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E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Elaine O'Sullivan (+353) 1 498 4203 Derek Stynes (+353) 1 498 4303
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CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 3 2016

 General Government
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €mGDP€m GDP€m GDP
2015 Q1-2,390-3.9203,47297.0167,03079.6
2015 Q2660.1203,75690.8165,50673.8
2015 Q3-911-1.4203,19185.6164,77769.4
2015 Q4-1,551-2.3201,13478.6171,53367.1
2016 Q1-1,361-2.1206,62680.0172,97167.0
2016 Q21120.2200,10677.7172,21866.9
2016 Q3-1,810-2.6202,11877.1173,73766.3
2015 Q1-Q3-3,235-1.7
2016 Q1-Q3-3,059-1.6    

Government Deficit of 1.6% of GDP in the first nine months to September 2016

Figure 1 General Government Deficit
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The government recorded a deficit of €3.1 billion (-1.6% of GDP) for the first nine months of 2016.  This compares with a deficit of €3.2 billion (-1.7% of GDP) for the same period 2015 (Table 1).

In the first nine months of 2016, government revenue increased by €911 million (1.8%) when compared with the same period in 2015. The main driving factor, a 4.6% increase in Taxes and social contributions, was partially offset by a reduction in Investment income (Tables 1 and 3).

Expenditure levels of government increased by €734 million (1.4%) when comparing the first nine months of 2016 and 2015 (Tables 1 and 4).

Government Gross Debt at 77.1% of GDP in Q3 2016

General Government Gross Debt (GG Debt) stood at €202.1 billion (77.1% of GDP) at the end of September 2016, compared with a debt level of €203.2 billion (85.6% of GDP) for Q3 2015. The fall in the ratio was primarily due to increased GDP (Table 2).

At the end of September 2016, General Government Net Debt was €173.7 billion (66.3% of GDP) compared with €164.8 billion (69.4% of GDP) for Q3 2015. Net debt increased due to a greater reduction in the assets held by government in EDP debt instruments than the reduction in the corresponding liabilities (Tables 1 and 6).

National accounts are compiled in the EU according to the European System of National Accounts framework - ESA 2010. The calculation methods for quarterly Government Finance Statistics (GFS) are similar to those used in deriving the annual GFS. As some of the available sources are of lesser reliability than those used for the annual GFS, the quarterly estimates are subject to a greater margin of error than the annual figures. A full description of the concepts and definitions used in the production of these figures is provided in the Background notes.

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

 

GG Gross DebtGG Net Debt
Q1 2013123.887.4
Q2 201312489.4
Q3 201312288.1
Q4 2013119.589.2
Q1 2014 118.188.4
Q2 2014113.788.5
Q3 2014110.987.6
Q4 2014105.286.2
Q1 20159779.6
Q2 201590.873.8
Q3 201585.669.4
Q4 201578.667.1
Q1 20168067
Q2 201677.766.9
Q3 201677.166.3
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                      €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q3
    
General Government transactions                    
     
RevenueTR13,63114,58714,69216,58214,11915,37914,87017,15414,95416,30815,90518,63615,94417,40716,58920,59316,27418,17116,406
Taxes and social contributionsD2 + D5 + D91 + D6111,92211,69812,67914,50512,34812,29513,25315,01313,23813,33114,16316,69914,22014,31414,86618,72314,95415,51214,931
TaxesD2 + D5 + D919,5739,24310,29611,8179,7799,75510,74112,22510,46510,69511,53813,75111,34211,58012,16515,64811,92812,61712,069
Social contributions D612,3492,4552,3832,6882,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0262,8952,863
Sales of goods and servicesP1O1,0891,1841,2841,5571,2011,2371,1141,3861,0491,1651,1701,3211,1781,3111,3171,4891,0971,2131,218
Investment incomeD44621,5825933904691,7574125435131,6984183344091,675310267941,30693
Current transfer revenue (excluding taxes)D768575373504540607772678266595573665955
Capital transfer revenue (excluding taxes)D9N91678357514551151774286201704841416381108
           
ExpenditureTE18,43518,28317,87418,91417,57517,22717,68019,23417,81817,79118,01819,37318,33417,34117,50122,14417,63418,06018,216
ExpenseExpense17,99617,82418,44218,99217,68817,57718,17718,65017,59317,55018,14618,91217,97517,69517,83021,04017,66417,51418,071
Compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9074,8044,6134,5505,0354,9304,734
Use of goods and services plus taxes payableP2 + D5 + D291,8332,0252,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,1392,2822,424
Depreciation (Consumption of fixed capital)P51c825825825825817817817817858858858858907907907907958958958
Interest (excluding FISIM)D411,6501,7291,8531,9471,9221,8711,9121,9101,8531,8861,8751,8351,6471,6651,6881,6931,6121,5301,596
SubsidiesD3411430453627413433457611398415437603383399418585361377397
Social benefitsD62 + D6327,0027,1397,3897,9466,8306,8307,2277,6976,6086,7057,2457,6506,6606,7327,2437,6146,6256,7257,218
Other current transfersD71,008360701451795648769679889489600796935671238721694412519
Capital transfersD9326646350198380258324713302593003444623053732,415240300225
           
 Net operating balanceNOB-4,366-3,237-3,749-2,411-3,568-2,199-3,307-1,496-2,639-1,242-2,241-276-2,031-288-1,241-447-1,390657-1,665
           
Net acquisition of non-financial assetsP5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301104-30545145
                        
