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

CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 2 2021

General Government Finances
PeriodDeficit/Surplus Gross Debt Net Debt
 €bn% of quarterly GDP€bn% of annualised GDP€bn% of annualised GDP
 
2020 Q1-3.6-3.9213.758.8177.848.9
2020 Q2-6.2-7.3225.862.1178.049.0
2020 Q3-6.5-6.5227.261.2182.849.2
2020 Q4-2.1-2.2217.958.4185.949.9
2021 Q1-6.4-6.3230.460.4191.450.2
2021 Q2-2.5-2.5234.559.1193.548.7
2020 Q1-Q2-9.8-5.5    
2021 Q1-Q2-9.0-4.4    

Government deficit of €2.5 billion in the second quarter of 2021

go to full release

The deficit in Q2 2021 of €2.5bn represents the sixth consecutive quarterly deficit. While public health restrictions began to ease over the second quarter, the ongoing pandemic supports are reflected in the size of the deficit. The path of the general government balance since 2020 has been directly impacted by the level of public restrictions in place at the time. The strict lockdown at the end of March 2020 led to sizeable expenditure outflows over the following weeks, in particular on the Temporary Wage Subsidy Scheme and the Pandemic Unemployment Payment. This is evident in the scale of the Q2 2020 deficit. As public health measures eased over the summer so too did the supports, resulting in smaller deficits in the second half of the year. Reintroduction of Level 5 restrictions at the end of 2020 led to an increase in the fiscal supports and a sizeable deficit for Q1 2021.

In comparison with Q2 2020 the level of expenditure this quarter fell by €1.0bn while revenue has increased by €2.7bn. The reopening of businesses and wider society during the quarter led to reduced need for COVID-19 supports and should be borne in mind when looking at year-on-year comparisons. Subsidies (mainly the Employment Wage Subsidy Scheme) and social transfers (including the Pandemic Unemployment Payment) decreased by €1.4bn compared to the same period last year. Intermediate consumption increased slightly by €0.1bn with the continued level of funding to the health sector. Interest expenditure continued on its downward trajectory. As a result, government expenditure reduced to €26.1bn in Q2 2021. With an estimated €3.6bn of direct COVID-19 related expenditure this implies an underlying surplus in the region of €1.1bn for the quarter. For further details of COVID-19 related expenditure in Q2 2021 see background notes.

Turning to the revenue side, at €23.7bn in the quarter this is a 13% increase over last year. Taxes were up 16.1% and have returned to pre-pandemic levels for the quarter. In particular VAT is up 28.4% and direct taxes (which includes income and corporation tax) are up 17.4%. Investment income showed a year-on-year decline primarily due to a smaller surplus paid by the Central Bank of Ireland to the Exchequer. 

In the first half of the year general government recorded a deficit of €9.0bn (or 4.4% of  GDP). As there were differing levels of public health restrictions in place in the first half of last year and this year a direct comparison is less meaningful.  

Financing the deficit - general government debt at €234.5bn at end of Q2 2021

Gross general government debt increased by €4.1bn in the quarter to €234.5bn. The increase was due almost entirely to movement in the level of debt securities (€3.9bn); the issuance of €6.3bn of long term debt securities offset by a decrease of €2.4bn in short term debt securities. There were minor movements in the other debt instrument liabilities, with currency and deposits rising by €0.4bn and loan liabilities falling by €0.2bn. The debt to GDP ratio stood at 59.1% at the end of the first quarter.

While EDP debt instrument assets increased by €1.9bn in the quarter, this was offset by the rise of €4.1bn in liabilities resulting in net general government debt increasing by €2.2bn. The increase in assets is due entirely to a rise in currency and deposits - the proceeds of the issuance of debt securities.

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 201868.557.6
Q2 20186855.9
Q3 201866.854.9
Q4 201863.154.3
Q1 201964.653.6
Q2 20196351.6
Q3 201961.250.3
Q4 201957.249
Q1 202058.848.9
Q2 202062.149
Q3 202061.249.2
Q4 202058.449.9
Q1 202160.450.2
Q2 202159.148.7
GG Debt per Capita
2008 Q213381
2009 Q222338
2010 Q227162
2011 Q234683
2012 Q243487
2013 Q247338
2014 Q245108
2015 Q243542
2016 Q242283
2017 Q244080
2018 Q244163
2019 Q243441
2020 Q245368
2021 Q246793
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                  €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q2
General Government transactions               
RevenueTR17,90320,22518,86926,07718,87921,65120,51927,05917,65320,93419,76125,26819,90923,650
Taxes and social contributionsD2 + D5 + D91 + D6116,42417,62217,21123,91817,55718,98018,84625,12916,30718,89318,28523,77418,68722,142
TaxesD2 + D5 + D9112,78514,08813,71519,96113,61715,14715,07620,83812,51115,51414,51319,75114,40718,008
Social contributions D613,6393,5343,4953,9573,9403,8333,7704,2913,7963,3803,7724,0224,2804,134
Sales of goods and servicesP1O1,0551,2161,2241,4331,0511,2121,2191,4281,0598821,0251,041894903
Investment incomeD41101,07383267511,227111190388701466541287
Current transfer revenue (excluding taxes)D7170184219293111121219197149178193176188218
Capital transfer revenue (excluding taxes)D9N14513113316510911312411699111113213100100
                   
