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For general information on CSO statistics: (+353) 21 453 5000 On-line ISSN 2009-6178

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

CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 2 2020

General Government Finances
PeriodDeficit/Surplus Gross Debt Net Debt
 €bn% of quarterly GDP€bn% of annualised GDP€bn% of annualised GDP
2019 Q1-1.7-2.0215.064.7178.353.7
2019 Q20.91.1213.863.0175.351.7
2019 Q3-1.1-1.2213.061.3175.150.4
2019 Q43.84.1204.257.4175.849.4
2020 Q1-3.5-3.9213.959.0178.749.3
2020 Q2-6.6-8.0226.262.7179.949.9
2019 Q1-Q2-0.8-0.5    
2020 Q1-Q2-10.2-5.8    

Government deficit of €10.2 billion in the first half of 2020

Figure 1 General Government Deficit
go to full release

General government recorded a deficit of €10.2 billion (5.8% of quarterly GDP) in the first half of 2020 (Table 1). In March, in response to the Covid-19 pandemic, the Government introduced measures to increase the capacity of the health sector and provide supports to businesses and households. These measures were in place for the duration of the second quarter. As a result, there was a direct impact on the level of expenditure (up €6.2 billion compared with Q2 2019) while revenue has declined, linked to both the measures and restrictions that were put in place.

In the first six months of 2020, government revenue of €38.3 billion was 6.7 per cent lower than the same period of 2019. At aggregate level tax revenue was down 6.0 per cent in first half of the year. Underlying this decline, indirect taxes were down 23.5 per cent, predominantly due to reduced VAT receipts, with direct taxes (including corporation tax and income tax) up 8.7 per cent. Other areas of revenue were also down such as social contributions (lower levels of PRSI receipts), sale of goods and services (reduced receipts across health, transport and local government) and investment income (in particular due to the ECB recommendation to all euro-area banks to not pay dividends).

Expenditure in the first half of the year is up significantly reflecting the supports put in place by Government. Subsidies and social transfers increased by €4.7 billion in the first half of the year. The Government’s Temporary Wage Subsidy Scheme is included in the former while the Pandemic Unemployment Payment is included in the latter. Intermediate consumption increased by €0.7 billion, mostly related to increased spending in the health sector, and current transfers are up €0.6 billion, including the Restart Grant. The combined impact is government expenditure of €48.5 billion in the first 6 months of 2020. See background notes for further details of the Covid-19 measures.

Highest level of general government debt at €226 billion

With increased levels of borrowing required to support the fiscal impact and response to Covid-19, gross general government debt has exceeded the peak of €218 billion in third quarter of 2013. At the end of 2019 the debt to GDP ratio of 57.4 per cent was below the Stability and Growth Pact limit of 60 per cent. Since then, the level of debt has increased by €22 billion with the ratio at 62.7 per cent of GDP at the end of the second quarter.

The rise in the debt ratio is due to the increased issuance of debt : €14 billion of short-term and €7.7 billion of long-term debt securities.

With an increase of €17.9 billion in EDP debt instrument assets, net general government debt has increased by €4.1 billion since the end of 2019. The increase in assets is due entirely to a rise in currency and deposits which will be used to finance the Exchequer borrowing requirement and the redemption of debt maturing later in the year.

The market value of Equity and Investment Fund Share assets (AF.5, Table 6) fell by €710 million during the second quarter of 2020. This drop is explained by two separate and partly offsetting movements in the period. The State ran down its holdings in this asset class by €1.2 billion, largely as a result of a withdrawal of equity from the Central Bank. In addition, there were holding gains in equity and pooled fund investments of €443m, which included a rise in the market value of shares held in Irish banks (Tables 5 and 6).

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 (NIE) and related publications such as the Institutional Sector Accounts and the Quarterly National Accounts publications.