 General Government Surplus/DeficitB9-4,805-3,695-3,182-2,332-3,456-1,848-2,810-2,079-2,864-1,483-2,113-737-2,39066-911-1,551-1,361112-1,810
equals           
Net acquisition of financial assetsΔFA527738,482-3,2485,759-2,683-1,590-7,012-2,576-7,421-2,334-6,525-1,31030925-6,3084,072-7,714978
Debt instrumentsF2 + F3 + F41,441-4048,396-5,0536,596-2,825-414-7,738-560-8,226-2,362-8,360-901,112185-8,5214,051-5,771496
Equity and Investment Fund SharesF5-501,390548156477-1,297-543-1,194569282252477-830-36629630-1,509545
Other financial assetsF6 + F7 + F8 -1,339-213811,324-893-3351211,269-822236-2541,583-1,69727-1241,584-609-434-63
less           
Net incurrence of liabilitiesΔL4,8574,46811,664-9169,215-8351,220-4,933288-5,938-221-5,7881,080243936-4,7575,433-7,8262,788
Debt instrumentsF2 + F3 + F44,9054,50311,648-1,35610,039-8001,269-4,970171-5,972-194-6,53498346927-4,7625,663-7,7522,722
Other liabilitiesF5 + F6 + F7 + F8 -48-3516440-824-35-493711734-277469719795-230-7466
                   
  Memo: Net derivative flows on debt interest swap contracts -49-54-55-63-80-58-58-77-69-68-74-53-22-74-73-71-71-70-69
                
 General Government Surplus/Deficit (% of quarterly GDP) -11.3-8.3-7.1-5.3-8.0-4.2-5.9-4.6-6.4-3.2-4.1-1.5-3.90.1-1.4-2.3-2.10.2-2.6
                        
 Quarterly GDP at current market prices 42,51944,70744,65943,86943,09944,46347,64645,00144,95046,68451,15850,36761,50961,37664,09068,84064,03060,48968,713
Open in Excel: Government Finance Statistics Quarter 3 2016 Table 1 (XLS 17KB)
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Table 2 General Government Net Worth, Gross and Net Debt
                         €million
Description ESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q3
General Government net worth                    
Net worth at market value, excluding pension liabilitiesNW-30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,613-51,794-55,186
equals                   
Non-financial assets at market valueNFA85,98186,96586,92487,37188,03088,45288,72690,08191,34992,63393,54995,05396,67397,58198,512100,877100,848101,393101,539
plus                   
Financial net worth at market value, excluding pension liabilitiesFNW-116,231-123,779-130,834-136,778-140,673-143,147-146,899-145,207-148,728-154,272-157,561-153,414-151,969-150,274-152,167-150,438-152,461-153,187-156,725
equals                   
Financial assets at market valueFA87,87387,09495,94093,06898,81695,69994,08694,80694,48086,44685,19384,34289,57384,81085,66584,81089,92182,83383,225
EDP debt instrumentsF2 + F3 + F455,89054,94363,43558,71864,07461,03660,80054,59053,98646,31943,73536,80836,44238,25038,41429,60133,65527,89028,382
Equity and Investment Fund SharesF523,46523,71323,90425,09826,65427,00325,29330,79531,98831,80933,64738,20244,18937,93538,96845,25947,48546,47046,606
Other financial assetsF6 + F7 + F8 8,5188,4388,6019,2528,0887,6607,9939,4218,5068,3187,8119,3328,9428,6258,2839,9498,7818,4738,237
less                   
Liabilities at market valueL204,104210,873226,774229,846239,489238,846240,985240,013243,208240,718242,754237,756241,542235,084237,832235,248242,382236,020239,950
EDP debt instrumentsF2 + F3 + F4193,519200,529216,212218,596230,511230,296232,405231,503234,413231,661232,907228,849231,710225,220227,983225,423232,311226,412230,360
Other liabilitiesF5 + F6 + F7 + F810,58510,34410,56211,2508,9788,5508,5808,5108,7959,0579,8478,9079,8329,8649,8499,82510,0719,6089,590
                   
Memo: Estimated pension liabilities of government98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                   
Memo: Net worth, including pension liabilities-128,250-134,814-141,910-147,407-150,643-152,695-156,173-153,126-155,379-159,639-162,012-156,361-153,296-150,693-151,655-147,561-149,613-149,794-153,186
                   
Contingent liabilities119,131119,131119,131119,13159,72359,72359,72359,72329,21929,21929,21929,25316,86216,86216,86216,86216,71216,71216,712
                   
 Memo: Net worth, including pension liabilities and contingent liabilities -247,381-253,944-261,041-266,538-210,365-212,418-215,896-212,848-184,598-188,858-191,231-185,614-170,157-167,555-168,517-164,422-166,325-166,506-169,899
General Government: changes in net worth                    
Opening net worth-19,609-30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,478-51,613-51,794
                   
Change in net worth due to transactions-4,366-3,237-3,749-2,411-3,568-2,199-3,307-1,496-2,639-1,242-2,241-276-2,031-288-1,241-447-1,390657-1,665
Net acquisition of non-financial assets P5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,104-30545145
Net lending/net borrowingB9-4,805-3,695-3,182-2,332-3,456-1,848-2,810-2,079-2,864-1,483-2,113-737-2,39066-911-1,551-1,361112-1,810
                   
Change in net worth due to other economic flowsKx-6,275-3,327-3,348-3,086333146-1704,543387-3,018-1335,9275,0972,8902804,541-745-838-1,728
Other changes in non-financial assets5265265265267727727727721,0431,0431,0431,0431,2611,2611,2611,261000
Other changes in financial assets-460-1,552364376-11-434-237,7322,250-6131,0815,6746,541-5,0728305,453825626-586
Other changes in liabilities-6,341-2,301-4,237-3,988-428-192-919-3,961-2,907-3,448-2,257-790-2,7066,701-1,812-2,173-1,570-1,464-1,142
                          
