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q2
Total ExpenditureTE18,17918,14718,74020,29518,71818,90719,48220,37419,57320,44820,23521,91220,45820,005
Compensation of employeesD15,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,5075,9535,816
Of which: Related to production of own-use capital assets55555555555566
Use of goods and services plus taxes payableP2 + D5 + D292,1372,2762,5082,7152,1992,3422,6272,8372,4082,6632,9862,9302,5332,751
Use of goods and services [Intermediate consumption]P22,1372,2762,5082,7152,1992,3422,6272,8372,4082,6632,9862,9302,5332,751
Of which: Intermediate consumption of market establishments 6262626263636363636363636363
Taxes, payableD500000000000000
Depreciation (Consumption of fixed capital)P51c9229229229229769769769761,0361,0361,0361,0361,0361,036
Of which: Depreciation by market establishments 109109109109114114114114114114114114114114
Interest (excluding FISIM)D411,6411,5611,5231,4411,5251,4371,5161,3601,3671,3071,3221,2391,1161,155
Other domestic interest payableD41_S1576564563556566499584492503432457448313362
Interest payable to rest of worldD41_S21,066998960885958939932868864875865790803793
Product subsidiesD31202220239248207225244254207225244254206223
Other subsidies on productionD39174173174321184183184340193192194357196195
Social benefitsD62 + D6326,6646,7707,3897,7006,7736,9237,5467,9326,8757,1757,6728,3497,0827,260
Social benefits in cashD625,7545,5325,4936,0475,7925,5835,5346,1205,8055,5965,5476,4245,9695,754
Social benefits in kind (via market producers)D6329101,2381,8961,6529811,3402,0121,8121,0701,5792,1241,9251,1131,505
Other current transfersD78424556421,0676698936809289569667671,0111,268599
Net non-life insurance premiumsD712626262627272727272727271314
Current international cooperationD74851041041459511712316886121133190131101
Miscellaneous current transfersD7518487155186139149186355183211131165164159
VAT and GNI based EU budget contributionD76546238357709408601344378661608477629961325
VAT-based EU own resourcesD76179335355637363637543626510954
GNI-based EU own resourcesD762468205304655345528282315585565414565851271
Capital transfersD9329354249662323353218690297640198554325366
Investment grantsD92329354249662323353218660297427198554325366
Other capital transfersD9900000003002130000
Net acquisition of non-financial assetsP5 + NP - P51c21346734253249231744252554624394676743604
= Gross investment in non-financial assetsP5 + NP1,1351,3891,2641,4541,4681,2931,4181,0281,5901,6601,4301,7121,7791,639
Gross fixed capital formationP511,1201,3741,2491,4391,4531,2781,4031,1171,5751,6451,4151,6971,7641,624
Net acquisition of stocksP521515151515151515151515151515
Net acquisition of unproduced assetsNP0000000-105000000
- Consumption of fixed capitalP51c-922-922-922-922-976-976-976-976-1,036-1,036-1,036-1,036-1,036-1,036
Net expenditure on current goods and servicesP3 excl. D6327,0416,9376,9656,9297,4567,3607,4227,4397,9958,0468,1648,0048,4298,370
= OutputP18,2488,2828,3178,4598,7008,7308,8068,9749,3089,5049,6299,6589,7369,817
- Sales of goods and services P11+P12+P131-1,207-1,345-1,351-1,530-1,244-1,370-1,383-1,536-1,313-1,458-1,465-1,654-1,307-1,447
Market output (sales of market establishments)P11-305-305-305-305-331-331-331-331-362-362-362-362-391-391
Output for own final useP12-5-5-5-5-5-5-5-5-5-5-5-5-6-6
Incidental sales and fees of non-market establishmentsP131-896-1,034-1,041-1,220-907-1,033-1,046-1,199-945-1,091-1,098-1,286-910-1,050