ExpenditureTE19,55920,38520,44022,20220,80920,75121,54123,18421,25127,12226,29427,36526,35526,162
ExpenseExpense18,90919,65919,96521,41819,83619,86320,76922,17720,40326,28724,98626,54225,48825,107
Compensation of employeesD15,4535,5445,5325,5965,7275,9305,7506,0275,9986,0885,9496,4746,0916,296
Use of goods and services plus taxes payableP2 + D5 + D292,4852,7273,0372,9672,8183,0353,4313,3543,0013,7354,0844,0883,7683,795
Depreciation (Consumption of fixed capital)P51c1,0941,0941,0941,0941,1841,1841,1841,1841,2581,2581,2581,2581,2581,258
Interest (excluding FISIM)D411,3921,3331,3471,2431,2001,2261,1171,0801,038948974870825766
SubsidiesD34184364586353743924135544702,1841,7191,7121,6051,625
Social benefitsD62 + D6326,8066,9197,4848,1887,0627,1977,8088,5537,30810,5119,85910,41910,0039,698
Other current transfersD79499527601,0041,1755608397349791,1718201,0681,3451,156
Capital transfersD9313655253691297338224691352391323654593513
                   
 Net operating balanceNOB-1,007567-1,0964,658-9571,789-2494,882-2,749-5,353-5,225-1,274-5,578-1,457
                   
Net acquisition of non-financial assetsP5 + NP - P51c6507274757849738897721,0088498361,3088238671,055
                   
 General Government Surplus/DeficitB9-1,657-160-1,5713,875-1,930900-1,0213,875-3,598-6,189-6,533-2,097-6,446-2,512
equals , in principle               
Net acquisition of financial assetsΔFA6,5497,80910,170-8,6647,522-600-742-6,8643,9168,114-2,297-11,4366,6691,771
Debt instrumentsF2 + F3 + F47,1504,792318-9,7288,0031,840-560-8,6136,6008,527-3,282-12,4327,0371,929
Equity and Investment Fund SharesF5240-1,3593-122-14-2,465-87215-17-1,153-13829242-485
Other financial assetsF6 + F7 + F8 -8414,3769,8491,186-46725-951,534-2,6677401,123967-610327
less                 
Net incurrence of liabilitiesΔL8,8438,39912,174-12,2059,989-799801-10,9146,91714,2184,052-9,48811,9733,433
Debt instrumentsF2 + F3 + F48,8633,6722,528-12,46010,010-906703-11,0826,71813,7993,831-9,91811,8282,891
Other liabilitiesF5 + F6 + F7 + F8 -204,7279,646255-2110798168199419221430145542
                   
Memo: Net derivative flows on debt interest swap contracts -55-52-48-45-38-37-42-21-21-26-17-17-11-8
General Government Surplus/Deficit (% of quarterly GDP) -2.1-0.2-1.94.6-2.21.1-1.14.2-3.9-7.3-6.5-2.2-6.3-2.5
Quarterly GDP at current market prices 79,31078,15184,57884,00386,10784,70193,18592,53293,18384,562100,96094,164101,566100,342
Table 2 General Government Net Worth, Gross and Net Debt
              €million
Description ESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q2
General Government net worth 
Net worth at market value, excluding pension liabilitiesNW-28,413-28,377-28,239-24,817-23,924-21,961-22,774-12,304-20,586-21,552-25,031-25,271-24,053-24,431
equals              
Non-financial assets at market valueNFA122,204124,473126,490128,816132,012135,124138,120141,350143,417145,470147,995150,036150,903151,958
plus              
Financial net worth at market value, excluding pension liabilitiesFNW-150,617-152,850-154,729-153,633-155,936-157,085-160,894-153,654-164,003-167,022-173,026-175,307-174,956-176,389
equals              
 Financial assets at market valueFA85,68991,878100,38290,035100,71199,40696,51191,93691,451103,074100,63491,744100,501101,371
EDP debt instrumentsF2 + F3 + F433,27138,10938,43228,69036,73938,60438,04429,37235,92647,79644,44532,00539,04740,970
Equity and Investment Fund SharesF543,25340,15338,46236,62739,89036,56734,69637,41733,00031,73231,36834,00936,06834,943
Other financial assetsF6 + F7 + F8 9,16513,61623,48824,71824,08224,23523,77125,14722,52523,54624,82125,73025,38625,458
less              
Liabilities at market valueL236,306244,728255,111243,668256,647256,491257,405245,590255,454270,096273,660267,051275,457277,760
EDP debt instrumentsF2 + F3 + F4226,312229,946230,773219,161232,234232,051233,086221,240231,000245,169248,543241,531249,300251,372
Other liabilitiesF5 + F6 + F7 + F89,99414,78224,33824,50724,41324,44024,31924,35024,45424,92725,11725,52026,15726,388
              
