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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
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 3 2019

General Government Finances
  Balance Gross Debt Net Debt
 % quarterly % annualised% annualised
 €bnGDP€bn GDP€bn GDP
2018 Q1-1.8-2.3210.368.5177.657.8
2018 Q2-0.6-0.8214.668.3177.056.3
2018 Q3-1.6-1.8215.867.2177.855.4
2018 Q44.14.9206.063.6177.954.9
2019 Q1-1.6-1.9215.065.4178.954.4
2019 Q21.51.9213.763.9175.952.6
2019 Q3-0.6-0.7212.962.6175.651.6
2018 Q1-Q3-3.9-1.6    
2019 Q1-Q3-0.7-0.3    

Government deficit of €0.7 billion in the first nine months of 2019

Figure 1 General Government Deficit
go to full release

The government recorded a deficit of €0.7 billion (-0.3% of GDP) in the first nine months of 2019. This compares with a deficit of €3.9 billion (-1.6% of GDP) for the same period last year (Table 1).

In the first nine months of 2019, government revenue increased by €4.4 billion (+7.9%) compared with the same period of 2018. The main driving factor was an 8.1% increase in Taxes and social contributions  (Tables 1 and 3).

Expenditure levels of government increased by €1.2 billion (+1.9%) when comparing the first nine months of 2019 and 2018. Increases in Compensation of employees/pay (+4.4%), Use of goods and services (+4.6%) and Social benefits (+2.7%) were partially offset by a decrease in Interest (-16.9%) (Tables 1 and 4).

Government Gross Debt at 62.6% of GDP at end Q3 2019

General Government Gross Debt (GG Debt) stood at €212.9 billion (62.6% of annualised GDP) at the end of September 2019, compared with a debt level of €215.8 billion (67.2%) at end Q3 2018. The fall in the ratio was mainly due to an increase in GDP over the year (Table 2). The gross debt per capita at the end of Q3 2019 stood at €43,266 (Figure 3).

At the end of September 2019, General Government Net Debt was €175.6 billion (51.6% of annualised GDP) compared with €177.8 billion (55.4%) at end Q3 2018. 

The market value of Equity and Investment Fund Shares fell by €6.1 billion over the same period. This decrease in the value of the investment portfolio was caused by a combination of net sales of these assets (€2.7 billion) and stock market losses (€3.4 billion) predominantly due to shares held by the State in Irish banks (Tables 2, 5 and 6). Quarter on quarter the value of the State's investment portfolio fell by €2.6 billion and, again, this was driven largely by the fall in market valuation of the Irish banks in which the State holds shares.

 

 

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

For this publication data for Q1 and Q2 2019 have been revised due to increased data availability. Pre-2019 data remains unchanged to that published in the 2019 Q2 publication on 18 October 2019.

Pre-2019 Government Finance Statistics (GFS) are benchmarked to the most recent EDP notification as published on 18 October 2019.  Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts and the Quarterly National Accounts.

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

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

 

GG Gross DebtGG Net Debt
Q1 201775.764.6
Q2 201775.161.7
Q3 201772.659.9
Q4 201767.859.2
Q1 201868.557.8
Q2 201868.356.3
Q3 201867.255.4
Q4 201863.654.9
Q1 201965.454.4
Q2 201963.952.6
Q3 201962.651.6
GG Gross Debt per Capita
2007 Q312642
2008 Q316288
2009 Q322987
2010 Q330714
2011 Q341252
2012 Q345999
2013 Q347574
2014 Q345145
2015 Q343423
2016 Q342730
2017 Q344027
2018 Q344433
2019 Q343266
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                  €million
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q3
General Government transactions                
RevenueTR16,40018,36017,07421,64717,38418,71217,63922,84017,78819,84118,68426,02418,84721,53520,356
Taxes and social contributionsD2 + D5 + D91 + D6114,86015,42814,87419,66115,54716,03115,91620,81816,12017,30316,89423,70717,22418,66018,519
TaxesD2 + D5 + D9111,84612,54612,00516,37212,36512,98012,89117,42412,75714,06213,68920,05313,62015,15315,072
Social contributions D613,0142,8822,8693,2893,1823,0523,0263,3943,3633,2413,2053,6543,6043,5063,446
Sales of goods and servicesP1O1,2071,3451,3511,5301,2441,3701,3831,5361,3131,4581,4651,6541,3141,4551,462
Investment incomeD41091,3391182603291,09211524711184688272681,244125
Current transfer revenue (excluding taxes)D71051108410215510811013111311611723812253117
Capital transfer revenue (excluding taxes)D9N11913864894110111115108132118120153119123134
 