Final consumption expenditureP37,9518,1758,8618,5818,4378,7009,4349,2519,0659,62510,2889,9299,5429,875
= Net expenditure on current goods and servicesP3 excl. D6327,0416,9376,9656,9297,4567,3607,4227,4397,9958,0468,1648,0048,4298,370
+ Social transfers in kind via market producers D6329101,2381,8961,6529811,3402,0121,8121,0701,5792,1241,9251,1131,505
made up of              
Individual consumption (= social transfers in kind)P31 (= D63)5,3825,5505,9485,7865,7675,9486,3746,2016,2646,4606,9236,7356,2436,439
Social transfers in kind (via market producers)D6329101,2381,8961,6529811,3402,0121,8121,0701,5792,1241,9251,1131,505
Social transfers in kind (provided directly by government)D6314,4724,3134,0524,1344,7864,6084,3624,3895,1944,8814,7994,8105,1304,934
Collective consumption (= actual final consumption of government)P322,5692,6242,9132,7952,6702,7523,0603,0502,8013,1643,3653,1953,2993,436
Total social transfersD62 + D6311,13611,08211,44111,83411,55911,53111,90912,32112,06912,05612,47113,15812,21212,194
Social benefits in cashD62 5,7545,5325,4936,0475,7925,5835,5346,1205,8055,5965,5476,4245,9695,754
 Social transfers in kind (= individual consumption)D635,3825,5505,9485,7865,7675,9486,3746,2016,2646,4606,9236,7356,2436,439
Table 5 General Government financial transactions
Description 2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q2
Net lending (+) / net borrowing (-)B.9-1,780213-1,6651,351-1,334-195-1,8432,465-1,785-607-1,5524,113-1,6281,511
Net acquisition of financial assets ΔA3,773-7,8931,308-2,0916,0502,585-883-9,8217,1468,29510,597-8,5247,730-394
EDP debt instruments F2 + F3 + F43,911-6,1511,014-3,9317,0157,021-797-11,5417,5094,844429-9,8988,0131,645
 Currency and deposits F24,321-6,6622,255-3,2897,1176,871-941-10,5157,6125,048144-8,6228,1251,799
Debt securities F3-718520-1,23213157247-234-7332272-312235-130
Short-term F31-832-201-1212-28483268-74-5995-344-63
Long-term F32114721-1,2201432415-302191177-309191-67
Loans F4308-9-9-655-1177897-792-30-23613-964-347-24
Short-term loans F4119429-29-2401034-18-58-108-1171-4-21556
Long-term loans F42114-3820-415-12744115-73478-11912-960-132-80
Equity and Investment Fund Shares F5631-1,508554-5617-4,401-15-92242-1,3584-123-10-2,464
Other financial assets F6 + F7 + F8 -769-234-2601,896-982-35-711,812-6054,80910,1641,497-273425
Insurance, Pensions and Standardised Guarantees F600000000000000
Financial derivatives and Employee Stock Options F7-72-69-66-71-25-254-91-56-67-34-28-36-29-38
Other accounts receivable/payableF8-697-165-1941,967-957219201,868-5384,84310,1921,533-244463
Net incurrence of liabilities ΔL5,553-8,1062,973-3,4427,3842,780960-12,2868,9318,90212,149-12,6379,358-1,905
EDP debt instruments F2 + F3 + F45,503-8,1013,260-3,3917,3472,644894-12,4338,8684,0702,391-13,0239,483-1,829
Currency and deposits F22311931256012473157218-322141164152
Debt securities F35,948-8,4462,937-3,9687,4502,937687-6,7648,2403,9972,334-12,8508,874-1,797
Short-term F313,389-9701,670-3,0412,3601,002-1,025-1,7013,191474-490-3,0933,7581,231
Long-term F322,559-7,4761,267-9275,0901,9351,712-5,0635,0493,5232,824-9,7575,116-3,028
Loans F4-676152198517-227-366192-5,74161010536-214445-184
Short-term loans F41-372-2-139169111-371184-124391359-343-254235335
Long-term loans F42-304154337348-33858-5,617219-25437940210-519
Other liabilities F5 + F6 + F7 + F8 50-5-287-513713666147634,8329,758386-125-76
Equity and Investment Fund Shares F500000000000000
Insurance, Pensions and Standardised Guarantees F600000000000000