Closing net worth -30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,613-51,794-55,186
                          
General Government Debt (GGDebt)                    
Debt instrument liabilities at market valueF2 + F3 + F4193,519200,529216,212218,596230,511230,296232,405231,503234,413231,661232,907228,849231,710225,220227,983225,423232,311226,412230,360
+ Difference between EDP face value and market value768-763-5,807-8,610-12,251-11,893-13,881-16,205-19,416-22,188-24,654-25,550-28,238-21,464-24,792-24,289-25,685-26,306-28,242
                          
 Gross General Government Debt (EDP face value)GGDebt194,287199,766210,405209,986218,260218,403218,524215,298214,997209,473208,253203,299203,472203,756203,191201,134206,626200,106202,118
                   
less EDP debt instrument assetsF2 + F3 + F4-55,890-54,943-63,435-58,718-64,074-61,036-60,800-54,590-53,986-46,319-43,735-36,808-36,442-38,250-38,414-29,601-33,655-27,888-28,381
 Net General Government Debt GGNetDebt138,397144,823146,970151,268154,186157,367157,724160,708161,011163,154164,518166,491167,030165,506164,777171,533172,971172,218173,737
     
Closing Net Worth (% of annualised GDP) -17.4-21.1-25.0-28.1-29.9-31.1-32.5-30.6-31.5-33.4-34.1-30.2-26.4-23.5-22.6-19.4-20.0-20.1-21.1
Gross General Government Debt (% of annualised GDP)111.8114.3120.0119.5123.8124.0122.0119.5118.1113.7110.9105.297.090.885.678.680.077.777.1
Net General Government Debt (% of annualised GDP) 79.682.883.886.187.489.488.189.288.488.587.686.279.673.869.467.167.066.966.3
 
Annualised GDP 173,777174,821175,399175,754176,334176,090179,077180,209182,060184,281187,793193,159209,718224,410237,342255,815258,336257,449262,072
Open in Excel: Government Finance Statistics Quarter 3 2016 Table 2 (XLS 18KB)
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Table 3 General Government: detailed classification of revenue and output
                        €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q3
                         
Total RevenueTR13,63114,58714,69216,58214,11915,37914,87017,15414,95416,30815,90518,63615,94417,40716,58920,59316,27418,17116,406
 Taxes and social contributions 11,92211,69812,67914,50512,34812,29513,25315,01313,23813,33114,16316,69914,22014,31414,86618,72314,95415,51214,931
  TaxesD2 + D5 + D919,5739,24310,29611,8179,7799,75510,74112,22510,46510,69511,53813,75111,34211,58012,16515,64811,92812,61712,069
   Indirect taxes (taxes on production and imports)D24,9013,7975,4404,2075,1263,9795,6474,5335,5394,6105,7855,2615,9424,8626,2725,3776,2485,2456,461
    Taxes on productsD214,3293,2244,8733,6734,5403,3375,0173,8554,7003,8865,0794,5735,0384,1695,5754,6495,6064,5125,754
    of which Value-Added TaxD2113,0501,8603,1492,1613,0251,8123,4342,1013,2002,1653,4812,6753,3252,2593,7582,6143,6302,2784,023
    Other taxes on production D29572573567534586642630678838724706688904693697729642733707
   Direct taxesD54,6505,4204,8147,4174,6325,7505,0577,4974,8966,0495,7098,2395,3706,6835,8389,9905,6457,3105,545
    Taxes on income, profits and capital gainsD514,3875,1694,0997,1824,3625,4674,2627,2074,5835,7594,7297,9455,0576,4045,4099,7345,3367,0285,273
    Other current direct taxesD59263251715234269283795289313290980294313279429256309282272
   Capital taxesD91222643194212637195293643250313556280356263
  Social contributions D612,3492,4552,3832,6882,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0262,8952,863
   Actual social contributionsD611 + D6132,0002,1072,0352,3402,2222,1932,1642,4402,4232,2862,2752,5972,5372,3932,3602,7332,6842,5532,521
    PRSI receipts D611 + D613(pt)1,5801,6861,6141,9191,7911,7631,7342,0102,0151,8771,8662,1892,1592,0151,9822,3562,3072,1762,144
    Government employees' social contributionsD613(pt)421421421421430430430430408408408408378378378378378378378
   Employers' imputed social contributionsD612348348348348347347347347351351351351342342342342342342342
 Sales of goods and servicesP1O1,0891,1841,2841,5571,2011,2371,1141,3861,0491,1651,1701,3211,1781,3111,3171,4891,0971,2131,218
  Sales of market establishments (= market output)P11245245245245262262262262284284284284311311311311311311311
  Imputed sales related to production of own-use capital assets (= output for own final use)P1210101010888888885555555
  Incidental sales and fees of non-market establishmentsP1318359301,0301,3039319678441,1167568738781,0298629951,0011,173780897902
 Investment incomeD44621,5825933904691,7574125435131,6984183344091,675310267941,30693
  Interest (excluding FISIM)D41370448407369411329335330321291214211196191170157866465
  DividendsD42911,13218520581,426762121911,4072031222111,48313910971,24127
  Rent of land and subsoil assetsD451111111111111111111
 Current transfer revenueD39 + D768575373504540607772678266595573665955
  SubsidiesD390000000000000000000
  Other current transfersD768575373504540607772678266595573665955
   Non-life insurance claimsD722222222222222222222
   Other Domestic - Current D7N_S150505050333333336060606049474750494747
   From Rest of World - CurrentD7N_S216512116106261610620161062116106
 Capital transfer revenueD9N91678357514551151774286201704841416381108
                         