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 201775.564.3
Q2 201774.661.2
Q3 20177259.3
Q4 20176758.5
Q1 201867.857.2
Q2 201867.655.6
Q3 201866.554.7
Q4 20186354.2
Q1 201964.753.7
Q2 20196351.7
Q3 201961.350.4
Q4 201957.449.4
Q1 20205949.3
Q2 202062.749.9
GG Debt per Capita
2008 Q213715
2009 Q222579
2010 Q227290
2011 Q234836
2012 Q243666
2013 Q247554
2014 Q245406
2015 Q243535
2016 Q242279
2017 Q244076
2018 Q244171
2019 Q243435
2020 Q245453
Table 1 General Government transactions: revenue, expenditure, financing and deficit
DescriptionESA2010 code2017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2
General Government transactions               
Taxes and social contributionsD2 + D5 + D91 + D6115,84216,36516,24921,16616,50417,70317,29224,00017,53518,98318,85025,10416,24518,176
TaxesD2 + D5 + D9112,37812,99512,90417,43712,78514,08813,71519,96113,60515,13315,06220,82412,39914,627
Social contributions D613,4643,3703,3463,7293,7203,6153,5774,0393,9303,8503,7874,2803,8463,550
Sales of goods and servicesP1O1,2531,3791,3931,5451,3201,4661,4731,6621,3461,4901,4961,6831,3291,200
Investment incomeD43281,0911142461101,05987271571,20811819839860
Current transfer revenue (excluding taxes)D71551191551291151291642381287016914686114
Capital transfer revenue (excluding taxes)D9N110111115109144131133165132136147139143155
Compensation of employeesD15,0655,2475,2575,3325,3995,4905,4785,5415,6125,8345,6315,9325,9916,048
Use of goods and services plus taxes payableP2 + D5 + D292,2942,4272,7082,9112,5112,7533,0642,9932,7873,0043,4003,3222,8993,632
Depreciation (Consumption of fixed capital)P51c9769769769761,0411,0411,0411,0411,1151,1151,1151,1151,1151,115
Interest (excluding FISIM)D411,5501,4631,5421,3861,3921,3331,3481,2441,1341,1861,0831,054989903
Social benefitsD62 + D6326,8146,9917,6558,0256,9317,2697,8248,4797,1987,4178,1658,8657,32410,144
Other current transfersD77469707571,0041,0511,0618621,1061,3747301,0318961,1541,582
Capital transfersD9311341246797390733331765390432317781486508
 Net operating balanceNOB-466234-1,5512,155-940372-1,2564,532-7811,782-3714,758-2,559-5,558
Net acquisition of non-financial assetsP5 + NP - P51c499324449585746454126979498597449869711,061
 General Government Surplus/DeficitB9-965-89-1,9992,097-1,514-273-1,6683,835-1,731923-1,1153,772-3,531-6,620
Net acquisition of financial assetsΔFA6,0632,598-834-9,9697,0988,16010,523-8,3987,826-260-434-7,0672,8087,200
Debt instrumentsF2 + F3 + F46,9897,025-792-11,5977,5644,806452-9,7208,0961,738-588-9,4306,8407,745
Equity and Investment Fund SharesF513-4,402-18-89239-1,3593-123-14-2,465-87215-16-1,153
Other financial assetsF6 + F7 + F8 -939-25-241,717-7054,71310,0681,445-2564672412,148-4,016608
Net incurrence of liabilitiesΔL7,0282,6871,165-12,0668,6128,43312,191-12,2339,557-1,183681-10,8396,33913,820
Debt instrumentsF2 + F3 + F47,0012,5481,096-12,1938,6173,6792,506-12,5389,594-1,183605-11,0716,39513,673
Other liabilitiesF5 + F6 + F7 + F8 2713969127-54,7549,685305-37076232-56147
Memo: Net derivative flows on debt interest swap contracts -62-57-56-49-55-52-48-45-38-37-42-21-21-26
General Government Surplus/Deficit (% of quarterly GDP) -1.4-0.1-2.62.6-1.9-0.3-2.04.5-2.01.1-1.24.1-3.9-8.0
Quarterly GDP at current market prices 70,02770,46378,25381,64479,65078,00485,04184,29184,92984,93193,22592,96691,57082,799
Table 2 General Government Net Worth, Gross and Net Debt
Description ESA2010 code2017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2
General Government net worth 
Net worth at market value, excluding pension liabilitiesNW-45,113-40,748-40,110-36,949-35,646-35,503-35,190-31,719-32,262-31,201-32,941-24,438-31,564-33,440
Non-financial assets at market valueNFA107,120108,748110,500111,862113,790115,788117,554119,605122,091124,487126,768129,292130,263131,324
Financial net worth at market value, excluding pension liabilitiesFNW-152,233-149,496-150,610-148,811-149,436-151,291-152,744-151,324-154,353-155,688-159,709-153,730-161,827-164,764
 Financial assets at market valueFA83,54788,04887,75879,25586,66493,316102,28392,310102,212100,58697,30891,80393,225104,568
EDP debt instrumentsF2 + F3 + F430,98737,93937,11125,55232,99537,84738,30628,57236,71438,47937,89228,40335,18446,340
Equity and Investment Fund SharesF543,96141,15141,52642,66743,36440,37638,79337,06639,25135,26532,70234,69633,30732,597
Other financial assetsF6 + F7 + F8 8,5998,9589,12111,03610,30515,09325,18426,67226,24726,84226,71428,70424,73425,631
Liabilities at market valueL235,780237,544238,368228,066236,100244,607255,027243,634256,565256,274257,017245,533255,052269,332
EDP debt instrumentsF2 + F3 + F4225,891227,822228,561218,216226,293229,982230,807219,192232,230232,022232,905221,326230,994245,070
Other liabilitiesF5 + F6 + F7 + F89,8899,7229,8079,8509,80714,62524,22024,44224,33524,25224,11224,20724,05824,262
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-159,613-155,248-154,610-151,449-150,146-150,003-149,690-146,219-146,762-145,701-147,441-138,938-146,064-147,940
Contingent liabilities5,3155,3155,3155,3155,0665,0665,0665,0665,3145,3145,3145,3145,3145,314
