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For more information on this release:
E-mail: gfs@cso.ie Derek Stynes (+353) 1 498 4303 Jason Sibley (+353) 1 498 4219 Ciara O'Shea (+353) 1 498 4312
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 3 2018

 General Government Finances
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €bnGDP€bn GDP€bn GDP
2017 Q1-1.2-1.8208.675.8178.064.7
2017 Q2-0.1-0.1211.375.5173.862.1
2017 Q3-1.8-2.3211.072.9174.360.2
2017 Q42.43.0201.368.4175.659.7
2018 Q1-1.5-2.0210.269.3177.858.6
2018 Q2-0.1-0.2214.969.2177.257.1
2018 Q3-1.2-1.4216.268.8178.156.7
2017 Q1-Q3-3.1-1.5    
2018 Q1-Q3-2.8-1.2    

Government deficit of €2.8 billion in the first nine months of 2018

Figure 1 General Government Deficit
go to full release

The government recorded a deficit of €2.8 billion (-1.2% of GDP) for the first nine months of 2018. This compares with a deficit of €3.1 billion (-1.5% of GDP) for the same period last year (Table 1).

In the first nine months of 2018, government revenue increased by €2.5 billion (+4.6%) compared with the same period of 2017. The main driving factor was a 5.7% increase in Taxes and social contributions  (Tables 1 and 3).

Expenditure levels of government increased by €2.2 billion (+3.8%) when comparing the first nine months of 2018 and 2017. Increases in Compensation of employees/pay (+6.0%) and Use of goods and services (+7.9%) were partially offset by a decrease in Interest (-9.8%) (Tables 1 and 4).

Government Gross Debt at 68.8% of GDP at end Q3 2018

General Government Gross Debt (GG Debt) stood at €216.2 billion (68.8% of annualised GDP) at the end of September 2018, compared with a debt level of €211.0 billion (72.9%) at end Q3 2017. The fall in the ratio was due to an increase in GDP over the year (Table 2).

At the end of September 2018, General Government Net Debt was €178.1 billion (56.7% of annualised GDP) compared with €174.3 billion (60.2%) at end Q3 2017. Net debt increased primarily due to an increase in debt issuance in the year.

National accounts are compiled in the EU according to the European System of National Accounts framework - ESA 2010.

Data for Q1 and Q2 2018 have only been revised due to increased data availability. Pre-2018 data remains unchanged to that published in the 2018 Q2 publication on 19 October 2018.

Pre-2018 Government Finance Statistics (GFS) are benchmarked to the most recent EDP notification as published on 19 October 2018. Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts and the Quarterly National Accounts.

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

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

 

GG Gross DebtGG Net Debt
Q1 201595.479.2
Q2 201589.673.7
Q3 201583.368.3
Q4 201576.866.2
Q1 201678.566.3
Q2 201675.565.7
Q3 20167665.8
Q4 201673.464.8
Q1 201775.864.7
Q2 201775.562.1
Q3 201772.960.2
Q4 201768.459.7
Q1 201869.358.6
Q2 201869.257.1
Q3 201868.856.7
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                  €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q3
General Government transactions                
RevenueTR16,06317,49716,67320,66816,45018,38617,10221,71617,38218,70417,64222,81117,76819,79418,660
Taxes and social contributionsD2 + D5 + D91 + D6114,25114,34414,89118,74614,93815,49214,93919,77115,65116,08415,97920,85416,17817,33516,940
TaxesD2 + D5 + D9111,37311,61012,19015,67211,92712,61212,07316,48512,47213,03512,95617,46312,83714,11613,757
Social contributions D612,8782,7342,7013,0753,0112,8802,8663,2863,1793,0493,0233,3913,3423,2203,184
Sales of goods and servicesP1O1,1851,3241,3311,5101,2101,3481,3551,5341,2421,3681,3811,5331,2891,4391,455
Investment incomeD44161,6823292871091,3391182593271,09011324210383980
Current transfer revenue (excluding taxes)D71137255557469445857555977575556
Capital transfer revenue (excluding taxes)D9N9776686911913864894106107111104140126128
 
ExpenditureTE18,34317,98618,04321,54318,26018,01918,61120,23118,62718,80719,43320,40319,28619,92919,827
ExpenseExpense17,98017,67017,84221,15817,89117,60518,32219,69218,12818,48318,96220,32818,70919,26019,388
Compensation of employeesD14,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,6445,5725,393
Use of goods and services plus taxes payableP2 + D5 + D292,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,2712,5192,828
Depreciation (Consumption of fixed capital)P51c879879879879931931931931987987987987987987987
Interest (excluding FISIM)D411,7321,6951,7011,7211,6411,5611,5221,4401,5171,4291,5081,3521,3611,3091,349
SubsidiesD3384399419590382398418579392408429594399415435
Social benefitsD62 + D6326,6576,7547,3037,7086,6436,7487,3687,6786,7416,8847,4967,8856,7957,0657,513
Other current transfersD79076642327258424556421,067670894681928954964700
Capital transfersD94082303132,398290315210623288318223774300430183
 