Output P17,6947,6137,7907,9177,4567,6467,5967,7917,6407,9227,8147,8098,0348,0708,0178,1608,2858,3228,268
 Market output (sales of market establishments)P11245245245245262262262262284284284284311311311311311311311
 Output for own final useP1210101010888888885555555
 Non-market outputP137,4407,3597,5367,6637,1867,3767,3267,5207,3477,6297,5227,5177,7187,7547,7017,8437,9688,0067,952
  = Non-market compensation of employeesD1_nonmarket4,9334,6604,6964,6694,8254,7244,5374,4754,7614,6614,4754,4144,9024,7994,6084,5455,0304,9254,729
   = Total compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9074,8044,6134,5505,0354,9304,734
   - Compensation of employees of market establishmentsD1_market0000000000000000000
   - Compensation related to production of own-use capital assetsD1_own-use-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5
  + Non-market intermediate consumptionP2_nonmarket1,7801,9712,1122,2671,6431,9342,0712,3281,8322,2142,2932,3492,0192,1582,2962,5012,0842,2272,370
   = Total intermediate consumptionP21,8332,0242,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,1392,2822,424
   - Intermediate consumption of market establishmentsP2_market-53-53-53-53-55-55-55-55-55-55-55-55-55-55-55-55-55-55-55
   - Intermediate consumption related to production of own-use capital assetsP2_own-use0000000000000000000
  + Non-market consumption of fixed capitalP51c_nonmarket728728728728717717717717754754754754797797797797854854854
   = Total consumption of fixed capitalP51c825825825825817817817817858858858858907907907907958958958
   - Consumption of fixed capital by market establishmentsP51c_market-97-97-97-97-99-99-99-99-104-104-104-104-110-110-110-110-104-104-104
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use0000000000000000000
  + Other taxes on production, payable D29_pay0000000000000000000
  - Other subsidies on production, receivable D39_rec0000000000000000000
Open in Excel: Government Finance Statistics Quarter 3 2016 Table 3 (XLS 19KB)
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Table 4 General Government: detailed classification of expenditure and consumption
                        €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q3
                         
Total ExpenditureTE18,43518,28317,87418,91417,57517,22717,68019,23417,81817,79118,01819,37318,33417,34117,50122,14417,63418,06018,216
                         
 Expense 17,99617,82418,44218,99217,68817,57718,17718,65017,59317,55018,14618,91217,97517,69517,83021,04017,66417,51418,071
  Compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9074,8044,6134,5505,0354,9304,734
   Of which: Related to production of own-use capital assets 10101010888888885555555
  Use of goods and services plus taxes payableP2 + D5 + D291,8332,0252,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,1392,2822,424
   Use of goods and services [Intermediate consumption]P21,8332,0242,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0742,2122,3512,5562,1392,2822,424
    Of which: Intermediate consumption of market establishments 53535353555555555555555555555555555555
   Taxes, payableD50000000000000000000
  Depreciation (Consumption of fixed capital)P51c825825825825817817817817858858858858907907907907958958958
    Of which: Depreciation by market establishments 9797979799999999104104104104110110110110104104104
  Interest (excluding FISIM)D411,6501,7291,8531,9471,9221,8711,9121,9101,8531,8861,8751,8351,6471,6651,6881,6931,6121,5301,596
   Other domestic interest payableD41_S1561614666717734723755765698702695664526585584601546532618
   Interest payable to rest of worldD41_S21,0891,1151,1871,2301,1881,1481,1571,1451,1551,1841,1801,1711,1211,0801,1041,0921,066998978
  SubsidiesD3411430453627413433457611398415437603383399418585361377397
   Product subsidiesD31225246268324244264288275213231251261196213232241178195214
   Other subsidies on productionD39186184186303169168169335185184185342187185187344183182183
  Social benefitsD62 + D6327,0027,1397,3897,9466,8306,8307,2277,6976,6086,7057,2457,6506,6606,7327,2437,6146,6256,7257,218
   Social benefits in cashD626,0495,9675,7846,4345,9145,7025,6836,2425,7825,5755,5566,1025,8245,6155,5976,0965,7455,5405,472
   Social benefits in kind (via market producers)D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,5188801,1851,746
  Other current transfersD71,008360701451795648769679889489600796935671238721694412519
   Net non-life insurance premiumsD7119191919141414141414141414141414141414
   Current international cooperationD74102137187120751771451339272139132821589314185104104
   Miscellaneous current transfersD75404-3326074170157309111236852602162371802485484644
   VAT and GNI based EU budget contributionD76482237234237535300301421546317186434602318108480546248357
    VAT-based EU own resourcesD76181394032784747238247284683452563793353
    GNI-based EU own resourcesD76240219819420545725325439846526915838851927383417467215304
  Capital transfersD9326646350198380258324713302593003444623053732,415240300225
   Investment grantsD9232636635019834225832471330259289162425265373304240300225
   Other capital transfersD99028000380000011182374002,111000
                         
 Net acquisition of non-financial assetsP5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,104-30545145
  = Gross investment in non-financial assetsP5 + NP1,2641,2842587477044663191,4001,0831,0997301,3191,2665535772,0119281,5031,103
   Gross fixed capital formationP511,2441,2632377261,4074452991,3801,0681,0847151,3041,2515385621,9969131,4881,088
   Net acquisition of stocksP5221212121212121211515151515151515151515
   Net acquisition of unproduced assetsNP0000-72300000000000000
  - Consumption of fixed capitalP51c-825-825-825-825-817-817-817-817-858-858-858-858-907-907-907-907-958-958-958
                         