Memo: Net worth, including pension liabilities and contingent liabilities -164,927-160,563-159,924-156,763-155,212-155,068-154,756-151,285-152,076-151,015-152,755-144,253-151,378-153,254
General Government: changes in net worth              
Opening net worth-46,597-45,113-40,748-40,110-36,949-35,646-35,503-35,190-31,719-32,262-31,201-32,941-24,438-31,564
Change in net worth due to transactions-466234-1,5512,155-940372-1,2564,532-7811,782-3714,758-2,559-5,558
Net acquisition of non-financial assets P5 + NP - P51c499324449585746454126979498597449869711,061
Net lending/net borrowingB9-965-89-1,9992,097-1,514-273-1,6683,835-1,731923-1,1153,772-3,531-6,620
Change in net worth due to other economic flowsKx1,9514,1302,1891,0062,242-2291,569-1,061239-721-1,3693,744-4,5663,683
Other changes in non-financial assets1,3041,3041,3041,3041,3541,3541,3541,3541,5371,5371,5371,53700
Other changes in financial assets-1,6051,9035441,466311-1,508-1,556-1,5752,076-1,366-2,8441,562-1,3864,143
Other changes in liabilities2,252923341-1,764578-741,771-840-3,374-892-62645-3,180-460
Closing net worth -45,113-40,748-40,110-36,949-35,646-35,503-35,190-31,719-32,262-31,201-32,941-24,438-31,564-33,440
General Government Debt (GGDebt)              
Debt instrument liabilities at market valueF2 + F3 + F4225,891227,822228,561218,216226,293229,982230,807219,192232,230232,022232,905221,326230,994245,070
+ Difference between EDP face value and market value-17,305-16,589-17,665-16,967-16,094-15,445-15,096-13,311-17,197-18,258-19,891-17,128-17,126-18,833
Gross General Government Debt (EDP face value)GGDebt208,586211,233210,896201,249210,199214,537215,711205,881215,033213,764213,014204,198213,868226,237
less EDP debt instrument assetsF2 + F3 + F4-30,987-37,939-37,111-25,552-32,995-37,847-38,306-28,572-36,714-38,479-37,892-28,403-35,184-46,340
Net General Government Debt GGNetDebt177,599173,294173,785175,697177,204176,690177,405177,309178,319175,285175,122175,795178,684179,897
Closing Net Worth (% of annualised GDP)-16.3-14.4-13.7-12.3-11.5-11.2-10.8-9.7-9.7-9.2-9.5-6.9-8.7-9.3
Gross General Government Debt (% of annualised GDP)75.574.672.067.067.867.666.563.064.763.061.357.459.062.7
Net General Government Debt (% of annualised GDP)64.361.259.358.557.255.654.754.253.751.750.449.449.349.9
Annualised GDP 276,277283,320292,831300,387310,010317,551324,339326,986332,265339,192347,376356,051362,693360,561
Table 3 General Government: detailed classification of revenue and output
DescriptionESA2010 code2017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2
Total RevenueTR17,68819,06518,02523,19418,19420,48819,14826,33719,19821,88720,78027,27017,84220,506
 Taxes and social contributions15,84216,36516,24921,16616,50417,70317,29224,00017,53518,98318,85025,10416,24518,176
  TaxesD2 + D5 + D9112,37812,99512,90417,43712,78514,08813,71519,96113,60515,13315,06220,82412,39914,627
   Indirect taxes (taxes on production and imports)D26,7564,9766,8516,0666,7845,2477,3816,3327,3205,7207,7406,6875,4654,505
    Taxes on productsD215,8414,1956,1135,2435,8324,4236,5785,3186,3754,9056,8905,7344,5763,955
    of which Value-Added TaxD2113,9862,1584,1502,7654,0902,4164,6193,0504,4402,6024,9123,3272,6912,078
    Other taxes on production D299157817388239538248031,014945815850952889550
   Direct taxesD55,5867,9735,97711,0805,9678,7896,24813,2836,2389,3617,24113,7876,88110,068
    Taxes on income, profits and capital gainsD515,2947,7175,73310,8565,6898,5396,00913,0555,9619,1147,00113,5706,6249,831
    Other current direct taxesD59292256244224278250240228277246240217257237
   Capital taxesD913746752903452863464752813505353
  Social contributions D613,4643,3703,3463,7293,7203,6153,5774,0393,9303,8503,7874,2803,8463,550
   Actual social contributionsD611 + D6132,9202,8062,7803,1563,1673,0533,0163,4713,4193,3303,2693,7553,2903,006
    PRSI receipts D611 + D613(pt)2,4772,3472,3212,6902,6592,5372,5012,9512,9012,8032,7433,2242,7452,458
    Government employees' social contributionsD613(pt)443459459466507516514520518527526532544548
   Employers' imputed social contributionsD612545564565573553562561568511520519525556544
 Sales of goods and servicesP1O1,2531,3791,3931,5451,3201,4661,4731,6621,3461,4901,4961,6831,3291,200
  Sales of market establishments (= market output)P11340340340340369369369369405405405405437437
  Imputed sales related to production of own-use capital assets (= output for own final use)P1255555555666666
Incidental sales and fees of non-market establishmentsP1319081,0341,0471,2009461,0921,0981,2879351,0791,0861,273886757
Investment incomeD43281,0911142461101,05987271571,20811819839860
Interest (excluding FISIM)D414924155450413652323834341913
Dividends / Other investment incomeD42 + D442531,04173165329892319171,1526714611838
Rent of land and subsoil assetsD4526262626282828281818181899
Current transfer revenueD39 + D71551191551291151291642381287016914686114
Other current transfersD71551191551291151291642381287016914686114
Non-life insurance claimsD7244444444444444
Other Domestic - Current D7N_S14959934951619551536297557887
From Rest of World - CurrentD7N_S21015558755964651837146887322
Capital transfer revenueD9N110111115109144131133165132136147139143155