Financial derivatives and Employee Stock Options F700000005-500-100
   Other accounts receivable/payable F850-5-287-513713666142684,8329,758387-125-76
Table 6 General Government: detailed breakdown of net worth
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q2
General Government balance sheet               
 Net worth at market value, excluding pension liabilitiesNW-52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,570-31,273
  Non-financial assets at market valueNFA100,407102,067103,603105,329107,173108,842110,636112,039113,811115,653117,265119,159119,902120,506
  Financial net worth at market value, excluding pension liabilitiesFNW-152,537-153,055-155,078-152,319-152,635-149,908-151,055-149,212-149,876-151,731-153,183-151,959-151,472-151,779
   Financial assets at market valueFA87,61380,29581,29278,73583,20987,69387,38478,95386,41393,198102,23892,143101,990100,239
    EDP debt instrumentsF2 + F3 + F432,49626,39927,46523,66930,70237,65136,81825,31332,70437,59338,02828,11736,17637,851
     Currency and depositsF222,33115,67817,93914,67021,78728,65227,70917,19824,81529,88230,02921,41029,54031,338
     Debt securitiesF32,5523,0821,8541,8911,8871,8981,9141,7181,5311,5871,8531,5291,8131,691
      Short-term loansF411,1801,2081,179939949983966907799683684680465522
      Long-term loansF426,4346,4316,4936,1696,0796,1176,2295,4905,5585,4415,4624,4984,3574,300
    Equity and Investment Fund SharesF547,11546,09146,22645,55743,91441,09841,46842,60643,30540,31738,73537,01139,24135,262
    Other financial assetsF6 + F7 + F8 8,0027,8057,6019,5098,5938,9449,09811,03410,40415,28825,47527,01526,57327,126
     Insurance, Pensions and Standardised GuaranteesF600000000000000
     Financial derivatives and Employee Stock OptionsF771403006136231409317358353387213277
     Other accounts receivable/payableF87,9317,7657,5719,5098,5878,8088,86710,62510,08714,93025,12226,62826,36026,849
   Liabilities at market valueL240,150233,350236,370231,054235,844237,601238,439228,165236,289244,929255,421244,102253,462252,018
    EDP debt instrumentsF2 + F3 + F4229,441222,798226,370221,123225,988227,915228,672218,334226,433230,177231,001219,379228,934227,648
     Currency and depositsF220,94221,13221,25521,31521,43921,51221,52821,60021,61821,58621,60721,64821,81221,965
     Debt securitiesF3152,465145,538148,944143,057148,028150,630151,267146,554153,961157,633158,480147,085155,761154,558
      Short-term loansF416536515176918464236275149271,3269476519481,341
      Long-term loansF4255,38255,47855,65456,06055,67555,35055,25049,66649,92749,63249,96649,99550,41349,784
    Other liabilitiesF5 + F6 + F7 + F810,70910,55210,0009,9319,8569,6869,7679,8319,85614,75224,42024,72324,52824,370
     Equity and Investment Fund SharesF500000000000000
     Insurance, Pensions and Standardised GuaranteesF600000000000000
     Financial derivatives and Employee Stock OptionsF71,4741,3221,0571,039927621637558515579489405359251
     Other accounts receivable/payableF89,2359,2308,9438,8928,9299,0659,1309,2739,34114,17323,93124,31824,16924,119
Memo: Estimated pension liabilities of government 114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -166,630-165,488-165,975-161,490-159,962-155,566-154,919-151,673-150,565-150,578-150,418-147,300-146,070-145,773
Contingent liabilities 9,0069,0069,0069,0065,3155,3155,3155,3155,0545,0545,0545,0545,0485,048
Guarantees 3,9733,9733,9733,973282282282282777700
Off-balance sheet PPPs and concessions 5,0325,0325,0325,0325,0325,0325,0325,0325,0485,0485,0485,0485,0485,048