 Net operating balanceNOB-1,917-173-1,168-490-1,441781-1,2202,024-746221-1,3192,483-941535-728
 
Net acquisition of non-financial assetsP5 + NP - P51c36331620138536941428953949932447175577669439
 
 General Government Surplus/DeficitB9-2,280-489-1,369-876-1,809367-1,5091,485-1,245-103-1,7902,409-1,518-135-1,167
equals 
Net acquisition of financial assetsΔFA-1,419492-50-6,3764,210-7,8721,341-1,6706,0862,625-762-9,3406,9418,74010,574
Debt instrumentsF2 + F3 + F4-2681,388112-8,2974,227-6,1431,027-3,6336,9966,982-786-10,9837,2885,304387
Equity and Investment Fund SharesF5478-832-33629631-1,508554-5618-4,400-14-91241-1,3593
Other financial assetsF6 + F7 + F8 -1,629-64-1291,292-648-221-2402,019-92843381,734-5884,79510,184
less                  
Net incurrence of liabilitiesΔL8619811,319-5,5006,019-8,2392,850-3,1557,3312,7281,028-11,7498,4598,87511,741
Debt instrumentsF2 + F3 + F47407541,253-5,3525,983-8,2203,150-3,0907,3472,6481,021-11,7818,4434,3112,038
Other liabilitiesF5 + F6 + F7 + F8 12122766-14836-19-300-65-1680732164,5649,703
           
Memo: Net derivative flows on debt interest swap contracts -22-74-73-71-71-70-69-65-62-57-56-49-55-52-48
General Government Surplus/Deficit (% of quarterly GDP) -3.5-0.8-2.0-1.3-2.70.6-2.22.0-1.8-0.1-2.33.0-2.0-0.2-1.4
Quarterly GDP at current market prices 64,77962,48167,35367,85466,31064,03968,22774,66168,15168,91777,77879,26477,39776,06681,421
Table 2 General Government Net Worth, Gross and Net Debt
      €million
Description ESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q3
General Government net worth 
Net worth at market value, excluding pension liabilitiesNW-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-37,534-38,511-39,621
equals               
Non-financial assets at market valueNFA94,39295,69396,87898,24799,801101,400102,873104,597106,445108,117109,936111,359112,000112,670113,109
plus               
Financial net worth at market value, excluding pension liabilitiesFNW-153,012-151,067-152,285-150,502-152,068-152,623-154,671-151,508-151,756-149,064-150,147-147,611-149,534-151,181-152,730
equals               
 Financial assets at market valueFA87,84783,01583,88882,89587,94380,56881,52379,35583,76688,22987,94380,05686,12393,300102,268
EDP debt instrumentsF2 + F3 + F434,44636,31736,51427,85732,07725,98027,05223,55230,56237,47036,64425,69832,37237,72138,115
Equity and Investment Fund SharesF543,85537,59138,61544,89747,11346,08846,22345,56143,91941,10441,47642,61643,30940,32038,735
Other financial assetsF6 + F7 + F8 9,5469,1078,75910,1418,7538,5008,24810,2429,2859,6559,82311,74210,44215,25925,418
less               
Liabilities at market valueL240,859234,082236,173233,397240,011233,191236,194230,863235,522237,293238,090227,667235,657244,481254,998
EDP debt instrumentsF2 + F3 + F4230,569223,731225,780223,180229,422222,772226,339221,087225,871227,862228,635218,257226,344230,538231,437
Other liabilitiesF5 + F6 + F7 + F810,29010,35110,39310,21710,58910,4199,8559,7769,6519,4319,4559,4109,31313,94323,561
               
Memo: Estimated pension liabilities of government109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-168,420-165,174-165,207-166,755-166,767-165,723-166,298-161,411-159,811-155,447-154,711-150,752-152,034-153,011-154,121
Contingent liabilities17,25517,25517,25517,25510,30610,30610,30610,3066,6156,6156,6156,6155,0325,0325,032
Memo: Net worth, including pension liabilities and contingent liabilities -185,675-182,429-182,463-184,010-177,073-176,029-176,603-171,716-166,426-162,062-161,326-157,367-157,066-158,044-159,153
               