ExpenditureTE18,17918,14718,74020,29518,71818,90719,48220,37419,57320,44820,23521,91220,46120,00620,950
ExpenseExpense17,96617,68018,39819,76318,22618,59019,04020,32319,01919,82419,84121,23519,71819,40220,412
Compensation of employeesD15,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,5075,9535,8165,684
Use of goods and services plus taxes payableP2 + D5 + D292,1372,2762,5082,7152,1992,3422,6272,8372,4082,6632,9862,9302,5332,7513,141
Depreciation (Consumption of fixed capital)P51c9229229229229769769769761,0361,0361,0361,0361,0361,0361,036
Interest (excluding FISIM)D411,6411,5611,5231,4411,5251,4371,5161,3601,3671,3071,3221,2391,1161,1561,050
SubsidiesD3377393413570391408429594400417438610402418439
Social benefitsD62 + D6326,6646,7707,3897,7006,7736,9237,5467,9326,8757,1757,6728,3497,0827,2607,957
Other current transfersD78424556421,0676698936809289569667671,0111,271599893
Capital transfersD9329354249662323353218690297640198554325366212
 
 Net operating balanceNOB-1,567680-1,3241,883-842122-1,4012,517-1,23117-1,1574,789-8712,132-55
 
Net acquisition of non-financial assetsP5 + NP - P51c21346734253249231744252554624394676743604539
 
 General Government Surplus/DeficitB9-1,780213-1,6651,351-1,334-195-1,8432,465-1,785-607-1,5524,113-1,6141,529-594
equals
Net acquisition of financial assetsΔFA3,773-7,8931,308-2,0916,0502,585-883-9,8217,1468,29510,597-8,5247,710-376-379
Debt instrumentsF2 + F3 + F43,911-6,1511,014-3,9317,0157,021-797-11,5417,5094,844429-9,8988,0131,645-487
Equity and Investment Fund SharesF5631-1,508554-5617-4,401-15-92242-1,3584-123-10-2,464-87
Other financial assetsF6 + F7 + F8 -769-234-2601,896-982-35-711,812-6054,80910,1641,497-293443195
less                  
Net incurrence of liabilitiesΔL5,553-8,1062,973-3,4427,3842,780960-12,2868,9318,90212,149-12,6379,324-1,905215
Debt instrumentsF2 + F3 + F45,503-8,1013,260-3,3917,3472,644894-12,4338,8684,0702,391-13,0239,453-1,827217
Other liabilitiesF5 + F6 + F7 + F8 50-5-287-513713666147634,8329,758386-129-78-2
               