Output P18,4978,8139,1039,3819,1409,4739,7719,7649,73010,16810,36110,58510,25311,044
Market output (sales of market establishments)P11340340340340369369369369405405405405437437
Output for own final useP1255555555666666
Non-market outputP138,1528,4678,7589,0368,7669,0989,3979,3899,3199,7589,95110,1759,81010,601
= Non-market compensation of employeesD1_nonmarket5,0605,2425,2515,3275,3945,4845,4725,5365,6065,8285,6255,9275,9856,042
= Total compensation of employeesD15,0655,2475,2575,3325,3995,4905,4785,5415,6125,8345,6315,9325,9916,048
- Compensation of employees of market establishmentsD1_market00000000000000
- Compensation related to production of own-use capital assetsD1_own-use-5-5-5-5-5-5-5-5-6-6-6-6-6-6
+ Non-market intermediate consumptionP2_nonmarket2,2292,3622,6432,8462,4452,6872,9982,9272,7202,9373,3333,2552,8323,566
= Total intermediate consumptionP22,2942,4272,7082,9112,5112,7533,0642,9932,7873,0043,4003,3222,8993,632
- Intermediate consumption of market establishmentsP2_market-65-65-65-65-66-66-66-66-67-67-67-67-67-66
- Intermediate consumption related to production of own-use capital assetsP2_own-use00000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket863863863863926926926926993993993993993993
= Total consumption of fixed capitalP51c9769769769761,0411,0411,0411,0411,1151,1151,1151,1151,1151,115
- Consumption of fixed capital by market establishmentsP51c_market-113-113-113-113-115-115-115-115-123-123-123-123-123-123
- 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 code2017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2
Total ExpenditureTE18,65319,15420,02421,09819,70820,76120,81622,50220,92920,96321,89523,49821,37227,125
Compensation of employeesD15,0655,2475,2575,3325,3995,4905,4785,5415,6125,8345,6315,9325,9916,048
Of which: Related to production of own-use capital assets55555555666666
Use of goods and services plus taxes payableP2 + D5 + D292,2942,4272,7082,9112,5112,7533,0642,9932,7873,0043,4003,3222,8993,632
Use of goods and services [Intermediate consumption]P22,2942,4272,7082,9112,5112,7533,0642,9932,7873,0043,4003,3222,8993,632
Of which: Intermediate consumption of market establishments 6565656566666666676767676766
Taxes, payableD500000000000000
Depreciation (Consumption of fixed capital)P51c9769769769761,0411,0411,0411,0411,1151,1151,1151,1151,1151,115
Of which: Depreciation by market establishments 113113113113115115115115123123123123123123
Interest (excluding FISIM)D411,5501,4631,5421,3861,3921,3331,3481,2441,1341,1861,0831,054989903
Other domestic interest payableD41_S1591525609518528459482454331393326405432376
Interest payable to rest of worldD41_S2958939932868864875865790803793757650557527
Product subsidiesD31207225244254221240261271220238259269252276
Other subsidies on productionD391921901923531971961973641491491492751911,857
Social benefitsD62 + D6326,8146,9917,6558,0256,9317,2697,8248,4797,1987,4178,1658,8657,32410,144
Social benefits in cashD625,7925,5845,5356,1215,8055,5965,5476,4236,0045,7905,7406,6366,1548,455
Social benefits in kind (via market producers)D6321,0211,4072,1201,9041,1261,6732,2772,0551,1951,6272,4262,2301,1701,690
Other current transfersD77469707571,0041,0511,0618621,1061,3747301,0318961,1541,582
Net non-life insurance premiumsD711313131313131313131313131313
Current international cooperationD74961191241708812313519311611212716884168
Miscellaneous current transfersD75228237275443289317237272285280278339248748
VAT and GNI based EU budget contributionD76408601344378661608477629961325612375809653
VAT-based EU own resourcesD76163736363754362651095469469177
GNI-based EU own resourcesD762345528282315585565414565851271543330718575
Capital transfersD9311341246797390733331765390432317781486508
Investment grantsD92311341246767390520331765390432317781486508
Other capital transfersD9900030021300000000
Net acquisition of non-financial assetsP5 + NP - P51c499324449585746454126979498597449869711,061
= Gross investment in non-financial assetsP5 + NP1,4751,3001,4251,0351,6151,6861,4531,7382,0651,9751,8602,1022,0872,177
Gross fixed capital formationP511,4601,2851,4101,1241,6001,6711,4381,7232,0501,9601,9852,0872,0722,162
Net acquisition of stocksP521515151515151515151515151515
Net acquisition of unproduced assetsNP000-105000000-140000
- Consumption of fixed capitalP51c-976-976-976-976-1,041-1,041-1,041-1,041-1,115-1,115-1,115-1,115-1,115-1,115
Net expenditure on current goods and servicesP3 excl. D6327,2447,4347,7117,8367,8208,0078,2988,1028,3848,6788,8658,9028,9249,844
= OutputP18,4978,8139,1039,3819,1409,4739,7719,7649,73010,16810,36110,58510,25311,044
- Sales of goods and services P11+P12+P131-1,253-1,379-1,393-1,545-1,320-1,466-1,473-1,662-1,346-1,490-1,496-1,683-1,329-1,200
Market output (sales of market establishments)P11-340-340-340-340-369-369-369-369-405-405-405-405-437-437
Output for own final useP12-5-5-5-5-5-5-5-5-6-6-6-6-6-6
Incidental sales and fees of non-market establishmentsP131-908-1,034-1,047-1,200-946-1,092-1,098-1,287-935-1,079-1,086-1,273-886-757
Final consumption expenditureP38,2668,8419,8309,7418,9469,68010,57510,1589,57810,30611,29011,13210,09411,533