Memo: Estimated pension liabilities of government 114,500114,500114,500149,600149,600149,600149,600149,600149,600149,600149,600149,600149,600149,600
Memo: Net worth, including pension liabilities-142,913-142,877-142,739-174,417-173,524-171,561-172,374-161,904-170,186-171,152-174,631-174,871-173,653-174,031
Contingent liabilities5,0665,0665,0665,0665,3145,3145,3145,3146,1826,1826,1826,1826,1826,182
Memo: Net worth, including pension liabilities and contingent liabilities -147,978-147,943-147,804-179,483-178,838-176,875-177,689-167,218-176,369-177,334-180,813-181,053-179,835-180,213
              
General Government: changes in net worth              
Opening net worth-29,257-28,413-28,377-28,239-24,817-23,924-21,961-22,774-12,304-20,586-21,552-25,031-25,271-24,053
Change in net worth due to transactions-1,644137-1,5284,325-1,4941,088-7715,058-2,153-5,269-5,042-1,125-4,437-607
Net acquisition of non-financial assets P5 + NP - P51c6507274757849738897721,0088498361,3088238671,055
Net lending/net borrowingB9-2,294-590-2,0043,541-2,467199-1,5434,050-3,001-6,104-6,349-1,948-5,304-1,662
Change in net worth due to other economic flowsKx2,488-1011,667-9032,387875-435,413-6,1304,3031,5638855,655229
Other changes in non-financial assets1,5421,5421,5421,5422,2232,2232,2232,2231,2181,2181,2181,21800
Other changes in financial assets115-1,620-1,666-1,6833,154-705-2,1532,289-4,4013,509-1432,5462,088-901
Other changes in liabilities831-231,791-762-2,990-643-113901-2,947-424488-2,8793,5671,130
Closing net worth -28,413-28,377-28,239-24,817-23,924-21,961-22,774-12,304-20,586-21,552-25,031-25,271-24,053-24,431
                    
General Government Debt (GGDebt)              
Debt instrument liabilities at market valueF2 + F3 + F4226,312229,946230,773219,161232,234232,051233,086221,240231,000245,169248,543241,531249,300251,372
+ Difference between EDP face value and market value-16,093-15,445-15,096-13,310-17,197-18,258-20,017-17,254-17,311-19,354-21,328-23,650-18,886-16,869
Gross General Government Debt (EDP face value)GGDebt210,219214,501215,677205,851215,037213,793213,069203,986213,689225,815227,215217,881230,414234,503
less EDP debt instrument assetsF2 + F3 + F4-33,271-38,109-38,432-28,690-36,739-38,604-38,044-29,372-35,926-47,796-44,445-32,004-39,047-40,970
Net General Government Debt GGNetDebt176,948176,392177,245177,161178,298175,189175,025174,614177,763178,019182,770185,877191,367193,533
              
Closing Net Worth (% of annualised GDP)-9.3-9.0-8.8-7.6-7.2-6.5-6.5-3.5-5.7-5.9-6.7-6.8-6.3-6.2
Gross General Government Debt (% of annualised GDP)68.568.066.863.164.663.061.257.258.862.161.258.460.459.1
Net General Government Debt (% of annualised GDP)57.655.954.954.353.651.650.349.048.949.049.249.950.248.7
Annualised GDP 306,964315,436322,718326,043332,840339,390347,997356,526363,602363,463371,237372,869381,251397,031
Table 3 General Government: detailed classification of revenue and output
                   €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q2
Total RevenueTR17,90320,22518,86926,07718,87921,65120,51927,05917,65320,93419,76125,26819,90923,650
 Taxes and social contributions16,42417,62217,21123,91817,55718,98018,84625,12916,30718,89318,28523,77418,68722,142
  TaxesD2 + D5 + D9112,78514,08813,71519,96113,61715,14715,07620,83812,51115,51414,51319,75114,40718,008
   Indirect taxes (taxes on production and imports)D26,7845,2477,3806,3327,3325,7347,7546,7005,5865,3137,2696,0497,0856,023
    Taxes on productsD215,8324,4226,5785,3186,3764,9086,8935,7374,6924,7476,6385,2776,1775,249
    of which Value-Added TaxD2114,0902,4164,6193,0504,4402,6024,9123,3272,8052,2694,6592,8984,3232,914
    Other taxes on production D299538248031,014956826861964893566631772907775
   Direct taxesD55,9678,7896,24813,2836,2389,3607,24113,7876,87210,1477,14813,3997,26111,917
    Taxes on income, profits and capital gainsD515,6898,5396,00913,0555,9619,1147,00113,5706,6159,9096,90013,1786,99711,681
    Other current direct taxesD59278250240228277246240217258238249221264236
   Capital taxesD913452863464752813505353963036168
  Social contributions D613,6393,5343,4953,9573,9403,8333,7704,2913,7963,3803,7724,0224,2804,134
   Actual social contributionsD611 + D6133,0132,8972,8603,3143,2503,1723,0893,6303,0702,6703,0453,3333,5533,427
    PRSI receipts D611 + D613(pt)2,6592,5372,5012,9512,9012,8032,7433,2562,7052,3002,6892,9353,1863,046
    Government employees' pension contributionsD613(pt)354360359363349369346374365369356398367381
   Employers' imputed social contributionsD612626637635643690661681662726710727689727707
 Sales of goods and servicesP1O1,0551,2161,2241,4331,0511,2121,2191,4281,0598821,0251,041894903
  Sales of market establishments (= market output)P1100000000000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P1255556666666666
Incidental sales and fees of non-market establishmentsP1311,0491,2111,2181,4281,0451,2061,2141,4221,0548761,0191,035888898
Investment incomeD41101,07383267511,227111190388701466541287
Interest (excluding FISIM)D414938324827322626101511813-5
Dividends / Other investment incomeD42 + D44321,0072319171,17667146118381283011275
Rent of land and subsoil assetsD452828282818181818171717171717
Current transfer revenueD39 + D7170184219293111121219197149178193176188218
SubsidiesD3900000000000000
Other current transfersD7170184219293111121219197149178193176188218
Non-life insurance claimsD7244444444444444
Other Domestic - Current D7N_S1899913288104113147105142151185144181189
From Rest of World - CurrentD7N_S2768182200346887322328324
Capital transfer revenueD9N14513113316510911312411699111113213100100
                    