Memo: Net derivative flows on debt interest swap contracts -71-70-69-65-62-57-56-49-55-52-48-45-38-37-42
General Government Surplus/Deficit (% of quarterly GDP) -2.70.3-2.41.8-1.9-0.3-2.43.1-2.3-0.8-1.84.9-1.91.9-0.7
Quarterly GDP at current market prices 65,04863,78968,83074,01768,96769,74277,87380,54978,94076,85884,60083,64083,89882,43390,258
Table 2 General Government Net Worth, Gross and Net Debt
          €million
Description ESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q3
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,991-31,681-33,064
equals               
Non-financial assets at market valueNFA100,407102,067103,603105,329107,173108,842110,636112,039113,811115,653117,265119,159119,902120,506121,044
plus               
Financial net worth at market value, excluding pension liabilitiesFNW-152,537-153,055-155,078-152,319-152,635-149,908-151,055-149,212-149,876-151,731-153,183-151,959-151,893-152,187-154,108
equals               
 Financial assets at market valueFA87,61380,29581,29278,73583,20987,69387,38478,95386,41393,198102,23892,143101,41099,66996,443
EDP debt instrumentsF2 + F3 + F432,49626,39927,46523,66930,70237,65136,81825,31332,70437,59338,02828,11736,15737,83137,343
Equity and Investment Fund SharesF547,11546,09146,22645,55743,91441,09841,46842,60643,30540,31738,73537,01139,20335,21832,654
Other financial assetsF6 + F7 + F8 8,0027,8057,6019,5098,5938,9449,09811,03410,40415,28825,47527,01526,05026,62026,446
less               
Liabilities at market valueL240,150233,350236,370231,054235,844237,601238,439228,165236,289244,929255,421244,102253,303251,856250,551
EDP debt instrumentsF2 + F3 + F4229,441222,798226,370221,123225,988227,915228,672218,334226,433230,177231,001219,379228,853227,567226,480
Other liabilitiesF5 + F6 + F7 + F810,70910,55210,0009,9319,8569,6869,7679,8319,85614,75224,42024,72324,45024,28924,071
               
Memo: Estimated pension liabilities of government114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-166,630-165,488-165,975-161,490-159,962-155,566-154,919-151,673-150,565-150,578-150,418-147,300-146,491-146,181-147,564
Contingent liabilities9,0069,0069,0069,0065,3155,3155,3155,3155,0545,0545,0545,0545,0485,0485,048
Memo: Net worth, including pension liabilities and contingent liabilities -175,636-174,493-174,981-170,496-165,277-160,881-160,234-156,988-155,619-155,632-155,473-152,355-151,539-151,229-152,612
               
General Government: changes in net worth               
Opening net worth-51,605-52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,991-31,681
Change in net worth due to transactions-1,567680-1,3241,883-842122-1,4012,517-1,23117-1,1574,789-8712,132-55
Net acquisition of non-financial assets P5 + NP - P51c21346734253249231744252554624394676743604539
Net lending/net borrowingB9-1,780213-1,6651,351-1,334-195-1,8432,465-1,785-607-1,5524,113-1,6141,529-594
Change in net worth due to other economic flowsKx1,0424638362,6012,3704,2742,0487292,339-301,317-1,6711,680-1,823-1,327
Other changes in non-financial assets1,1941,1941,1941,1941,3521,3521,3521,3521,2181,2181,2181,218000
Other changes in financial assets914575-311-466-1,5761,8995741,390314-1,510-1,557-1,5711,557-1,365-2,847
Other changes in liabilities-1,066-1,306-471,8742,5941,023122-2,0128072621,657-1,318123-4581,520
Closing net worth -52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,991-31,681-33,064
                     
General Government Debt (GGDebt)               
Debt instrument liabilities at market valueF2 + F3 + F4229,441222,798226,370221,123225,988227,915228,672218,334226,433230,177231,001219,379228,853227,567226,480
+ Difference between EDP face value and market value-22,206-22,356-23,849-20,414-17,310-16,594-17,671-16,971-16,128-15,540-15,191-13,401-13,839-13,867-13,545
Gross General Government Debt (EDP face value)GGDebt207,235200,442202,521200,709208,678211,321211,001201,363210,305214,637215,810205,978215,014213,700212,935
less EDP debt instrument assetsF2 + F3 + F4-32,496-26,398-27,465-23,669-30,701-37,650-36,817-25,314-32,704-37,593-38,029-28,117-36,157-37,831-37,344
Net General Government Debt GGNetDebt174,739174,044175,056177,040177,977173,671174,184176,049177,601177,044177,781177,861178,857175,869175,591
               