Net expenditure on current goods and servicesP3 excl. D6326,6066,4296,5066,3616,2556,4096,4826,4046,5916,7576,6446,4886,8566,7596,7006,6707,1887,1097,050
 = OutputP17,6947,6137,7907,9177,4567,6467,5967,7917,6407,9227,8147,8098,0348,0708,0178,1608,2858,3228,268
 - Sales of goods and services P11+P12+P131-1,089-1,184-1,284-1,557-1,201-1,237-1,114-1,386-1,049-1,165-1,170-1,321-1,178-1,311-1,317-1,489-1,097-1,213-1,218
   Market output (sales of market establishments)P11-245-245-245-245-262-262-262-262-284-284-284-284-311-311-311-311-311-311-311
   Output for own final useP12-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5
   Incidental sales and fees of non-market establishmentsP131-835-930-1,030-1,303-931-967-844-1,116-756-873-878-1,029-862-995-1,001-1,173-780-897-902
                         
Final consumption expenditureP37,5587,6028,1107,8737,1717,5378,0267,8597,4187,8878,3338,0367,6927,8758,3458,1888,0678,2948,796
 = Net expenditure on current goods and servicesP3 excl. D6326,6066,4296,5066,3616,2556,4096,4826,4046,5916,7576,6446,4886,8566,7596,7006,6707,1887,1097,050
 + Social transfers in kind via market producers D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,5188801,1851,746
made up of                     
 Individual consumption (= social transfers in kind)P31 (= D63)5,1975,3045,8345,0284,9435,2245,7294,9654,9935,4176,0345,1385,1575,3975,9985,1755,4115,6946,333
  Social transfers in kind (via market producers)D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,5188801,1851,746
  Social transfers in kind (provided directly by government)D6314,2454,1324,2303,5164,0274,0964,1853,5104,1664,2874,3453,5894,3204,2804,3523,6574,5314,5084,587
 Collective consumption (= actual final consumption of government)P322,3612,2982,2762,8442,2282,3132,2962,8942,4252,4702,2982,8992,5362,4792,3483,0132,6572,6012,463
                         
Total social transfersD62 + D6311,24611,27111,61911,46210,85710,92611,41211,20710,77410,99211,59111,23910,98011,01211,59511,27111,15511,23311,805
 Social benefits in cashD62 6,0495,9675,7846,4345,9145,7025,6836,2425,7825,5755,5566,1025,8245,6155,5976,0965,7455,5405,472
 Social transfers in kind (= individual consumption)D635,1975,3045,8345,0284,9435,2245,7294,9654,9935,4176,0345,1385,1575,3975,9985,1755,4115,6946,333
Open in Excel: Government Finance Statistics Quarter 3 2016 Table 4 (XLS 20KB)
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Table 5 General Government financial transactions
              €million
 2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q3
DescriptionESA2010 code                   
 Net lending (+) / net borrowing (-)B.9-4,805-3,695-3,182-2,332-3,456-1,848-2,810-2,079-2,864-1,483-2,113-737-2,39066-911-1,551-1,361112-1,810
equals                     
Net acquisition of financial assets ΔA527738,482-3,2485,759-2,683-1,590-7,012-2,576-7,421-2,334-6,525-1,31030925-6,3084,072-7,714978
EDP debt instruments F2 + F3 + F41,441-4048,396-5,0536,596-2,825-414-7,738-560-8,226-2,362-8,360-901,112185-8,5214,051-5,771496
 Currency and deposits F21,8985989,613-6,2718,685-2,446-641-6,8562,350-1,010-282-7,2909021,612757-3,7764,539-6,5211,697
Debt securities F3-1-116-1231,197-860-10813279-21455-686-584-714-397-153-4,570-755511-1,245
Short-term F31-9-301,046945111,750-201126-341-957-802258-135-505-832-201-11
Long-term F328-113-123151-1,805-109131-1,671-13-71-34537388-655-18-4,06577712-1,234
Loans F4-456-886-1,09421-1,229-27195-961-2,696-7,271-1,394-486-278-103-419-17526723944
Short-term loans F41231-30414454-44-24834030114533-776-190-111-103-109-20719429-29
Long-term loans F42-687-856-1,508-433-1,185-23-245-1,262-2,841-7,304-618-296-1670-310327321073
Equity and Investment Fund Shares F5-501,390548156477-1,297-543-1,194569282252477-830-36629630-1,509545
Other financial assets F6 + F7 + F8 -1,339-213811,324-893-3351211,269-822236-2541,583-1,69727-1241,584-609-434-63
Insurance, Pensions and Standardised Guarantees F6000-100000001000-1000
Financial derivatives and Employee Stock Options F7-7500-1164003217272330-3724-12000
Other accounts receivable/payableF8-1,264-213811,326-1,057-3351211,237-839209-2771,552-1,32523-1231,583-609-434-63
less                     
Net incurrence of liabilities ΔL4,8574,46811,664-9169,215-8351,220-4,933288-5,938-221-5,7881,080243936-4,7575,433-7,8262,788
EDP debt instruments F2 + F3 + F44,9054,50311,648-1,35610,039-8001,269-4,970171-5,972-194-6,53498346927-4,7625,663-7,7522,722
Currency and deposits F29392,681-534716-30,613575172-841-2,842-6,962-567-103-446778636231193125
Debt securities F3-6,004-3,6706,711-4,41639,248-5,035-1,197-7,4062,2341,2824752,18110,489-35506-5,1646,011-8,4502,569
Short-term F31-3844831,031-2,4012,309637-1,432-1,6821091,0231121641,897-974-1,059-2,1903,020-4481,284
Long-term F32-5,620-4,1535,680-2,01536,939-5,672235-5,7242,1252593632,0178,5929391,565-2,9742,991-8,0021,285
Loans F49,9705,4925,4712,3441,4043,6602,2943,277779-292-102-8,612-9,0604335366-57950528
Short-term loans F41-711,220424-245-117-395-20723350-48-10-106275-134-301-48-3621-136
Long-term loans F4210,0414,2725,0472,5891,5214,0552,5013,044729-244-92-8,506-9,335138636414-217504164
Other liabilities F5 + F6 + F7 + F8 -48-3516440-824-35-493711734-277469719795-230-7466
Equity and Investment Fund Shares F50000000000000000000
Insurance, Pensions and Standardised Guarantees F60001000-100000000000
Financial derivatives and Employee Stock Options F70001000-1000-10000000
    Other accounts receivable/payable F8-48-3516438-824-35-493911734-277479719795-230-7466
Open in Excel: Government Finance Statistics Quarter 3 2016 Table 5 (XLS 16KB)
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Table 6 General Government: detailed breakdown of net worth
                          €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q3
             