Output P19,0319,3659,6639,6569,72910,15010,36610,56510,25611,08111,29111,82011,11711,348
Market output (sales of market establishments)P1100000000000000
Output for own final useP1255556666666666
Non-market outputP139,0269,3599,6589,6519,72310,14410,36010,55910,25111,07611,28511,81411,11111,342
= Non-market compensation of employeesD1_nonmarket5,4475,5395,5265,5905,7215,9255,7456,0225,9926,0835,9446,4696,0856,290
= Total compensation of employeesD15,4535,5445,5325,5965,7275,9305,7506,0275,9986,0885,9496,4746,0916,296
- Compensation of employees of market establishmentsD1_market00000000000000
- Compensation related to production of own-use capital assetsD1_own-use-5-5-5-5-6-6-6-6-6-6-6-6-6-6
+ Non-market intermediate consumptionP2_nonmarket2,4852,7273,0372,9672,8183,0353,4313,3543,0013,7354,0844,0883,7683,795
= Total intermediate consumptionP22,4852,7273,0372,9672,8183,0353,4313,3543,0013,7354,0844,0883,7683,795
- Intermediate consumption of market establishmentsP2_market00000000000000
- Intermediate consumption related to production of own-use capital assetsP2_own-use00000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket1,0941,0941,0941,0941,1841,1841,1841,1841,2581,2581,2581,2581,2581,258
= Total consumption of fixed capitalP51c1,0941,0941,0941,0941,1841,1841,1841,1841,2581,2581,2581,2581,2581,258
- Consumption of fixed capital by market establishmentsP51c_market00000000000000
- 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
               €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q2
Total ExpenditureTE19,55920,38520,44022,20220,80920,75121,54123,18421,25127,12226,29427,36526,35526,162
Expense18,90919,65919,96521,41819,83619,86320,76922,17720,40326,28724,98626,54225,48825,107
Compensation of employeesD15,4535,5445,5325,5965,7275,9305,7506,0275,9986,0885,9496,4746,0916,296
Of which: Related to production of own-use capital assets55556666666666
Use of goods and services plus taxes payableP2 + D5 + D292,4852,7273,0372,9672,8183,0353,4313,3543,0013,7354,0844,0883,7683,795
Use of goods and services [Intermediate consumption]P22,4852,7273,0372,9672,8183,0353,4313,3543,0013,7354,0844,0883,7683,795
Of which: Intermediate consumption of market establishments 00000000000000
Taxes, payableD500000000000000
Depreciation (Consumption of fixed capital)P51c1,0941,0941,0941,0941,1841,1841,1841,1841,2581,2581,2581,2581,2581,258
Of which: Depreciation by market establishments 00000000000000
Interest (excluding FISIM)D411,3921,3331,3471,2431,2001,2261,1171,0801,038948974870825766
Other domestic interest payableD41_S1528458481453397432360431481421501412150237
Interest payable to rest of worldD41_S2864875865790803793757650557527474458675529
SubsidiesD34184364586353743924135544702,1841,7191,7121,6051,625
Product subsidiesD31221240261271220239259270280306289311242251
Other subsidies on productionD391971961973641541531542841901,8781,4291,4011,3631,375
Social benefitsD62 + D6326,8066,9197,4848,1887,0627,1977,8088,5537,30810,5119,85910,41910,0039,698
Social benefits in cashD625,8065,5965,5476,4236,0015,7875,7376,6296,1358,9497,5838,2988,8618,361
Social benefits in kind (via market producers)D6321,0001,3231,9381,7651,0611,4102,0721,9241,1721,5622,2762,1221,1421,337
Other current transfersD79499527601,0041,1755608397349791,1718201,0681,3451,156
Net non-life insurance premiumsD711313131313131313131313132121
Current international cooperationD74881241361931311011101588416811911596167
Miscellaneous current transfersD75186207134169179174173233165415340246296365
VAT and GNI based EU budget contributionD76661608477629851271543330718575348694932603
VAT-based EU own resourcesD76175436265109546946917748599856
GNI-based EU own resourcesD762585565414565742217475284626498300635835547
Capital transfersD9313655253691297338224691352391323654593513
Investment grantsD92305435246684291333219686352373323575476413
Other capital transfersD99822077655501707911799
Net acquisition of non-financial assetsP5 + NP - P51c6507274757849738897721,0088498361,3088238671,055
= Gross investment in non-financial assetsP5 + NP1,7441,8201,5691,8772,1572,0731,9562,1922,1062,0932,5652,0812,1252,313
Gross fixed capital formationP511,7291,8051,5541,8622,1422,0582,0822,1772,0912,0782,5502,0662,1102,298
Net acquisition of stocksP521515151515151515151515151515
Net acquisition of unproduced assetsNP000000-1400000000
- Consumption of fixed capitalP51c-1,094-1,094-1,094-1,094-1,184-1,184-1,184-1,184-1,258-1,258-1,258-1,258-1,258-1,258
Net expenditure on current goods and servicesP3 excl. D6327,9778,1488,4398,2238,6788,9389,1479,1379,19710,19910,26610,77910,22310,445
= OutputP19,0319,3659,6639,6569,72910,15010,36610,56510,25611,08111,29111,82011,11711,348
- Sales of goods and services P11+P12+P131-1,055-1,216-1,224-1,433-1,051-1,212-1,219-1,428-1,059-882-1,025-1,041-894-903
Market output (sales of market establishments)P1100000000000000
Output for own final useP12-5-5-5-5-6-6-6-6-6-6-6-6-6-6
Incidental sales and fees of non-market establishmentsP131-1,049-1,211-1,218-1,428-1,045-1,206-1,214-1,422-1,054-876-1,019-1,035-888-898
Final consumption expenditureP38,9779,47210,3779,9889,73910,34911,21811,06110,36911,76112,54212,90111,36511,782
= Net expenditure on current goods and servicesP3 excl. D6327,9778,1488,4398,2238,6788,9389,1479,1379,19710,19910,26610,77910,22310,445
+ Social transfers in kind via market producers D6321,0001,3231,9381,7651,0611,4102,0721,9241,1721,5622,2762,1221,1421,337
made up of              
Individual consumption (= social transfers in kind)P31 (= D63)5,9876,4136,9276,6656,5296,9517,5297,4427,3317,8068,4548,3577,0147,907
Social transfers in kind (via market producers)D6321,0001,3231,9381,7651,0611,4102,0721,9241,1721,5622,2762,1221,1421,337
Social transfers in kind (provided directly by government)D6314,9865,0894,9904,9005,4685,5415,4575,5196,1596,2446,1786,2365,8716,569
Collective consumption (= actual final consumption of government)P322,9903,0593,4493,3233,2103,3973,6893,6183,0383,9554,0884,5444,3523,875
Total social transfersD62 + D6311,79212,00812,47413,08812,53012,73813,26614,07213,46716,75516,03716,65515,87516,268
Social benefits in cashD62 5,8065,5965,5476,4236,0015,7875,7376,6296,1358,9497,5838,2988,8618,361