Closing Net Worth (% of annualised GDP)-19.7-19.2-19.3-17.3-16.5-14.6-13.9-12.5-11.7-11.5-11.2-10.1-9.7-9.5-9.7
Gross General Government Debt (% of annualised GDP)78.375.576.173.975.775.172.667.868.568.367.263.665.463.962.6
Net General Government Debt (% of annualised GDP)66.165.665.765.264.661.759.959.257.856.355.454.954.452.651.6
Annualised GDP 264,519265,353266,251271,684275,602281,555290,599297,131307,104314,220320,947324,038328,996334,571340,230
Table 3 General Government: detailed classification of revenue and output
               €million
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q3
Total RevenueTR16,40018,36017,07421,64717,38418,71217,63922,84017,78819,84118,68426,02418,84721,53520,356
 Taxes and social contributions14,86015,42814,87419,66115,54716,03115,91620,81816,12017,30316,89423,70717,22418,66018,519
  TaxesD2 + D5 + D9111,84612,54612,00516,37212,36512,98012,89117,42412,75714,06213,68920,05313,62015,15315,072
   Indirect taxes (taxes on production and imports)D26,2275,2226,4415,5366,7434,9606,8386,0536,7565,2217,3546,1407,3345,7407,750
    Taxes on productsD215,5654,4755,7224,7995,8374,1926,1095,2395,8284,4206,5755,2986,3714,9026,867
    of which Value-Added TaxD2113,5902,2353,9792,7973,9862,1584,1502,7654,0902,4164,6193,0334,4402,6014,893
    Other taxes on production D29662747719738906769729814928801780841963839882
   Direct taxesD55,5847,2625,50110,5855,5867,9735,97711,0805,9678,7896,24813,5676,2389,3617,241
    Taxes on income, profits and capital gainsD515,2936,9975,24810,3555,2947,7175,73410,8565,6898,5396,00913,3395,9619,1147,001
    Other current direct taxesD59291264253231292256244224278250240228277247240
   Capital taxesD91356263251374675290345286346475281
  Social contributions D613,0142,8822,8693,2893,1823,0523,0263,3943,3633,2413,2053,6543,6043,5063,446
   Actual social contributionsD611 + D6132,6802,5482,5352,9542,8782,7482,7223,0913,0812,9592,9233,3723,3233,2253,165
    PRSI receipts D611 + D613(pt)2,3102,1782,1652,5852,4772,3472,3212,6902,6582,5362,4992,9492,8992,8012,741
    Government employees' social contributionsD613(pt)370370370370401401401401423423423423424424424
   Employers' imputed social contributionsD612334334334334304304304304282282282282281281281
 Sales of goods and servicesP1O1,2071,3451,3511,5301,2441,3701,3831,5361,3131,4581,4651,6541,3141,4551,462
  Sales of market establishments (= market output)P11305305305305331331331331362362362362391391391
  Imputed sales related to production of own-use capital assets (= output for own final use)P12555555555555666
Incidental sales and fees of non-market establishmentsP1318961,0341,0411,2209071,0331,0461,1999451,0911,0981,2869181,0591,065
Investment incomeD41091,3391182603291,09211524711184688272681,244125
Interest (excluding FISIM)D41777367344925165551423753333930
Dividends / Other investment incomeD42 + D4451,239241992531,04173165327752319171,17666
Rent of land and subsoil assetsD45272727272626262628282828282828
Current transfer revenueD39 + D71051108410215510811013111311611723812253117
SubsidiesD39000000000000000
Other current transfersD71051108410215510811013111311611723812253117
Non-life insurance claimsD72444455555555222
Other Domestic - Current D7N_S1494747504948485149484851494848
From Rest of World - CurrentD7N_S25158324710155587559646518371468
Capital transfer revenueD9N11913864894110111115108132118120153119123134
                     