Memo: Net worth, including pension liabilities and contingent liabilities -175,636-174,493-174,981-170,496-165,277-160,881-160,234-156,988-155,619-155,632-155,473-152,355-151,118-150,821
Change in net worth of government               
 Opening net worth -51,605-52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,570
 Change in net worth due to transactions -1,567680-1,3241,883-842122-1,4012,517-1,23117-1,1574,789-8852,115
  Net acquisition of non-financial assets P5 + NP - P51c21346734253249231744252554624394676743604
  Net lending/net borrowingB9-1,780213-1,6651,351-1,334-195-1,8432,465-1,785-607-1,5524,113-1,6281,511
   = Net acquisition of financial assets 3,773-7,8931,308-2,0916,0502,585-883-9,8217,1468,29510,597-8,5247,730-394
   - Net incurrence of liabilities -5,5538,106-2,9733,442-7,384-2,780-96012,286-8,931-8,902-12,14912,637-9,3581,905
 Change in net worth due to other economic flowsKx1,0424638362,6012,3704,2742,0487292,339-301,317-1,6712,115-1,818
  Other changes in non-financial assets 1,1941,1941,1941,1941,3521,3521,3521,3521,2181,2181,2181,21800
  Other changes in financial net worth -152-731-3581,4081,0182,922696-6221,121-1,248100-2,8892,115-1,818
   = Other changes in financial assets 914575-311-466-1,5761,8995741,390314-1,510-1,557-1,5712,117-1,357
     EDP debt instruments -3545213518-72-3636-118456-134630
     Equity and Investment Fund Shares 1,585484-419-613-1,6601,5853851,230457-1,630-1,586-1,6012,240-1,515
     Other financial assets -66837561266386225124-25752343-169128
   - Other changes in liabilities -1,066-1,306-471,8742,5941,023122-2,0128072621,657-1,318-2-461
     EDP debt instruments -729-1,458-3121,8562,482717137-2,0957693261,567-1,401-72-543
     Other liabilities -33715226518112306-158338-6490837082
Closing net worth -52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,570-31,273
Table 7 General Government Gross and Net Debt
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q2
General Government Debt               
  Debt instrument liabilities at market value229,441222,798226,370221,123225,988227,915228,672218,334226,433230,177231,001219,379228,934227,648
  + Difference between face value and market value -22,206-22,356-23,849-20,414-17,310-16,594-17,671-16,971-16,128-15,540-15,191-13,401-13,838-13,864
Gross General Government Debt (face value)GGDebt207,235200,442202,521200,709208,678211,321211,001201,363210,305214,637215,810205,978215,096213,784
By category:               
 Currency and deposits F220,94221,13221,25521,31521,43921,51221,52821,60021,61821,58621,60721,64821,81221,965
 Debt securitiesF3131,436124,326126,161123,881131,665134,630134,242130,121138,281142,638143,815134,233142,572141,267
less EDP debt instrument assetsF2 + F3 + F432,49626,39827,46523,66930,70137,65036,81725,31432,70437,59338,02928,11736,17537,851
 By category:               
 Currency and deposits F222,33115,67817,93914,67021,78728,65227,70917,19824,81529,88230,02921,41029,54031,338
 Debt securitiesF32,5513,0811,8541,8911,8861,8981,9131,7191,5321,5871,8541,5291,8131,691
 Net General Government Debt (face value)GGNetDebt174,739174,044175,056177,040177,977173,671174,184176,049177,601177,044177,781177,861178,921175,933
 By category:               
 Currency and deposits F2-1,3895,4543,3166,645-348-7,140-6,1814,402-3,197-8,296-8,422238-7,728-9,373
 Debt securities F3128,885121,245124,307121,990129,779132,732132,329128,402136,749141,051141,961132,704140,759139,576