 Social transfers in kind (= individual consumption)D635,9876,4136,9276,6656,5296,9517,5297,4427,3317,8068,4548,3577,0147,907
Table 5 General Government financial transactions
    €million
Description 2018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q2
Net lending (+) / net borrowing (-)B.9-2,294-590-2,0043,541-2,467199-1,5434,050-3,001-6,104-6,349-1,948-5,304-1,662
equals                    
Net acquisition of financial assets ΔA6,5497,80910,170-8,6647,522-600-742-6,8643,9168,114-2,297-11,4366,6691,771
EDP debt instruments F2 + F3 + F471504792318-972880031840-560-861366008527-3282-1243270371929
 Currency and deposits F27,1575,02655-8,3758,1211,963-81-7,2026,9408,798-3,253-12,5008,2402,063
Debt securities F3-432247-341235-130-178-80-55-85-2950-913-3
Short-term F31-44-8970-3244-63120-209-27-52-44-50-16-7
Long-term F32191177-309191-67-298129-28-3315100-8974
Loans F436-23616-1,012-3537-301-1,331-285-186018-290-131
Short-term loans F41-107-1172-4-21557-196-1627996-68-6-180-51
Long-term loans F42143-11914-1,008-138-50-105-1,169-364-2826824-110-80
Equity and Investment Fund Shares F5240-1,3593-122-14-2,465-87215-17-1,153-13829242-485
Other financial assets F6 + F7 + F8 -8414,3769,8491,186-46725-951,534-2,6677401,123967-610327
Insurance, Pensions and Standardised Guarantees F600000001000100
Financial derivatives and Employee Stock Options F7-67-34-28-36-29-37-39-22-20-41-142-101-18-15
Other accounts receivable/payableF8-7744,4109,8771,222-43862-561,555-2,6477811,2651,067-592342
less                    
Net incurrence of liabilities ΔL8,8438,39912,174-12,2059,989-799801-10,9146,91714,2184,052-9,48811,9733,433
EDP debt instruments F2 + F3 + F48,8633,6722,528-12,46010,010-906703-11,0826,71813,7993,831-9,91811,8282,891
Currency and deposits F218-322141164152106150293388368465552368
Debt securities F38,2333,6522,468-12,2759,333-6591,467-10,3946,52613,9124,082-9,9318,5413,018
Short-term F313,256417-492-3,0893,6581,191-817-3,7415,2428,931-1,488-6,3462,664-2,398
Long-term F324,9773,2352,960-9,1865,675-1,8502,284-6,6531,2844,9815,570-3,5855,8775,416
Loans F46125239-226513-399-870-838-101-501-619-4522,735-495
Short-term loans F41396364-338-24824158-265-377208-59-5924322-96
Long-term loans F42216-31237722272-457-605-461-309-442-560-4762,413-399
Other liabilities F5 + F6 + F7 + F8 -204,7279,646255-2110798168199419221430145542
Equity and Investment Fund Shares F500000000000000
Insurance, Pensions and Standardised Guarantees F6000100010009211799
Financial derivatives and Employee Stock Options F7-24-113-23-11-3-4-12-1
   Other accounts receivable/payable F8-184,7239,647253-241099516819842222533926444
Table 6 General Government: detailed breakdown of net worth
                     €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q2
General Government balance sheet               
 Net worth at market value, excluding pension liabilitiesNW-28,413-28,377-28,239-24,817-23,924-21,961-22,774-12,304-20,586-21,552-25,031-25,271-24,053-24,431
 equals               
  Non-financial assets at market valueNFA122,204124,473126,490128,816132,012135,124138,120141,350143,417145,470147,995150,036150,903151,958
 plus               
  Financial net worth at market value, excluding pension liabilitiesFNW-150,617-152,850-154,729-153,633-155,936-157,085-160,894-153,654-164,003-167,022-173,026-175,307-174,956-176,389
  equals               
   Financial assets at market valueFA85,68991,878100,38290,035100,71199,40696,51191,93691,451103,074100,63491,744100,501101,371
    EDP debt instrumentsF2 + F3 + F433,27138,10938,43228,69036,73938,60438,04429,37235,92647,79644,44532,00539,04740,970
     Currency and depositsF225,00030,04530,10321,73129,85731,81731,74324,53631,49142,54639,23426,73734,99637,068
     Debt securitiesF31,6111,6381,8791,5251,8091,6861,5391,4311,3471,2941,2691,327388379
      Short-termF31383288355318359291414196166115773849
      Long-termF321,2291,3501,5241,2071,4501,3951,1251,2341,1811,1781,1921,289384370
     LoansF46,6606,4266,4505,4345,0735,1014,7623,4053,0883,9563,9423,9413,6633,523
      Short-term loansF418036866886844695263301682473432762698938
      Long-term loansF425,8575,7405,7634,7504,6044,5764,4323,2372,8413,6133,6663,6713,5743,485
    Equity and Investment Fund SharesF543,25340,15338,46236,62739,89036,56734,69637,41733,00031,73231,36834,00936,06834,943
    Other financial assetsF6 + F7 + F8 9,16513,61623,48824,71824,08224,23523,77125,14722,52523,54624,82125,73025,38625,458
     Insurance, Pensions and Standardised GuaranteesF600000001111222
     Financial derivatives and Employee Stock OptionsF73173583533872132789169426927920000
     Other accounts receivable/payableF88,84813,25823,13524,33123,86923,95723,68025,14022,43023,27624,54125,52825,38425,456
  less               
   Liabilities at market valueL236,306244,728255,111243,668256,647256,491257,405245,590255,454270,096273,660267,051275,457277,760
    EDP debt instrumentsF2 + F3 + F4226,312229,946230,773219,161232,234232,051233,086221,240231,000245,169248,543241,531249,300251,372
     Currency and depositsF221,61821,58621,60721,64821,81221,96522,07022,22022,51322,90123,26923,73324,28524,654
     Debt securitiesF3153,927157,542158,388146,997159,122159,236160,983149,903159,488173,767177,431170,347174,889177,089
      Short-termF316,2106,7556,2513,0926,7517,8237,0963,3488,60217,36515,6969,30512,1329,699
      Long-termF32147,717150,787152,137143,904152,371151,413153,886146,555150,886156,402161,735161,042162,757167,391
     LoansF450,76750,81850,77850,51651,30050,85050,03349,11748,99948,50147,84347,45150,12649,629
      Short-term loansF419411,3459726819831,099808334581530428496814727
      Long-term loansF4249,82649,47349,80649,83550,31749,75149,22548,78248,41947,97147,41646,95449,31148,901
    Other liabilitiesF5 + F6 + F7 + F89,99414,78224,33824,50724,41324,44024,31924,35024,45424,92725,11725,52026,15726,388
     Equity and Investment Fund SharesF500000000000000
     Insurance, Pensions and Standardised GuaranteesF64444444555597214314
     Financial derivatives and Employee Stock OptionsF751557948940535925025517814712288699350
     Other accounts receivable/payableF89,47514,19923,84524,09824,05024,18624,06024,16724,30224,80025,02425,35425,85026,024
                      