Output P18,2488,2828,3178,4598,7008,7308,8068,9749,3089,5049,6299,6589,7369,81710,075
Market output (sales of market establishments)P11305305305305331331331331362362362362391391391
Output for own final useP12555555555555666
Non-market outputP137,9377,9718,0068,1488,3638,3938,4698,6378,9419,1379,2629,2909,3409,4209,679
= Non-market compensation of employeesD1_nonmarket5,0494,9444,7474,6825,3645,2525,0435,0015,6745,6145,4175,5025,9475,8105,678
= Total compensation of employeesD15,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,5075,9535,8165,684
- Compensation of employees of market establishmentsD1_market000000000000000
- Compensation related to production of own-use capital assetsD1_own-use-5-5-5-5-5-5-5-5-5-5-5-5-6-6-6
+ Non-market intermediate consumptionP2_nonmarket2,0752,2152,4472,6532,1362,2792,5642,7742,3452,6002,9232,8672,4702,6883,078
= Total intermediate consumptionP22,1372,2762,5082,7152,1992,3422,6272,8372,4082,6632,9862,9302,5332,7513,141
- Intermediate consumption of market establishmentsP2_market-62-62-62-62-63-63-63-63-63-63-63-63-63-63-63
- Intermediate consumption related to production of own-use capital assetsP2_own-use000000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket813813813813862862862862922922922922922922922
= Total consumption of fixed capitalP51c9229229229229769769769761,0361,0361,0361,0361,0361,0361,036
- Consumption of fixed capital by market establishmentsP51c_market-109-109-109-109-114-114-114-114-114-114-114-114-114-114-114
- 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 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q3
Total ExpenditureTE18,17918,14718,74020,29518,71818,90719,48220,37419,57320,44820,23521,91220,46120,00620,950
Expense17,96617,68018,39819,76318,22618,59019,04020,32319,01919,82419,84121,23519,71819,40220,412
Compensation of employeesD15,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,5075,9535,8165,684
Of which: Related to production of own-use capital assets555555555555666
Use of goods and services plus taxes payableP2 + D5 + D292,1372,2762,5082,7152,1992,3422,6272,8372,4082,6632,9862,9302,5332,7513,141
Use of goods and services [Intermediate consumption]P22,1372,2762,5082,7152,1992,3422,6272,8372,4082,6632,9862,9302,5332,7513,141
Of which: Intermediate consumption of market establishments 626262626363636363636363636363
Taxes, payableD5000000000000000
Depreciation (Consumption of fixed capital)P51c9229229229229769769769761,0361,0361,0361,0361,0361,0361,036
Of which: Depreciation by market establishments 109109109109114114114114114114114114114114114
Interest (excluding FISIM)D411,6411,5611,5231,4411,5251,4371,5161,3601,3671,3071,3221,2391,1161,1561,050
Other domestic interest payableD41_S1576564563556566499584492503432457448313363292
Interest payable to rest of worldD41_S21,066998960885958939932868864875865790803793757
SubsidiesD3377393413570391408429594400417438610402418439
Product subsidiesD31202220239248207225244254207225244254206223243
Other subsidies on productionD39174173174321184183184340193192194357196195196
Social benefitsD62 + D6326,6646,7707,3897,7006,7736,9237,5467,9326,8757,1757,6728,3497,0827,2607,957
Social benefits in cashD625,7545,5325,4936,0475,7925,5835,5346,1205,8055,5965,5476,4245,9695,7545,705
Social benefits in kind (via market producers)D6329101,2381,8961,6529811,3402,0121,8121,0701,5792,1241,9251,1131,5052,252
Other current transfersD78424556421,0676698936809289569667671,0111,271599893
Net non-life insurance premiumsD71262626262727272727272727131413
Current international cooperationD74851041041459511712316886121133190134101110
Miscellaneous current transfersD7518487155186139149186355183211131165164159157
VAT and GNI based EU budget contributionD76546238357709408601344378661608477629961325612