General Government: changes in net worth               
Opening net worth-61,415-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,188-37,534-38,511
Change in net worth due to transactions-1,917-173-1,168-490-1,441781-1,2202,024-746221-1,3192,483-941535-728
Net acquisition of non-financial assets P5 + NP - P51c36331620138536941428953949932447175577669439
Net lending/net borrowingB9-2,280-489-1,369-876-1,809367-1,5091,485-1,245-103-1,7902,409-1,518-135-1,167
Change in net worth due to other economic flowsKx4,7123,4181,1353,6431,4282636462,8632,3454,1432,0551,475-405-1,512-382
Other changes in non-financial assets9849849849841,1851,1851,1851,1851,3481,3481,3481,348000
Other changes in financial assets6,578-5,3249235,383838497-386-498-1,6751,8384761,453-874-1,563-1,606
Other changes in liabilities-2,8507,758-772-2,724-595-1,419-1532,1762,672957231-1,326469511,224
Closing net worth -58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-37,534-38,511-39,621
                     
General Government Debt (GGDebt)               
Debt instrument liabilities at market valueF2 + F3 + F4230,569223,731225,780223,180229,422222,772226,339221,087225,871227,862228,635218,257226,344230,538231,437
+ Difference between EDP face value and market value-27,008-19,615-22,236-21,556-22,203-22,351-23,845-20,409-17,305-16,588-17,666-16,967-16,144-15,593-15,195
Gross General Government Debt (EDP face value)GGDebt203,561204,116203,544201,624207,219200,421202,494200,678208,566211,274210,969201,290210,200214,945216,242
less EDP debt instrument assetsF2 + F3 + F4-34,446-36,316-36,512-27,856-32,076-25,979-27,051-23,552-30,562-37,470-36,645-25,698-32,373-37,721-38,115
Net General Government Debt GGNetDebt169,115167,800167,032173,768175,143174,442175,443177,126178,004173,804174,324175,592177,827177,224178,127
               
Closing Net Worth (% of annualised GDP)-27.5-24.3-22.7-19.9-19.8-19.3-19.4-17.2-16.5-14.6-13.9-12.3-12.4-12.4-12.6
Gross General Government Debt (% of annualised GDP)95.489.683.376.878.575.57673.475.875.572.968.469.369.268.8
Net General Government Debt (% of annualised GDP)79.273.768.366.266.365.765.864.864.762.160.259.758.657.156.7
Annualised GDP 213,488227,709244,402262,466263,998265,556266,431273,238275,079279,957289,507294,110303,356310,505314,147
Table 3 General Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q3
Total RevenueTR16,06317,49716,67320,66816,45018,38617,10221,71617,38218,70417,64222,81117,76819,79418,660
 Taxes and social contributions14,25114,34414,89118,74614,93815,49214,93919,77115,65116,08415,97920,85416,17817,33516,940
  TaxesD2 + D5 + D9111,37311,61012,19015,67211,92712,61212,07316,48512,47213,03512,95617,46312,83714,11613,757
   Indirect taxes (taxes on production and imports)D25,9764,8976,3025,4066,2665,2586,4795,6226,7754,9756,8696,0626,8355,2497,411
    Taxes on productsD215,0414,1725,5764,6495,6054,5115,7604,8855,8934,2316,1635,2765,9264,4676,652
    of which Value-Added TaxD2113,3252,2593,7582,6143,6302,2764,0212,9004,0392,2104,2042,8264,1882,4634,695
    Other taxes on production D29936725725758661747719737881744706786908781760
   Direct taxesD55,3666,6795,8339,9855,6267,2925,53110,6125,6618,0156,01211,1115,9688,8156,259
    Taxes on income, profits and capital gainsD515,0576,4035,4079,7335,3357,0285,27810,3825,3707,7595,76810,8875,6938,5676,022
    Other current direct taxesD59309276426252291264253231291256244224275248237
   Capital taxesD91313556280356263251374675290345286
  Social contributions D612,8782,7342,7013,0753,0112,8802,8663,2863,1793,0493,0233,3913,3423,2203,184
   Actual social contributionsD611 + D6132,5832,4392,4062,7792,6772,5452,5322,9522,8752,7452,7193,0883,0602,9382,902
    PRSI receipts D611 + D613(pt)2,1592,0151,9822,3562,3072,1762,1622,5822,4742,3442,3182,6872,6552,5332,497
    Government employees' social contributionsD613(pt)424424424424370370370370401401401401405405405
   Employers' imputed social contributionsD612295295295295334334334334304304304304282282282
 Sales of goods and servicesP1O1,1851,3241,3311,5101,2101,3481,3551,5341,2421,3681,3811,5331,2891,4391,455
  Sales of market establishments (= market output)P11279279279279305305305305331331331331358358358
  Imputed sales related to production of own-use capital assets (= output for own final use)P12555555555555555
Incidental sales and fees of non-market establishmentsP1319011,0401,0461,2268991,0381,0441,2239051,0311,0441,1979261,0751,092
Investment incomeD44161,6823292871091,3391182593271,09011324210383980
Interest (excluding FISIM)D411811761661537774673348231450443630
Dividends / Other investment incomeD42 + D442091,47913610851,239241992531,041731653277523
Rent of land and subsoil assetsD45272727272727272726262626272727
Current transfer revenueD39 + D71137255557469445857555977575556
SubsidiesD39000000000000000
Other current transfersD71137255557469445857555977575556
Non-life insurance claimsD72222244445555555
Other Domestic - Current D7N_S1494747504947475049484851494848
From Rest of World - CurrentD7N_S26223532017-8333722334
Capital transfer revenueD9N9776686911913864894106107111104140126128
                     