= Net expenditure on current goods and servicesP3 excl. D6327,2447,4347,7117,8367,8208,0078,2988,1028,3848,6788,8658,9028,9249,844
+ Social transfers in kind via market producers D6321,0211,4072,1201,9041,1261,6732,2772,0551,1951,6272,4262,2301,1701,690
made up of              
Individual consumption (= social transfers in kind)P31 (= D63)5,8586,0416,5506,4226,2206,6047,0586,8056,6867,0997,5877,3157,0877,525
Social transfers in kind (via market producers)D6321,0211,4072,1201,9041,1261,6732,2772,0551,1951,6272,4262,2301,1701,690
Social transfers in kind (provided directly by government)D6314,8364,6334,4304,5185,0944,9314,7814,7505,4925,4725,1615,0855,9185,835
Collective consumption (= actual final consumption of government)P322,4082,8003,2813,3192,7253,0753,5173,3522,8923,2063,7043,8173,0064,008
Total social transfersD62 + D6311,65011,62412,08512,54312,02512,20012,60513,22912,69012,88913,32613,95113,24115,980
Social benefits in cashD62 5,7925,5845,5356,1215,8055,5965,5476,4236,0045,7905,7406,6366,1548,455
 Social transfers in kind (= individual consumption)D635,8586,0416,5506,4226,2206,6047,0586,8056,6867,0997,5877,3157,0877,525
Table 5 General Government financial transactions
Description 2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q2
Net lending (+) / net borrowing (-)B.9-965-89-19992097-1514-273-16683835-1731923-11153772-3531-6620
Net acquisition of financial assets ΔA60632598-834-99697098816010523-83987826-260-434-706728087200
EDP debt instruments F2 + F3 + F469897025-792-1159775644806452-972080961738-588-943068407745
 Currency and deposits F270826875-962-1053775715040190-836782141863-109-784470137734
Debt securities F3157272-209-432247-341235-130-178-80-56-86
Short-term F31-28485793-44-8970-3244-63120-209-28-53
Long-term F32432415-302191177-309191-67-298129-28-33
Loans F4-1087898-85136-23615-1012-3535-301-1506-11797
Short-term loans F41934-18-59-107-1171-4-21556-196-1627996
Long-term loans F42-11744116-792143-11914-1008-138-51-105-1344-1961
Equity and Investment Fund Shares F513-4402-18-89239-13593-123-14-2465-87215-16-1153
Other financial assets F6 + F7 + F8 -939-25-241717-7054713100681445-2564672412148-4016608
Insurance, Pensions and Standardised Guarantees F600000000000100
Financial derivatives and Employee Stock Options F7-25-254-91-56-67-34-28-36-29-37-39-22-20-41
Other accounts receivable/payableF8-914229671773-6384747100961481-2275042802169-3996649
Net incurrence of liabilities ΔL702826871165-120668612843312191-122339557-1183681-10839633913820
EDP debt instruments F2 + F3 + F4700125481096-12193861736792506-125389594-1183605-11071639513673
Currency and deposits F212173157218-322141164152106150293388
Debt securities F371082852895-6560798636042447-123498950-9111394-10677650513771
Short-term F3123481013-1029-16973256417-492-308936581191-857-374151828527
Long-term F32476018391924-4863473031872939-92605292-21022251-693613235244
Loans F4-228-377186-570561310738-230480-424-895-544-403-486
Short-term loans F41111-371184-124396364-338-24823853-271-385213-26
Long-term loans F42-339-62-5581217-25737618242-477-624-159-616-460
Other liabilities F5 + F6 + F7 + F8 2713969127-547549685305-37076232-56147
Equity and Investment Fund Shares F500000000000000
Insurance, Pensions and Standardised Guarantees F600000000000000
Financial derivatives and Employee Stock Options F70005-500-1000000
   Other accounts receivable/payable F82713969122047549685306-37076232-56147
Table 6 General Government: detailed breakdown of net worth
DescriptionESA2010 code2017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2
General Government balance sheet               
 Net worth at market value, excluding pension liabilitiesNW-45,113-40,748-40,110-36,949-35,646-35,503-35,190-31,719-32,262-31,201-32,941-24,438-31,564-33,440
  Non-financial assets at market valueNFA107,120108,748110,500111,862113,790115,788117,554119,605122,091124,487126,768129,292130,263131,324
  Financial net worth at market value, excluding pension liabilitiesFNW-152,233-149,496-150,610-148,811-149,436-151,291-152,744-151,324-154,353-155,688-159,709-153,730-161,827-164,764
   Financial assets at market valueFA83,54788,04887,75879,25586,66493,316102,28392,310102,212100,58697,30891,80393,225104,568
    EDP debt instrumentsF2 + F3 + F430,98737,93937,11125,55232,99537,84738,30628,57236,71438,47937,89228,40335,18446,340
     Currency and depositsF221,74528,61327,64917,11724,69229,75129,94421,58129,80031,66131,56023,71130,72640,457
     Debt securitiesF31,8871,8981,9391,7681,6111,6381,8791,5251,8091,6861,5391,4311,3461,633
      Short-term loansF41949983966907799683684680465522326164243339
      Long-term loansF426,4066,4456,5575,7615,8935,7765,7984,7864,6394,6114,4673,0972,8693,911
    Equity and Investment Fund SharesF543,96141,15141,52642,66743,36440,37638,79337,06639,25135,26532,70234,69633,30732,597
    Other financial assetsF6 + F7 + F8 8,5998,9589,12111,03610,30515,09325,18426,67226,24726,84226,71428,70424,73425,631
     Insurance, Pensions and Standardised GuaranteesF600000000000111
     Financial derivatives and Employee Stock OptionsF7613623140931735835338721327790593269
     Other accounts receivable/payableF88,5938,8228,89010,6279,98814,73524,83126,28526,03426,56526,62428,69824,64025,361