VAT-based EU own resourcesD7617933535563736363754362651095469
GNI-based EU own resourcesD762468205304655345528282315585565414565851271543
Capital transfersD9329354249662323353218690297640198554325366212
Investment grantsD92329354249662323353218660297427198554325366212
Other capital transfersD99000000030021300000
Net acquisition of non-financial assetsP5 + NP - P51c21346734253249231744252554624394676743604539
= Gross investment in non-financial assetsP5 + NP1,1351,3891,2641,4541,4681,2931,4181,0281,5901,6601,4301,7121,7791,6391,574
Gross fixed capital formationP511,1201,3741,2491,4391,4531,2781,4031,1171,5751,6451,4151,6971,7641,6241,699
Net acquisition of stocksP52151515151515151515151515151515
Net acquisition of unproduced assetsNP0000000-105000000-140
- Consumption of fixed capitalP51c-922-922-922-922-976-976-976-976-1,036-1,036-1,036-1,036-1,036-1,036-1,036
Net expenditure on current goods and servicesP3 excl. D6327,0416,9376,9656,9297,4567,3607,4227,4397,9958,0468,1648,0048,4228,3618,613
= OutputP18,2488,2828,3178,4598,7008,7308,8068,9749,3089,5049,6299,6589,7369,81710,075
- Sales of goods and services P11+P12+P131-1,207-1,345-1,351-1,530-1,244-1,370-1,383-1,536-1,313-1,458-1,465-1,654-1,314-1,455-1,462
Market output (sales of market establishments)P11-305-305-305-305-331-331-331-331-362-362-362-362-391-391-391
Output for own final useP12-5-5-5-5-5-5-5-5-5-5-5-5-6-6-6
Incidental sales and fees of non-market establishmentsP131-896-1,034-1,041-1,220-907-1,033-1,046-1,199-945-1,091-1,098-1,286-918-1,059-1,065
Final consumption expenditureP37,9518,1758,8618,5818,4378,7009,4349,2519,0659,62510,2889,9299,5359,86710,866
= Net expenditure on current goods and servicesP3 excl. D6327,0416,9376,9656,9297,4567,3607,4227,4397,9958,0468,1648,0048,4228,3618,613
+ Social transfers in kind via market producers D6329101,2381,8961,6529811,3402,0121,8121,0701,5792,1241,9251,1131,5052,252
made up of               
Individual consumption (= social transfers in kind)P31 (= D63)5,3825,5505,9485,7865,7675,9486,3746,2016,2646,4606,9236,7356,4046,6056,923
Social transfers in kind (via market producers)D6329101,2381,8961,6529811,3402,0121,8121,0701,5792,1241,9251,1131,5052,252
Social transfers in kind (provided directly by government)D6314,4724,3134,0524,1344,7864,6084,3624,3895,1944,8814,7994,8105,2915,1004,671
Collective consumption (= actual final consumption of government)P322,5692,6242,9132,7952,6702,7523,0603,0502,8013,1643,3653,1953,1313,2623,942
Total social transfersD62 + D6311,13611,08211,44111,83411,55911,53111,90912,32112,06912,05612,47113,15812,37312,36012,628
Social benefits in cashD62 5,7545,5325,4936,0475,7925,5835,5346,1205,8055,5965,5476,4245,9695,7545,705
 Social transfers in kind (= individual consumption)D635,3825,5505,9485,7865,7675,9486,3746,2016,2646,4606,9236,7356,4046,6056,923
Table 5 General Government financial transactions
          €million
Description 2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q3
Net lending (+) / net borrowing (-)B.9-1,780213-1,6651,351-1,334-195-1,8432,465-1,785-607-1,5524,113-1,6141,529-594
equals                 
Net acquisition of financial assets ΔA3,773-7,8931,308-2,0916,0502,585-883-9,8217,1468,29510,597-8,5247,710-376-379
EDP debt instruments F2 + F3 + F43,911-6,1511,014-3,9317,0157,021-797-11,5417,5094,844429-9,8988,0131,645-487
 Currency and deposits F24,321-6,6622,255-3,2897,1176,871-941-10,5157,6125,048144-8,6228,1251,799-155
Debt securities F3-718520-1,23213157247-234-7332272-312235-130-177
Short-term F31-832-201-1212-28483268-74-5995-344-63121
Long-term F32114721-1,2201432415-302191177-309191-67-298
Loans F4308-9-9-655-1177897-792-30-23613-964-347-24-155
Short-term loans F4119429-29-2401034-18-58-108-1171-4-21556-196