Output P18,0088,0447,9918,1338,2288,2628,2978,4398,6758,7068,7818,9509,0839,2599,389
Market output (sales of market establishments)P11279279279279305305305305331331331331358358358
Output for own final useP12555555555555555
Non-market outputP137,7247,7607,7067,8497,9187,9527,9878,1298,3388,3698,4448,6138,7198,8959,025
= Non-market compensation of employeesD1_nonmarket4,9214,8194,6274,5645,0494,9444,7474,6825,3645,2525,0435,0015,6385,5665,388
= Total compensation of employeesD14,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,6445,5725,393
- Compensation of employees of market establishmentsD1_market000000000000000
- Compensation related to production of own-use capital assetsD1_own-use-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5
+ Non-market intermediate consumptionP2_nonmarket2,0302,1692,3072,5132,0472,1872,4192,6262,1012,2442,5292,7392,2082,4562,765
= Total intermediate consumptionP22,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,2712,5192,828
- Intermediate consumption of market establishmentsP2_market-56-56-56-56-62-62-62-62-63-63-63-63-63-63-63
- Intermediate consumption related to production of own-use capital assetsP2_own-use000000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket772772772772821821821821873873873873873873873
= Total consumption of fixed capitalP51c879879879879931931931931987987987987987987987
- Consumption of fixed capital by market establishmentsP51c_market-106-106-106-106-109-109-109-109-114-114-114-114-114-114-114
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000000000000
+ Other taxes on production, payable D29_pay000000000000000
  - Other subsidies on production, receivableD39_rec000000000000000
Table 4 General Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q3
Total ExpenditureTE18,34317,98618,04321,54318,26018,01918,61120,23118,62718,80719,43320,40319,28619,92919,827
Expense17,98017,67017,84221,15817,89117,60518,32219,69218,12818,48318,96220,32818,70919,26019,388
Compensation of employeesD14,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,6445,5725,393
Of which: Related to production of own-use capital assets555555555555555
Use of goods and services plus taxes payableP2 + D5 + D292,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,2712,5192,828
Use of goods and services [Intermediate consumption]P22,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,2712,5192,828
Of which: Intermediate consumption of market establishments 565656566262626263636363636363
Taxes, payableD5000000000000000
Depreciation (Consumption of fixed capital)P51c879879879879931931931931987987987987987987987
Of which: Depreciation by market establishments 106106106106109109109109114114114114114114114
Interest (excluding FISIM)D411,7321,6951,7011,7211,6411,5611,5221,4401,5171,4291,5081,3521,3611,3091,349
Other domestic interest payableD41_S1612615597629575563563555559490575483496434509
Interest payable to rest of worldD41_S21,1211,0801,1041,0921,066998960885958939932868864875840
SubsidiesD3384399419590382398418579392408429594399415435
Product subsidiesD31192209227236202220239248207225244254205222241
Other subsidies on productionD39192191192354179178179331184183184340194193194
Social benefitsD62 + D6326,6576,7547,3037,7086,6436,7487,3687,6786,7416,8847,4967,8856,7957,0657,513
Social benefits in cashD625,7835,5735,5526,1025,7335,5115,4716,0265,7715,5625,5146,0995,7845,5745,526
Social benefits in kind (via market producers)D6328731,1811,7511,6069101,2381,8961,6529701,3221,9821,7861,0111,4911,988
Other current transfersD79076642327258424556421,067670894681928954964700
Net non-life insurance premiumsD71141414142626262627272727272727
Current international cooperationD748215893141851041041459511712316886121133
Miscellaneous current transfersD7521017518911848715518614014918735518020864
VAT and GNI based EU budget contributionD76602318108479546238357709408601344378661608477
VAT-based EU own resourcesD761834525637933535563736363754362
GNI-based EU own resourcesD76251927383416468205304655345528282315585565414
Capital transfersD94082303132,398290315210623288318223774300430183
Investment grantsD92408230313287290315210623288318223744300430183
Other capital transfersD990002,111000000030000
Net acquisition of non-financial assetsP5 + NP - P51c36331620138536941428953949932447175577669439
= Gross investment in non-financial assetsP5 + NP1,2421,1951,0801,2641,2991,3441,2191,4701,4861,3111,4581,0611,5641,6561,426
Gross fixed capital formationP511,2271,1801,0651,2491,2841,3291,2041,4551,4711,2961,4431,1511,5491,6411,411
Net acquisition of stocksP52151515151515151515151515151515
Net acquisition of unproduced assetsNP00000000000-105000
- Consumption of fixed capitalP51c-879-879-879-879-931-931-931-931-987-987-987-987-987-987-987
Net expenditure on current goods and servicesP3 excl. D6326,8236,7206,6606,6237,0186,9146,9426,9057,4337,3387,4007,4167,7947,8207,934
= OutputP18,0088,0447,9918,1338,2288,2628,2978,4398,6758,7068,7818,9509,0839,2599,389
- Sales of goods and services P11+P12+P131-1,185-1,324-1,331-1,510-1,210-1,348-1,355-1,534-1,242-1,368-1,381-1,533-1,289-1,439-1,455
Market output (sales of market establishments)P11-279-279-279-279-305-305-305-305-331-331-331-331-358-358-358
Output for own final useP12-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5
Incidental sales and fees of non-market establishmentsP131-901-1,040-1,046-1,226-899-1,038-1,044-1,223-905-1,031-1,044-1,197-926-1,075-1,092
Final consumption expenditureP37,6967,9018,4118,2297,9288,1528,8398,5588,4038,6599,3829,2038,8059,3119,921
= Net expenditure on current goods and servicesP3 excl. D6326,8236,7206,6606,6237,0186,9146,9426,9057,4337,3387,4007,4167,7947,8207,934
+ Social transfers in kind via market producers D6328731,1811,7511,6069101,2381,8961,6529701,3221,9821,7861,0111,4911,988
made up of               
Individual consumption (= social transfers in kind)P31 (= D63)5,1985,3415,6835,5685,3725,5415,9385,7765,7215,9006,3236,1516,0366,2266,672
Social transfers in kind (via market producers)D6328731,1811,7511,6069101,2381,8961,6529701,3221,9821,7861,0111,4911,988
Social transfers in kind (provided directly by government)D6314,3254,1603,9323,9624,4624,3034,0424,1244,7514,5784,3414,3645,0254,7354,684
Collective consumption (= actual final consumption of government)P322,4982,5602,7282,6622,5562,6112,9012,7812,6822,7593,0593,0522,7683,0853,249
Total social transfersD62 + D6310,98210,91411,23511,67011,10511,05111,40911,80211,49211,46211,83612,25011,82011,80012,197