Memo: Estimated pension liabilities of government  114,500114,500114,500149,600149,600149,600149,600149,600149,600149,600149,600149,600149,600149,600
Memo: Net worth, including pension liabilities -142,913-142,877-142,739-174,417-173,524-171,561-172,374-161,904-170,186-171,152-174,631-174,871-173,653-174,031
Contingent liabilities 5,0665,0665,0665,0665,3145,3145,3145,3146,1826,1826,1826,1826,1826,182
Guarantees 77777777656656656656656656
Off-balance sheet PPPs and concessions 5,0595,0595,0595,0595,3075,3075,3075,3075,5265,5265,5265,5265,5265,526
Memo: Net worth, including pension liabilities and contingent liabilities -147,978-147,943-147,804-179,483-178,838-176,875-177,689-167,218-176,369-177,334-180,813-181,053-179,835-180,213
Change in net worth of government               
 Opening net worth -29,257-28,413-28,377-28,239-24,817-23,924-21,961-22,774-12,304-20,586-21,552-25,031-25,271-24,053
                      
 Change in net worth due to transactions -1,644137-1,5284,325-1,4941,088-7715,058-2,153-5,269-5,042-1,125-4,437-607
  Net acquisition of non-financial assets P5 + NP - P51c6507274757849738897721,0088498361,3088238671,055
  Net lending/net borrowingB9-2,294-590-2,0043,541-2,467199-1,5434,050-3,001-6,104-6,349-1,948-5,304-1,662
   = Net acquisition of financial assets 6,5497,80910,170-8,6647,522-600-742-6,8643,9168,114-2,297-11,4366,6691,771
   - Net incurrence of liabilities -8,843-8,399-12,17412,205-9,989799-80110,914-6,917-14,218-4,0529,488-11,973-3,433
                      