General Government balance sheet                    
                           
 Net worth at market value, excluding pension liabilitiesNW-30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,613-51,794-55,186
 equals                    
  Non-financial assets at market valueNFA85,98186,96586,92487,37188,03088,45288,72690,08191,34992,63393,54995,05396,67397,58198,512100,877100,848101,393101,539
 plus                    
  Financial net worth at market value, excluding pension liabilitiesFNW-116,231-123,779-130,834-136,778-140,673-143,147-146,899-145,207-148,728-154,272-157,561-153,414-151,969-150,274-152,167-150,438-152,461-153,187-156,725
  equals                    
   Financial assets at market valueFA87,87387,09495,94093,06898,81695,69994,08694,80694,48086,44685,19384,34289,57384,81085,66584,81089,92182,83383,225
    EDP debt instrumentsF2 + F3 + F455,89054,94363,43558,71864,07461,03660,80054,59053,98646,31943,73536,80836,44238,25038,41429,60133,65527,89028,382
     Currency and depositsF221,18021,77931,39225,28333,96831,51930,87924,02226,37325,37425,11617,86318,79820,40021,15817,57922,13715,62017,316
     Debt securitiesF38,0698,0217,9269,4708,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,3633,2882,5163,0291,781
      Short-termF313001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136
      Long-termF328,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1642,8791,644
     LoansF426,64125,14324,11723,96521,49621,03021,30120,31917,46710,7069,0599,2998,6859,3308,8938,7349,0029,2419,285
      Short-term loansF411,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179
      Long-term loansF4225,52524,05622,61722,01119,58719,36819,29918,01615,0198,2247,3537,7837,2808,0297,7007,7487,8228,0328,106
    Equity and Investment Fund SharesF523,46523,71323,90425,09826,65427,00325,29330,79531,98831,80933,64738,20244,18937,93538,96845,25947,48546,47046,606
    Other financial assetsF6 + F7 + F8 8,5188,4388,6019,2528,0887,6607,9939,4218,5068,3187,8119,3328,9428,6258,2839,9498,7818,4738,237
     Insurance, Pensions and Standardised GuaranteesF61110000000011110000
     Financial derivatives and Employee Stock OptionsF71,3391,4741,5578977927009141,1351,0486393983521,2879477288127319926
     Other accounts receivable/payableF87,1786,9637,0438,3557,2966,9607,0798,2867,4587,6797,4138,9797,6547,6777,5549,1378,7088,2748,211
  less                    
   Liabilities at market valueL204,104210,873226,774229,846239,489238,846240,985240,013243,208240,718242,754237,756241,542235,084237,832235,248242,382236,020239,950
    EDP debt instrumentsF2 + F3 + F4193,519200,529216,212218,596230,511230,296232,405231,503234,413231,661232,907228,849231,710225,220227,983225,423232,311226,412230,360
     Currency and depositsF259,34662,02061,46862,09931,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,255
     Debt securitiesF385,91683,13994,79794,295135,269130,614130,045126,293131,283135,416138,066142,394154,120147,320149,747146,741153,835147,111150,610
      Short-termF313,5204,0395,0522,5804,9695,5874,1282,4232,5123,5083,6503,7855,8804,6773,5481,1884,4903,5435,290
      Long-termF3282,39679,10089,74591,715130,300125,027125,917123,870128,771131,909134,416138,609148,241142,644146,200145,552149,345143,568145,320
     LoansF448,25755,37059,94762,20263,78967,64770,17973,85474,60574,67373,82865,53757,11257,33957,58457,96957,53458,16958,495
      Short-term loansF414861,7072,1301,8851,7691,3741,1661,4341,4651,3921,3771,2951,5441,4011,0911,055673671536
      Long-term loansF4247,77153,66357,81760,31662,02166,27469,01372,42073,13873,28072,45164,24355,56855,93656,49056,90956,86057,49857,958
    Other liabilitiesF5 + F6 + F7 + F810,58510,34410,56211,2508,9788,5508,5808,5108,7959,0579,8478,9079,8329,8649,8499,82510,0719,6089,590
     Equity and Investment Fund SharesF50000000000000000000
     Insurance, Pensions and Standardised GuaranteesF60001111000000000000
     Financial derivatives and Employee Stock OptionsF72,5582,3512,5532,8021,3549611,0409321,1001,3272,1444571,2861,1201,0961,0681,4051,015931
     Other accounts receivable/payableF88,0277,9938,0098,4477,6237,5887,5397,5787,6957,7307,7038,4508,5468,7448,7538,7578,6668,5938,659
                           