Social benefits in cashD62 5,7835,5735,5526,1025,7335,5115,4716,0265,7715,5625,5146,0995,7845,5745,526
 Social transfers in kind (= individual consumption)D635,1985,3415,6835,5685,3725,5415,9385,7765,7215,9006,3236,1516,0366,2266,672
Table 5 General Government financial transactions
      €million
Description 2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q3
Net lending (+) / net borrowing (-)B.9-2,280-489-1,369-876-1,809367-1,5091,485-1,245-103-1,7902,409-1,518-135-1,167
equals                 
Net acquisition of financial assets ΔA-1,419492-50-6,3764,210-7,8721,341-1,6706,0862,625-762-9,3406,9418,74010,574
EDP debt instruments F2 + F3 + F4-2681,388112-8,2974,227-6,1431,027-3,6336,9966,982-786-10,9837,2885,304387
 Currency and deposits F28621,655780-3,6194,638-6,6552,268-3,2597,0946,836-982-10,4747,6645,099192
Debt securities F3-782-189-225-4,466-718520-1,23228123724642-7332272
Short-term F31-802258-135-505-832-201-1210-28483164-74-5995
Long-term F3220-447-90-3,961114721-1,220271512415-22191177
Loans F4-348-78-443-212307-8-9-655-12174150-551-303173-77
Short-term loans F41-111-103-109-20719429-29-2401034-18-59-107-1171
Long-term loans F42-23725-334-5113-3720-415-13140168-492-196290-78
Equity and Investment Fund Shares F5478-832-33629631-1,508554-5618-4,400-14-91241-1,3593
Other financial assets F6 + F7 + F8 -1,629-64-1291,292-648-221-2402,019-92843381,734-5884,79510,184
Insurance, Pensions and Standardised Guarantees F6000-100000000000
Financial derivatives and Employee Stock Options F7-3374281012-628-188-35-1-171121
Other accounts receivable/payableF8-1,292-106-1371,292-648-222-2422,025-956231731,735-5714,78410,163
less                 
Net incurrence of liabilities ΔL8619811,319-5,5006,019-8,2392,850-3,1557,3312,7281,028-11,7498,4598,87511,741
EDP debt instruments F2 + F3 + F47407541,253-5,3525,983-8,2203,150-3,0907,3472,6481,021-11,7818,4434,3112,038
Currency and deposits F2-4467785362311931256012473156921-3221
Debt securities F311,0058731,348-5,5956,416-8,5592,831-3,3947,5412,877800-5,8317,8293,7902,056
Short-term F311,875-780-1,084-2,4203,389-9701,670-3,0432,3601,002-1,025-1,7013,191474-340
Long-term F329,1301,6532,432-3,1753,027-7,5891,161-3515,1811,8751,825-4,1304,6383,3162,396
Loans F4-9,819-196-180207-664146194244-318-302206-6,019593553-39
Short-term loans F41266-142-309-56-372-8-144165111-371183-124390358-344
Long-term loans F42-10,085-54129263-29215433879-4296923-5,895203195305
Other liabilities F5 + F6 + F7 + F8 12122766-14836-19-300-65-1680732164,5649,703
Equity and Investment Fund Shares F5000000000000000
Insurance, Pensions and Standardised Guarantees F6000000000000000
Financial derivatives and Employee Stock Options F7000-100000000000
   Other accounts receivable/payable F812122766-14736-19-300-65-1680732164,5649,703
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q3
General Government balance sheet                
 Net worth at market value, excluding pension liabilitiesNW-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-37,534-38,511-39,621
 equals                
  Non-financial assets at market valueNFA94,39295,69396,87898,24799,801101,400102,873104,597106,445108,117109,936111,359112,000112,670113,109
 plus                
  Financial net worth at market value, excluding pension liabilitiesFNW-153,012-151,067-152,285-150,502-152,068-152,623-154,671-151,508-151,756-149,064-150,147-147,611-149,534-151,181-152,730
  equals                
   Financial assets at market valueFA87,84783,01583,88882,89587,94380,56881,52379,35583,76688,22987,94380,05686,12393,300102,268
    EDP debt instrumentsF2 + F3 + F434,44636,31736,51427,85732,07725,98027,05223,55230,56237,47036,64425,69832,37237,72138,115
     Currency and depositsF218,29419,93420,71517,29421,91515,26317,53014,28621,37728,20427,21716,74524,47029,58729,783
     Debt securitiesF38,9598,5208,3633,2892,5523,0821,8542,1622,1662,1782,1922,2731,5261,5831,849
      Short-termF311,5671,8251,6891,184352149136143178221248372298233325
      Long-termF327,3926,6946,6732,1042,1992,9321,7182,0191,9881,9571,9441,9011,2291,3501,524
     LoansF47,1937,8637,4367,2747,6107,6357,6687,1047,0197,0887,2356,6806,3766,5516,483
      Short-term loansF411,4051,3021,1929861,1801,2081,179939949983966907799683684
      Long-term loansF425,7886,5616,2436,2886,4306,4276,4886,1656,0706,1056,2705,7735,5775,8685,799
    Equity and Investment Fund SharesF543,85537,59138,61544,89747,11346,08846,22345,56143,91941,10441,47642,61643,30940,32038,735
    Other financial assetsF6 + F7 + F8 9,5469,1078,75910,1418,7538,5008,24810,2429,2859,6559,82311,74210,44215,25925,418
     Insurance, Pensions and Standardised GuaranteesF6111000000000000
     Financial derivatives and Employee Stock OptionsF71,2879477288117140300-2136231415318351347
     Other accounts receivable/payableF88,2588,1598,0309,3308,6828,4608,21810,2429,2879,5199,59211,32710,12414,90825,071
  less                
   Liabilities at market valueL240,859234,082236,173233,397240,011233,191236,194230,863235,522237,293238,090227,667235,657244,481254,998
    EDP debt instrumentsF2 + F3 + F4230,569223,731225,780223,180229,422222,772226,339221,087225,871227,862228,635218,257226,344230,538231,437
     Currency and depositsF220,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,59721,61821,58621,607
     Debt securitiesF3153,702147,008149,326146,321152,465145,538148,944143,327148,308150,909151,546147,114153,960157,633158,630
      Short-termF315,8604,8763,7491,3864,6883,7415,4122,4004,7395,6034,6122,9326,1466,7476,395
      Long-termF32147,842142,131145,577144,935147,777141,797143,531140,927143,569145,306146,934144,182147,815150,886152,235
     LoansF456,38956,16255,80256,14656,01556,10256,14056,44556,12455,44155,56149,54650,76651,31951,200
      Short-term loansF411,5381,3901,0751,0356476395016698244016044919031,301921
      Long-term loansF4254,85154,77254,72755,11155,36855,46355,64055,77555,30055,04054,95649,05449,86350,01750,279
    Other liabilitiesF5 + F6 + F7 + F810,29010,35110,39310,21710,58910,4199,8559,7769,6519,4319,4559,4109,31313,94323,561
     Equity and Investment Fund SharesF5000000000000000
     Insurance, Pensions and Standardised GuaranteesF6000000000000000
     Financial derivatives and Employee Stock OptionsF71,2861,1201,0961,0671,4031,252988974865564581504460526441
     Other accounts receivable/payableF89,0049,2319,2979,1509,1869,1678,8678,8028,7868,8678,8748,9068,85313,41723,120
                       