   Liabilities at market valueL235,780237,544238,368228,066236,100244,607255,027243,634256,565256,274257,017245,533255,052269,332
    EDP debt instrumentsF2 + F3 + F4225,891227,822228,561218,216226,293229,982230,807219,192232,230232,022232,905221,326230,994245,070
     Currency and depositsF221,43921,51221,52821,60021,61821,58621,60721,64821,81221,96522,07022,22022,51322,901
     Debt securitiesF3148,025150,639151,262146,545153,927157,542158,388146,997159,122159,236160,857149,777159,303173,425
      Short-term loansF418464236275149321,3369626719701,082785304555537
      Long-term loansF4255,58155,24755,14449,55749,81649,51849,85049,87550,32649,73949,19349,02448,62348,207
    Other liabilitiesF5 + F6 + F7 + F89,8899,7229,8079,8509,80714,62524,22024,44224,33524,25224,11224,20724,05824,262
     Equity and Investment Fund SharesF500000000000000
     Insurance, Pensions and Standardised GuaranteesF600000000000000
     Financial derivatives and Employee Stock OptionsF7927621637558515579489405359250255178148122
     Other accounts receivable/payableF88,9629,1019,1709,2929,29214,04623,73124,03723,97624,00223,85724,02923,91024,140
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 -159,613-155,248-154,610-151,449-150,146-150,003-149,690-146,219-146,762-145,701-147,441-138,938-146,064-147,940
Contingent liabilities 5,3155,3155,3155,3155,0665,0665,0665,0665,3145,3145,3145,3145,3145,314
Guarantees 2822822822827777777777
Off-balance sheet PPPs and concessions 5,0325,0325,0325,0325,0595,0595,0595,0595,3075,3075,3075,3075,3075,307
Memo: Net worth, including pension liabilities and contingent liabilities -164,927-160,563-159,924-156,763-155,212-155,068-154,756-151,285-152,076-151,015-152,755-144,253-151,378-153,254
Change in net worth of government               
 Opening net worth -46,597-45,113-40,748-40,110-36,949-35,646-35,503-35,190-31,719-32,262-31,201-32,941-24,438-31,564
 Change in net worth due to transactions -466234-1,5512,155-940372-1,2564,532-7811,782-3714,758-2,559-5,558
  Net acquisition of non-financial assets P5 + NP - P51c499324449585746454126979498597449869711,061
  Net lending/net borrowingB9-965-89-1,9992,097-1,514-273-1,6683,835-1,731923-1,1153,772-3,531-6,620
   = Net acquisition of financial assets 6,0632,598-834-9,9697,0988,16010,523-8,3987,826-260-434-7,0672,8087,200
   - Net incurrence of liabilities -7,028-2,687-1,16512,066-8,612-8,433-12,19112,233-9,5571,183-68110,839-6,339-13,820
 Change in net worth due to other economic flowsKx1,9514,1302,1891,0062,242-2291,569-1,061239-721-1,3693,744-4,5663,683
  Other changes in non-financial assets 1,3041,3041,3041,3041,3541,3541,3541,3541,5371,5371,5371,53700
  Other changes in financial net worth 6472,826885-298889-1,582215-2,415-1,298-2,258-2,9062,207-4,5663,683
   = Other changes in financial assets -1,6051,9035441,466311-1,508-1,556-1,5752,076-1,366-2,8441,562-1,3864,143
     EDP debt instruments 19-73-3638-121467-1446271-59-593,411
     Equity and Investment Fund Shares -1,6541,5923931,230458-1,629-1,586-1,6042,199-1,521-2,4761,779-1,373443
     Other financial assets 30384187198-26752343-169128-369-15846289
   - Other changes in liabilities 2,252923341-1,764578-741,771-840-3,374-892-62645-3,180-460
     EDP debt instruments 2,140617357-1,848540-101,681-923-3,444-975-278508-3,273-403
     Other liabilities 112306-168438-649083708321613793-57
Closing net worth -45,113-40,748-40,110-36,949-35,646-35,503-35,190-31,719-32,262-31,201-32,941-24,438-31,564-33,440
Table 7 General Government Gross and Net Debt
DescriptionESA2010 code2017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2
General Government Debt               
  Debt instrument liabilities at market value225,891227,822228,561218,216226,293229,982230,807219,192232,230232,022232,905221,326230,994245,070
  + Difference between face value and market value -17,305-16,589-17,665-16,967-16,094-15,445-15,096-13,311-17,197-18,258-19,891-17,128-17,126-18,833
Gross General Government Debt (face value)GGDebt208,586211,233210,896201,249210,199214,537215,711205,881215,033213,764213,014204,198213,868226,237
By category:               
 Currency and deposits F221,43921,51221,52821,60021,61821,58621,60721,64821,81221,96522,07022,22022,51322,901
 Debt securitiesF3131,662134,639134,238130,112138,277142,638143,813134,231142,569141,546141,820133,566143,178155,256
less EDP debt instrument assetsF2 + F3 + F430,98737,93937,11125,55232,99537,84738,30628,57236,71438,47937,89228,40335,18446,340
 By category:               
 Currency and deposits F221,74528,61327,64917,11724,69229,75129,94421,58129,80031,66131,56023,71130,72640,457
 Debt securitiesF31,8871,8981,9391,7681,6111,6381,8791,5251,8091,6861,5391,4311,3461,633
 Net General Government Debt (face value)GGNetDebt177,599173,294173,785175,697177,204176,690177,405177,309178,319175,285175,122175,795178,684179,897
 By category:               
 Currency and deposits F2-306-7,101-6,1214,483-3,074-8,165-8,33767-7,988-9,696-9,490-1,491-8,213-17,556
 Debt securities F3129,775132,741132,299128,344136,666141,000141,934132,706140,760139,860140,281132,135141,832153,623