                           
  Memo: Estimated pension liabilities of government 98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                           
 Memo: Net worth, including pension liabilities -128,250-134,814-141,910-147,407-150,643-152,695-156,173-153,126-155,379-159,639-162,012-156,361-153,296-150,693-151,655-147,561-149,613-149,794-153,186
                           
  Contingent liabilities 119,131119,131119,131119,13159,72359,72359,72359,72329,21929,21929,21929,25316,86216,86216,86216,86216,71216,71216,712
   Guarantees 115,555115,555115,555115,55556,02056,02056,02056,02025,14525,14525,14525,14512,60412,60412,60412,60412,60412,60412,604
   Off-balance sheet PPPs 3,5763,5763,5763,5763,7033,7033,7033,7034,0744,0744,0744,1084,2584,2584,2584,2584,1084,1084,108
                           
 Memo: Net worth, including pension liabilities and contingent liabilities -247,381-253,944-261,041-266,538-210,365-212,418-215,896-212,848-184,598-188,858-191,231-185,614-170,157-167,555-168,517-164,422-166,325-166,506-169,899
                           
Change in net worth of government                    
                           
 Opening net worth -19,609-30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,478-51,613-51,794
                           
 Change in net worth due to transactions -4,366-3,237-3,749-2,411-3,568-2,199-3,307-1,496-2,639-1,242-2,241-276-2,031-288-1,241-447-1,390657-1,665
  Net acquisition of non-financial assets P5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,104-30545145
  Net lending/net borrowingB9-4,805-3,695-3,182-2,332-3,456-1,848-2,810-2,079-2,864-1,483-2,113-737-2,39066-911-1,551-1,361112-1,810
   = Net acquisition of financial assets 527738,482-3,2485,759-2,683-1,590-7,012-2,576-7,421-2,334-6,525-1,31030925-6,3084,072-7,714978
   - Net incurrence of liabilities -4,857-4,468-11,664916-9,215835-1,2204,933-2885,9382215,788-1,080-243-9364,757-5,4337,826-2,788
                           
 Change in net worth due to other economic flowsKx-6,275-3,327-3,348-3,086333146-1704,543387-3,018-1335,9275,0972,8902804,541-745-838-1,728
  Other changes in non-financial assets 5265265265267727727727721,0431,0431,0431,0431,2611,2611,2611,261000
  Other changes in financial net worth -6,801-3,853-3,873-3,612-439-626-9423,771-657-4,061-1,1764,8843,8351,629-9823,280-745-838-1,728
   = Other changes in financial assets -460-1,552364376-11-434-237,7322,250-6131,0815,6746,541-5,0728305,453825626-586
     EDP debt instruments -719-54396336-1,240-2131781,528-44559-2221,433-276696-21-291-336-4
     Equity and Investment Fund Shares 540-1,1421867131,500-128-4136,0452,387-7481,5564,3035,510-5,4241,0695,6621,596494-409
     Other financial assets -28113382-673-271-93212159-93-424-253-621,307-344-21882-738126-173
   - Other changes in liabilities -6,341-2,301-4,237-3,988-428-192-919-3,961-2,907-3,448-2,257-790-2,7066,701-1,812-2,173-1,570-1,464-1,142
     EDP debt instruments -6,757-2,507-4,035-3,740-1,876-585-840-4,068-2,739-3,220-1,440-2,476-1,8786,536-1,836-2,202-1,233-1,853-1,226
     Other liabilities 416206-202-2481,448393-79107-168-228-8171,686-8281652429-33738984
                           
                           
Closing net worth -30,250-36,814-43,910-49,407-52,643-54,695-58,173-55,126-57,379-61,639-64,012-58,361-55,296-52,693-53,655-49,561-51,613-51,794-55,186
Open in Excel: Government Finance Statistics Quarter 3 2016 Table 6 (XLS 23KB)
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Table 7 General Government Gross and Net Debt
                       €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q3
                        
General Government Debt                    
                        
  Debt instrument liabilities at market value 193,519200,529216,212218,596230,511230,296232,405231,503234,413231,661232,907228,849231,710225,220227,983225,423232,311226,412230,360
  + Difference between face value and market value 768-763-5,807-8,610-12,251-11,893-13,881-16,205-19,416-22,188-24,654-25,550-28,238-21,464-24,792-24,289-25,685-26,306-28,242
                        
Gross General Government Debt (face value)GGDebt194,287199,766210,405209,986218,260218,403218,524215,298214,997209,473208,253203,299203,472203,756203,191201,134206,626200,106202,118
By category:                    
 Currency and deposits F259,34662,02061,46862,09231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,255
 Debt securitiesF387,67984,94190,47587,297124,601120,462118,306112,665114,475116,113115,546119,078128,539128,678128,001125,565131,200124,071125,961
  Short-termF313,4974,0235,0432,5354,9595,5624,1022,3892,4893,4773,6373,7605,8494,6623,5321,1824,4823,5365,283
  Long-termF3284,18280,91885,43284,762119,642114,900114,205110,276111,986112,636111,910115,318122,690124,016124,469124,383126,717120,536120,678
 LoansF447,26252,80458,46260,59762,20665,90668,03771,27771,99871,78771,69463,30354,45554,51654,53854,85654,48554,90354,903
  Short-termF415691,8272,2361,8841,7701,3771,1711,4411,4771,4021,3821,2941,5431,3641,0891,050672669535
  Long-termF4246,69350,97756,22658,71360,43664,52966,86669,83670,52170,38670,31262,01052,91253,15253,44953,80553,81354,23354,368
                        
less EDP debt instrument assetsF2 + F3 + F455,89054,94363,43558,71864,07461,03660,80054,59053,98646,31943,73536,80836,44238,25038,41429,60133,65527,88828,381
 By category:                    
 Currency and deposits F221,18021,77931,39225,28333,96831,51930,87924,02226,37325,37425,11617,86318,79820,40021,15817,57922,13715,62017,316
 Debt securitiesF38,0698,0217,9269,4708,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,3633,2882,5163,0281,780
  Short-termF313001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136
  Long-termF328,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1642,8791,644
 LoansF426,64125,14324,11723,96521,49621,03021,30120,31917,46710,7069,0599,2998,6859,3308,8938,7349,0029,2409,285
  Short-termF411,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179
  Long-termF4225,52524,05622,61722,01119,58719,36819,29918,01615,0198,2247,3537,7837,2808,0297,7007,7487,8228,0328,106
                        