Memo: Estimated pension liabilities of government 109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -168,420-165,174-165,207-166,755-166,767-165,723-166,298-161,411-159,811-155,447-154,711-150,752-152,034-153,011-154,121
Contingent liabilities 17,25517,25517,25517,25510,30610,30610,30610,3066,6156,6156,6156,6155,0325,0325,032
Guarantees 12,60412,60412,60412,6045,2735,2735,2735,2731,5821,5821,5821,582000
Off-balance sheet PPPs and concessions 4,6514,6514,6514,6515,0325,0325,0325,0325,0325,0325,0325,0325,0325,0325,032
Memo: Net worth, including pension liabilities and contingent liabilities -185,675-182,429-182,463-184,010-177,073-176,029-176,603-171,716-166,426-162,062-161,326-157,367-157,066-158,044-159,153
Change in net worth of government                
 Opening net worth -61,415-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,188-37,534-38,511
                       
 Change in net worth due to transactions -1,917-173-1,168-490-1,441781-1,2202,024-746221-1,3192,483-941535-728
  Net acquisition of non-financial assets P5 + NP - P51c36331620138536941428953949932447175577669439
  Net lending/net borrowingB9-2,280-489-1,369-876-1,809367-1,5091,485-1,245-103-1,7902,409-1,518-135-1,167
   = Net acquisition of financial assets -1,419492-50-6,3764,210-7,8721,341-1,6706,0862,625-762-9,3406,9418,74010,574
   - Net incurrence of liabilities -861-981-1,3195,500-6,0198,239-2,8503,155-7,331-2,728-1,02811,749-8,459-8,875-11,741
                       