 Change in net worth due to other economic flowsKx2,488-1011,667-9032,387875-435,413-6,1304,3031,5638855,655229
  Other changes in non-financial assets 1,5421,5421,5421,5422,2232,2232,2232,2231,2181,2181,2181,21800
  Other changes in financial net worth 946-1,643125-2,445164-1,348-2,2663,190-7,3483,085345-3335,655229
   = Other changes in financial assets 115-1,620-1,666-1,6833,154-705-2,1532,289-4,4013,509-1432,5462,088-901
     EDP debt instruments -120465-1446250-59-463,343-69-85-6
     Equity and Investment Fund Shares 260-1,741-1,694-1,7133,277-858-1,7842,506-4,400-115-2262,6121,817-640
     Other financial assets -25752344-169128-369-15845281152-58266-255
   - Other changes in liabilities 831-231,791-762-2,990-643-113901-2,947-424488-2,8793,5671,130
     EDP debt instruments 789381,701-848-3,063-723-332764-3,042-370457-2,9064,059819
     Other liabilities 42-619086738021913795-543127-492311
                      
Closing net worth -28,413-28,377-28,239-24,817-23,924-21,961-22,774-12,304-20,586-21,552-25,031-25,271-24,053-24,431
Table 7 General Government Gross and Net Debt
                  €million
DescriptionESA2010 code2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q2
General Government Debt               
  Debt instrument liabilities at market value226,312229,946230,773219,161232,234232,051233,086221,240231,000245,169248,543241,531249,300251,372
  + Difference between face value and market value -16,093-15,445-15,096-13,310-17,197-18,258-20,017-17,254-17,311-19,354-21,328-23,650-18,886-16,869
Gross General Government Debt (face value)GGDebt210,219214,501215,677205,851215,037213,793213,069203,986213,689225,815227,215217,881230,414234,503
By category:               
 Currency and deposits F221,61821,58621,60721,64821,81221,96522,07022,22022,51322,90123,26923,73324,28524,654
 Debt securitiesF3138,277142,638143,813134,231142,569141,546141,820133,566143,178155,026156,766147,425157,014160,913
  Short-termF316,2066,7496,2353,0846,7437,9037,0983,3528,60517,35715,6949,29912,1329,690
  Long-termF32132,070135,889137,578131,147135,827133,643134,722130,214134,573137,669141,072138,126144,883151,223
 LoansF450,32550,27850,25749,97250,65550,28349,17948,20047,99847,88847,18146,72349,11448,937
  Short-termF419411,3459726819831,099808334581530428496814727
  Long-termF4249,38448,93349,28549,29149,67249,18448,37147,86647,41747,35846,75346,22748,29948,210
                   