 Net General Government Debt (face value)GGNetDebt138,397144,823146,970151,268154,186157,367157,724160,708161,011163,154164,518166,491167,030165,506164,777171,533172,971172,218173,737
 By category:                    
 Currency and deposits F238,16640,24130,07636,809-2,5155161,3027,3342,152-3,802-4,1033,0551,680161-5063,134-1,1955,5123,939
 Debt securities F379,61076,92082,54977,827115,992111,975109,686102,416104,328105,875105,987109,432119,580120,159119,639122,277128,684121,043124,181
  Short-termF313,4944,0235,0431,4892,9693,5712,110-1,355-1,053-1903111,3914,2822,8371,843-24,1303,3875,147
  Long-termF3276,11672,89777,50676,338113,023108,404107,577103,771105,381106,065105,677108,041115,298117,322117,796122,279124,553117,657119,034
 LoansF420,62127,66134,34536,63240,71044,87646,73650,95854,53061,08162,63554,00445,77045,18545,64646,12245,48345,66345,618
  Short-termF41-547740736-70-139-285-831-862-972-1,080-324-22213862-10364-508-539-644
  Long-termF4221,16826,92133,60936,70240,84945,16147,56751,82055,50262,16262,95954,22745,63245,12345,74946,05745,99146,20146,262
Open in Excel: Government Finance Statistics Quarter 3 2016 Table 7 (XLS 17KB)
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Background Notes

Introduction

This detailed release is the official publication by the CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2012 to Q3 2016. The data in this release are provisional until the official publication by Eurostat of deficit and debt levels for all EU member states on 23rd January 2017.

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-September 2016 under the EU regulation governing the Excessive Deficit Procedure (EDP). Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts. National accounts are complied in the EU according to the European Systems of National Accounts framework - ESA2010. The calculation methods for quarterly Government Finance Statistics (GFS) are similiar to those used in deriving the annual GFS. As some of the available sources are of lesser reliability than those used for annual GFS, the quarterly estimates are subject to a greater margin of error than the annual figures.

No revisions have been made to previously published figures for the quarters up to and including Q4 2015. This is in keeping with the national income and expenditure (GDP) revision policy. 

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

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

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

Revisions have been made to the previously published Total Revenue (TR) and Total Expenditure (TE) figures for quarters Q1 2016 and Q2 2016.

Revisions have been made to previously published Net acquisition of financial assets and Net incurrence of liabilities figures for quarters Q1 2016 and Q2 2016.  This is the alternative measure of GG Deficit/Surplus, referred to as Net Lending/Borrowing. See Tables 1 and 5.

These revisions are due to updated data becoming available.

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

Revisions have been made to Debt or Net worth figures for quarters Q1 2016 and Q2 2016. These revisions are due to increased availability of data. See Tables 2 and 6.

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditure 2015 and the latest Quarterly National Accounts publication.

Share transactions

In quarter 3 2016, AIB repurchased contingent capital for which the State received €1,600 million. The proceeds of this transaction were recorded in the Exchequer statement. For National Accounts purposes these proceeds are not treated as revenue as they are simply the exchange of one asset (equity or securities) for cash or another form of financial asset.  Therefore, they have no impact on the General Government Deficit.  The Balance sheet of government shows changes in the relevant instrument categories resulting from this transaction.

Investment income

In quarter 2 2016, the increase in Investment Income was mainly due to a dividend paid by Central Bank of €1.2 billion to the Exchequer.

Government Finance Statistics – concepts and definitions

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

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

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

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

Table 0801   Quarterly Non-financial accounts by sector  

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

Table 2700 Quarterly financial accounts for General Government

Table 2800 Quarterly Government Debt

These data are available on the Eurostat website -

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

Definition of General Government and its subsectors

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

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

This measure is by definition equal to both Total Revenue (TR) less Total Expenditure (TE), and Net acquisition of financial assets less Net incurrence of liabilities (Tables 1 and 5).  In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG Deficit/Surplus. This adjustment has no impact on Gross debt, Net debt or Net worth. For this Q3 2016 release, see note on revisions referred to earlier.

General Government Gross Debt (GG Debt) is defined in the EU regulations implementing the Maastricht Treaty as the Gross Debt Liabilities of the consolidated General Government sector, at nominal value.

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

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

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

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

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

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

General Government Net Worth is calculated as the sum of financial and non-financial assets of General Government less financial liabilities. 

Detailed codes and technical definitions can be seen in the ESA 2010 manual available at http://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334

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

Main Components of General Government Expenditure and Revenue

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

P.5       Gross capital formation.

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

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

            P.52     Changes in inventories.

            P.53     Acquisitions less disposals of valuables.

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

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

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

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

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

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

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

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

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

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

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

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

Categories of Financial Flows

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

            F.11     Monetary gold

            F.12     Special Drawing Rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund share

            F.51 Equity

            F.52 Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71     Financial derivatives

            F.72     Employee stock options

F.8       Other accounts receivable/payable

            F.81     Trade credits and advances

            F.89     Other Trade credits 

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