Background Notes

Background Notes


This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2016 to Q2 2019.

The data published in this series are consistent with General Government Deficit and Debt levels reported at end-September 2019 under the EU regulation governing the Excessive Deficit Procedure. Government accounts are compiled in the EU according to the European System of National Accounts framework - ESA2010.

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

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

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

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

Revisions to government data

VAT MOSS (VAT Mini One Stop Shop): The treatment of VAT MOSS receivable has been implemented from 2015, resulting in a reclassification between D211 and D7. VAT MOSS is a way of paying VAT on supplies of certain digital services.

Revisions to General Government Net Worth: These revisions are due to increased availability of data (Tables 2 and 6).

Super dividend

In 2019 Q2 the exchequer received a super dividend of €1,653 million from the Central Bank of Ireland.

Investment portfolio

In quarter 2 of 2019 the market value of the State's Equity and Investment Fund Shares assets stood at €35.3 billion, down from €39.2 billion in quarter 1 of 2019 (Table 6). The decrease in the value of the State’s equity holdings is explained partly by stock market losses during the quarter relating to shares held in Irish banks and net sales of this asset class amounting in total to €2.2 billion. The Central Bank paid the Exchequer a dividend of €2,385 million in 2019Q2.  This transaction has been partitioned into an ordinary dividend of €732 million and a super dividend of €1,653 million. These funds flow into the Exchequer account, thereby raising the level of Currency and Deposit (AF.2) assets. Moreover, the super dividend also results in a reduction of AF.5 assets by the same amount. Compared to the same quarter last year the value of equity assets fell by €5.1 billion, which equates to a year-on-year drop of 12.5%.

Debt issuance and redemption

Quarterly General Government Consolidated Gross Debt fell by approximately €1.3 billion in Q2 2019, with the decrease driven primarily by the net redemption of debt securities.

Movements of note in the balance sheet

There was a net redemption of debt securities (F.3) amounting to €1.8 billion in quarter 2 that resulted in an outflow of cash from the Exchequer (Table 5). This aggregate transaction was composed of a net issuance of short-term debt securities (F.31) amounting to €1.2 billion and the net redemption of long-term debt securities (F.32) totalling €3.0 billion.

GDP figures used in publication

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

Population estimates used in publication

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

Government Finance Statistics – concepts and definitions

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

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

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

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

Table 0801 Quarterly non-financial accounts by sector

Table 2500 Quarterly short term statistics (revenue and expenditure) for general government

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

These data are available on the Eurostat website here.

Definition of general government and its subsectors

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

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

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

General government gross debt (GG debt) is defined in the EU regulations implementing the Maastricht Treaty as the gross debt liabilities of the consolidated general government sector, at nominal value.

‘Gross’ means that the value of any financial assets held by general government cannot be deducted from the GG debt. In Ireland’s case, this means that the liquid assets which are deducted from the ‘Gross’ national debt in arriving at the audited national debt cannot be deducted from the GG debt.

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

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

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

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

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

General government net worth is calculated as the sum of financial and non-financial assets of general government less financial liabilities.

Detailed codes and technical definitions can be seen in the ESA 2010 manual here.

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

Main components of general government expenditure and revenue

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

P.5 Gross capital formation.

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

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

P.52 Changes in inventories.

P.53 Acquisitions less disposals of valuables.

D.1 Compensation of employees (Pay) - the total remuneration of government employees.

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

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

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

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

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

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

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

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

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

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

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

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

Categories of financial flows

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

F.11 Monetary gold

F.12 Special drawing rights (SDRs)

F.2 Currency and deposits

F.21 Currency

F.22 Transferable deposits

F.29 Other deposits

F.3 Debt securities

F.31 Short-term

F.32 Long-term

F.4 Loans

F.41 Short-term loans

F.42 Long-term loans

F.5 Equity and investment fund share

F.51 Equity

F.52 Investment fund shares/units

F.6 Insurance pension and standardised guarantee schemes

F.7 Financial derivatives and employee stock options

F.71 Financial derivatives

F.72 Employee stock options

F.8 Other accounts receivable/payable

F.81 Trade credits and advances

F.89 Other trade credits


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