Background Notes


This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2017 to Q2 2020.

The data published in this series are consistent with General Government Deficit and Debt levels reported at end September 2020 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 ESA 2010.

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

The full suite of GFS tables are also available on the CSO Website

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

Methodological changes to data

Methodological review and revision of compensation of employees (ESA 2010 code D.1):

The National Accounts IT (NAIT) project has enabled Government Accounts Compilation and Outputs (GACO) Division to review, develop and streamline its data sources and compilation methods. In parallel with this ongoing work, a new Revenue data source for compensation of employees, i.e. pay, (ESA 2010 code = D.1) has become available to the CSO. Pay As You Earn Modernisation (PMOD) is a more comprehensive and timely data from the Revenue Commissioners. This “live” monthly data is processed within the NAIT system. The vastly improved timeliness of this data leads to more real time quarterly estimates of D.1 and provides for consistency between annual and quarterly estimates.  The sub-components of D.1 were revised in this methodological review - Imputed Employer Pension Contributions (D.1221); Imputed Employer Non-Pension Contributions (D.1222) for the whole economy and government employee social contributions. The historical quarterly profile has been revised in line with public service numbers using the Denton method. This review has culminated in a robust method for the compilation of the components of D.1 for General Government (2011-2019) that is consistent with estimates of D.1 for other sectors of the economy.  