 Change in net worth due to other economic flowsKx4,7123,4181,1353,6431,4282636462,8632,3454,1432,0551,475-405-1,512-382
  Other changes in non-financial assets 9849849849841,1851,1851,1851,1851,3481,3481,3481,348000
  Other changes in financial net worth 3,7282,4341512,659243-922-5391,6789972,795707127-405-1,512-382
   = Other changes in financial assets 6,578-5,3249235,383838497-386-498-1,6751,8384761,453-874-1,563-1,606
     EDP debt instruments -20248385-360-7464513314-74-4037-614457
     Equity and Investment Fund Shares 5,500-5,4321,0575,6531,585483-419-606-1,6601,5853861,231452-1,630-1,588
     Other financial assets 1,280-375-21990-740-32-12-25-29327130185-71222-25
   - Other changes in liabilities -2,8507,758-772-2,724-595-1,419-1532,1762,672957231-1,326469511,224
     EDP debt instruments -2,0217,592-796-2,752-259-1,570-4172,1622,563657248-1,4033561171,139
     Other liabilities -8291662428-33615126414109300-1777113-6685
                       
Closing net worth -58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-37,534-38,511-39,621
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q3
General Government Debt                
  Debt instrument liabilities at market value230,569223,731225,780223,180229,422222,772226,339221,087225,871227,862228,635218,257226,344230,538231,437
  + Difference between face value and market value -27,008-19,615-22,236-21,556-22,203-22,351-23,845-20,409-17,305-16,588-17,666-16,967-16,144-15,593-15,195
Gross General Government Debt (face value)GGDebt203,561204,116203,544201,624207,219200,421202,494200,678208,566211,274210,969201,290210,200214,945216,242
By category:                
 Currency and deposits F220,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,59721,61821,58621,607
 Debt securitiesF3128,539128,879128,202125,766131,436124,326126,161124,151131,945134,910134,522130,681138,281142,638143,965
  Short-termF315,8494,8633,7331,3804,6803,7345,4062,3954,7365,5984,6082,9296,1426,7426,380
  Long-termF32122,690124,016124,469124,387126,756120,592120,755121,756127,209129,312129,914127,751132,138135,896137,585
 LoansF454,54454,67654,69055,14554,84154,96355,07955,21255,18254,85254,92049,01250,30150,72250,671
  Short-termF411,5381,3901,0751,0326476395016698244016044919031,285921
  Long-termF4253,00653,28653,61554,11354,19454,32354,57854,54254,35854,45154,31548,52149,39849,43749,750
                    