less EDP debt instrument assetsF2 + F3 + F433,27138,10938,43228,69036,73938,60438,04429,37235,92647,79644,44532,00439,04740,970
 By category:               
 Currency and deposits F225,00030,04530,10321,73129,85731,81731,74324,53631,49142,54639,23426,73734,99637,068
 Debt securitiesF31,6111,6381,8791,5251,8091,6861,5391,4311,3471,2941,2691,327388379
  Short-termF31383288355318359291414196166115773849
  Long-termF321,2291,3501,5241,2071,4501,3951,1251,2341,1811,1781,1921,289384370
 LoansF46,6606,4266,4505,4345,0735,1014,7623,4053,0883,9563,9423,9403,6633,523
  Short-termF418036866886844695263301682473432762698938
  Long-termF425,8575,7405,7634,7504,6044,5764,4323,2372,8413,6133,6663,6713,5743,485
                   
 Net General Government Debt (face value)GGNetDebt176,948176,392177,245177,161178,298175,189175,025174,614177,763178,019182,770185,877191,367193,533
 By category:               
 Currency and deposits F2-3,382-8,459-8,496-83-8,045-9,852-9,673-2,316-8,978-19,645-15,965-3,004-10,711-12,414
 Debt securities F3136,666141,000141,934132,706140,760139,860140,281132,135141,831153,732155,497146,098156,626160,534
  Short-termF315,8236,4615,8802,7666,3847,6126,6843,1568,43917,24215,6179,26112,1289,681
  Long-termF32130,841134,539136,054129,940134,377132,248133,597128,980133,392136,491139,880136,837144,499150,853
 LoansF443,66543,85243,80744,53845,58245,18244,41744,79544,91043,93243,23942,78345,45145,414
  Short-termF41138659284-3514573478166334187152227725689
  Long-termF4243,52743,19343,52244,54145,06844,60843,93944,62944,57643,74543,08742,55644,72544,725

Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2018 to Q2 2021. The tables provide detailed revenue, expenditure and balance sheet data for general government. The full time series is available on CSO PxStat.

The data published in this series are consistent with General Government Deficit and Debt levels reported at end September 2021 under the EU regulation governing the Excessive Deficit Procedure and the annual Government Finance Statistics (October 2021 results).  Government accounts are compiled in the EU according to the European System of National Accounts framework ESA 2010.

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

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

Updates to general government deficit/surplus

In principle net lending/borrowing in the non-financial account is equal to the balance of the financial account however in practice this is often not the case. This can be due to a number of reasons such as timing differences between when transactions are recorded in the two accounts, differences in sources of information and statistical adjustments.

Previously this identity had been preserved by a technical adjustment in the financial account. These adjustments are no longer included and therefore differences can be observed between the general government balance in Table 1 and Table 2. 

Transactions of note Q2 2021 

COVID-19

A preliminary estimate of the full year impact of COVID-19 supports on expenditure for 2020 was published in the annual Government Finance Statistics, Table A. See the annual Government Income and Expenditure release of 19 October for details. Provisional details of Q2 COVID-19 expenditure are below:

ESA 2010 CodeMeasure€ bn
P.2 Health sector expenditure 0.6
D.39 Employment Wage Subsidy Scheme 1.2
D.62 Pandemic Unemployment Payment 1.4
P.51g ICT expenditure 0.1
D.7 Education 0.1
D.1 Education 0.1
D.99 Standardised Guarantees 0.1
Total Expenditure   3.6

Other Transactions

Super dividend: In Q2 2021 the Central Bank of Ireland transferred surplus income to the Exchequer. In assessing this from an ESA 2010 perspective €486 million is treated as a super dividend which is not counted as revenue. Rather this element is recorded as a withdrawal of equity. 

Movements of note in the balance sheet, Q2 2021

The market value of the State's assets in Equity and Investment Fund Shares (AF.5, Table 6) stood at €34.9bn, representing a net fall in value of €1.1bn since Q1 2021. Over this period the fall in value was composed of a net reduction in holdings of these assets of €0.5bn (Table 5), together with market losses of €0.6bn (Tables 5 and 6). These losses were composed largely of falls in the value of the State’s Central Bank reserve assets, together with further losses relating to investments in Irish banks. The State’s cash holdings rose by €2.0bn in Q2 2021, largely explained as the proceeds from borrowing through increased debt security issuance.

GDP and GNI* figures used in publication

The GDP figures used in this publication are based on the Quarterly National Accounts released on 2 September 2021.

Population estimates used in publication

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

Government Finance Statistics – concepts and definitions

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

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

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

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

Table 0801 Quarterly non-financial accounts by sector

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

Table 2700 Quarterly financial accounts for general government

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

These data are available on the Eurostat website.

Definition of general government and its subsectors

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

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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