Revisions to data

Revisions to general government balance

Approved Housing Bodies: Since March 2020 data for three Approved Housing Bodies newly classified into the local government sector has been incorporated into the data for 2016-2020. 

Expenditure under the 'Early Childhood Care and Education Programme' (ECCE) was reclassified from P.2 to D.632 from 2011 onwards. Other changes to the D.632 figures reflect updated data for local authority housing payments and free fees payments to universities.

Revisions to general government debt

Estimates of the general government debt have been revised since April 2020.  Revisions are due to improved compilation processes and, for recent years, also reflect the availability of more up-to-date and detailed data sources.

Transactions of note Q2 2020 (Covid-19 measures)

In early March the Government implemented a number of fiscal measures in response to the Covid-19 pandemic. The table below sets out the preliminary impact of these measures in the year to date and also the ESA 2010 category assigned to each. These figures will be updated as more detailed accounts become available.

Covid-19 measures included in general government expenditure, € billion

ESA 2010 CodeMeasureQ1 2020Q2 2020
D.39 Temporary Wage Subsidy Scheme 0.0 1.7
D.62 Pandemic Unemployment Payment 0.1 2.5
D.632 Primary care & Overseas repatriation   0.1
D.7 Restart Grant   0.3
P.2 Additional spending on Health   0.7
P.51g Additional spend on ICT   0.1

Other supports implemented by Government have a less visible impact on the GFS aggregates:

  • Commercial rates for businesses impacted as a result of the public health restrictions were waived for an initial 3-month period. The cost to local authorities is met by the Exchequer, resulting in an intra-government transfer between central government and local government. The visible impact is a reduced level of D.29 tax revenue.
  • Employers affected by trading restrictions can avail of an arrangement to ‘warehouse’ VAT and employer PAYE liabilities incurred during the period. The accrual concept in ESA 2010 would require that such receipts, once paid, are recorded in Q1/Q2 2020, as appropriate. However at this stage robust data on which to base an estimate is not available. The CSO will continue to explore this data and, as a result, may update revenue in due course.
  • The Covid-19 Credit Guarantee Scheme will facilitate up to €2 billion of lending to eligible businesses. The initial impact is a contingent liability of general government.
  • The Ireland Strategic Investment Fund will invest up to €2 billion of its existing portfolio, through a new sub-portfolio - pandemic stabilisation and recovery fund – in medium and large enterprises.
  • The ECB has made a recommendation to all euro-area banks that dividends are not paid to shareholders. The State has a shareholding in both AIB and Bank of Ireland and, as a result of the recommendation, D.42 (dividend revenue) is lower than last year.

Movements of note in the balance sheet, Q2 2020

The value of the State's assets in Equity and Investment Fund Shares (AF.5, Table 6) stood at €32.6 billion, representing a year-on-year fall of €2.7 billion. Over this period, the drop in value was composed of a reduction in holdings of this asset class of €1.0 billion (Table 5), together with a loss in value due to market fluctuations of €1.7 billion (Tables 5 and 6). These market losses related mostly to movements in the value of shares held in Irish Banks.

On the other side of the balance sheet the State's liabilities grew by €14.3 billion during the second quarter of 2020. This was mainly a result of increased borrowing through the issuance of government bonds (AF.3, Tables 5 and 6) to help support the fiscal impact of the Government's responses to Covid-19. There was a lesser amount of offsetting debt reduction as the State continued to pay off the bilateral loan with the UK (AF.42, Tables 5 and 6).
Largely in response to the pandemic, further short-term borrowing of €8.5 billion (F.31+F.41, Table 5) was undertaken in the second quarter.  

GDP figures used in publication

The GDP figures used in this publication is based on the Quarterly National Accounts released on 7 September 2020.

Population estimates used in publication

The population estimates used in calculating the debt per capita data in Figure 3 are the current year's 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).

In addition to the legally binding accounting rules set out in ESA2010 the Manual on Government Debt and Deficit (MGDD) provides further implementation guidance in the context of GFS.

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

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

Table 0801 Quarterly non-financial accounts by sector

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

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt (Maastricht debt) for general government

These data are available on the Eurostat website.

Definition of general government and its subsectors

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Main components of general government expenditure and revenue

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

P.5       Gross capital formation

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

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

P.52     Changes in inventories

P.53     Acquisitions less disposals of valuables

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Categories of Financial Flows

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

            F.11     Monetary gold

            F.12     Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund shares

            F.51 Equity

            F.52 Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71     Financial derivatives

            F.72     Employee stock options

F.8       Other accounts receivable/payable

            F.81     Trade credits and advances

            F.89     Other trade credits



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