less EDP debt instrument assetsF2 + F3 + F434,44636,31636,51227,85632,07625,97927,05123,55230,56237,47036,64525,69832,37337,72138,115
 By category:                
 Currency and deposits F218,29419,93420,71517,29421,91515,26317,53014,28621,37728,20427,21716,74524,47029,58729,783
 Debt securitiesF38,9598,5198,3623,2882,5513,0811,8542,1622,1662,1782,1922,2731,5271,5831,849
  Short-termF311,5671,8251,6891,184352149136143178221248372298233325
  Long-termF327,3926,6946,6732,1042,1992,9321,7182,0191,9881,9571,9441,9011,2291,3501,524
 LoansF47,1937,8637,4357,2747,6107,6357,6677,1047,0197,0887,2366,6806,3766,5516,483
  Short-termF411,4051,3021,1929861,1801,2081,179939949983966907799683684
  Long-termF425,7886,5616,2436,2886,4306,4276,4886,1656,0706,1056,2705,7735,5775,8685,799
                    
 Net General Government Debt (face value)GGNetDebt169,115167,800167,032173,768175,143174,442175,443177,126178,004173,804174,324175,592177,827177,224178,127
 By category:                
 Currency and deposits F22,184627-633,419-9735,8693,7257,02962-6,692-5,6894,852-2,852-8,001-8,176
 Debt securities F3119,580120,360119,840122,478128,885121,245124,307121,989129,779132,732132,330128,408136,754141,055142,116
  Short-termF314,2823,0382,0441964,3283,5855,2702,2524,5585,3774,3602,5575,8446,5096,055
  Long-termF32115,298117,322117,796122,283124,557117,660119,037119,737125,221127,355127,970125,850130,909134,546136,061
 LoansF447,35146,81347,25547,87147,23147,32847,41248,10848,16347,76447,68442,33243,92544,17144,188
  Short-termF4113388-11746-533-569-678-270-125-582-362-416104602237
  Long-termF4247,21846,72547,37247,82547,76447,89648,09048,37748,28848,34648,04542,74843,82143,56943,951

Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2015 to Q3 2018.

Data for Q1 and Q2 2018 have only been revised due to increased data availability. Pre-2018 data remains unchanged to that published in the 2018 Q2 publication on 19 October 2018.

Pre-2018 data in this series are consistent with the General Government Deficit and Debt levels reported at end-September 2018 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 compiled in the EU according to the European System of National Accounts framework - ESA2010.

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

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

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

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

Reclassification of Approved Housing Bodies to local government sub-sector (S.1313)

As of March 2018, 14 Approved Housing Bodies (AHBs) have been reclassified to the local government sub-sector (S.1313) from the Non-Profit Institution Serving Households Sector (S.15).  In addition, the housing activities of another non-profit organisation have been re-routed to the local government sub-sector.  Details on the reclassification can be found here.

Investment Assets

At end Q3 2018 the market value of the State's investment assets (F.5 - Equity and Investment Fund Shares) stood at €38.7 billion. This represented a fall in value from Q2 2018 of €1.6 billion that was almost entirely accounted for by holding losses in equity assets.

Debt Issuance and Redemption

Quarterly General Government Consolidated Gross Debt grew by approximately €1.2 billion in Q3 2018. This growth was driven mostly by the net issuance of debt securities amounting to €0.97 billion.

Transactions of note in the balance sheet

There were large transactions in F.8 assets and liabilities in Q3 2018 of +€10.2 billion and +€9.7 billion respectively. In ESA terms, F.8 corresponds to other accounts receivable or payable. These assets and liabilities are created in situations where there is a timing difference between the underlying transactions and the corresponding payments.

GDP figures used in publication

The GDP figures used in the current publication are consistent with those published in the latest National Income and Expenditure Accounts and the Quarterly National Accounts published on 13 Dec 2018.

Government Finance Statistics – concepts and definitions

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

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

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

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

Table 0801 Quarterly non-financial accounts by sector

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

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

These data are available on the Eurostat website here.

Definition of general government and its subsectors

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

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

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

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

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

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

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

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

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

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

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

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

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

Main components of general government expenditure and revenue

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

P.5       Gross capital formation.

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

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

            P.52     Changes in inventories.

            P.53     Acquisitions less disposals of valuables.

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

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

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

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

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

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

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

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

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

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

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

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

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

Categories of financial flows

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

            F.11   Monetary gold

            F.12   Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21   Currency

            F.22   Transferable deposits

            F.29   Other deposits

F.3       Debt securities

            F.31   Short-term

            F.32   Long-term

F.4       Loans

            F.41   Short-term loans

            F.42   Long-term loans

F.5       Equity and investment fund share

            F.51   Equity

            F.52   Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71   Financial derivatives

            F.72   Employee stock options

F.8       Other accounts receivable/payable

            F.81   Trade credits and advances

            F.89   Other trade credits  

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