Long-term loans F42114-3820-415-12744115-73478-11912-960-132-8041
Equity and Investment Fund Shares F5631-1,508554-5617-4,401-15-92242-1,3584-123-10-2,464-87
Other financial assets F6 + F7 + F8 -769-234-2601,896-982-35-711,812-6054,80910,1641,497-293443195
Insurance, Pensions and Standardised Guarantees F6000000000000000
Financial derivatives and Employee Stock Options F7-72-69-66-71-25-254-91-56-67-34-28-36-29-37-39
Other accounts receivable/payableF8-697-165-1941,967-957219201,868-5384,84310,1921,533-264480234
less                 
Net incurrence of liabilities ΔL5,553-8,1062,973-3,4427,3842,780960-12,2868,9318,90212,149-12,6379,324-1,905215
EDP debt instruments F2 + F3 + F45,503-8,1013,260-3,3917,3472,644894-12,4338,8684,0702,391-13,0239,453-1,827217
Currency and deposits F22311931256012473157218-322141164152106
Debt securities F35,948-8,4462,937-3,9687,4502,937687-6,7648,2403,9972,334-12,8508,845-1,7941,351
Short-term F313,389-9701,670-3,0412,3601,002-1,025-1,7013,191474-490-3,0933,7581,231-785
Long-term F322,559-7,4761,267-9275,0901,9351,712-5,0635,0493,5232,824-9,7575,087-3,0252,136
Loans F4-676152198517-227-366192-5,74161010536-214444-185-1,240
Short-term loans F41-372-2-139169111-371184-124391359-343-254235335-558
Long-term loans F42-304154337348-33858-5,617219-25437940209-520-682
Other liabilities F5 + F6 + F7 + F8 50-5-287-513713666147634,8329,758386-129-78-2
Equity and Investment Fund Shares F5000000000000000
Insurance, Pensions and Standardised Guarantees F6000000000000000
Financial derivatives and Employee Stock Options F700000005-500-1000
   Other accounts receivable/payable F850-5-287-513713666142684,8329,758387-129-78-2
Table 6 General Government: detailed breakdown of net worth
                 €million
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q3
General Government balance sheet                
 Net worth at market value, excluding pension liabilitiesNW-52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,991-31,681-33,064
 equals                
  Non-financial assets at market valueNFA100,407102,067103,603105,329107,173108,842110,636112,039113,811115,653117,265119,159119,902120,506121,044
 plus                
  Financial net worth at market value, excluding pension liabilitiesFNW-152,537-153,055-155,078-152,319-152,635-149,908-151,055-149,212-149,876-151,731-153,183-151,959-151,893-152,187-154,108
  equals                
   Financial assets at market valueFA87,61380,29581,29278,73583,20987,69387,38478,95386,41393,198102,23892,143101,41099,66996,443
    EDP debt instrumentsF2 + F3 + F432,49626,39927,46523,66930,70237,65136,81825,31332,70437,59338,02828,11736,15737,83137,343
     Currency and depositsF222,33115,67817,93914,67021,78728,65227,70917,19824,81529,88230,02921,41029,54031,33831,192
     Debt securitiesF32,5523,0821,8541,8911,8871,8981,9141,7181,5311,5871,8531,5291,8131,6911,543
      Short-termF31352149136143178221249378303237330322363296419
      Long-termF322,1992,9321,7181,7481,7081,6771,6641,3411,2291,3501,5241,2071,4501,3951,125
     LoansF47,6137,6397,6727,1087,0287,1017,1956,3976,3586,1246,1465,1784,8044,8024,608
      Short-term loansF411,1801,2081,179939949983966907799683684680465522326
      Long-term loansF426,4346,4316,4936,1696,0796,1176,2295,4905,5585,4415,4624,4984,3394,2804,282
    Equity and Investment Fund SharesF547,11546,09146,22645,55743,91441,09841,46842,60643,30540,31738,73537,01139,20335,21832,654
    Other financial assetsF6 + F7 + F8 8,0027,8057,6019,5098,5938,9449,09811,03410,40415,28825,47527,01526,05026,62026,446
     Insurance, Pensions and Standardised GuaranteesF6000000000000000
     Financial derivatives and Employee Stock OptionsF77140300613623140931735835338721327790
     Other accounts receivable/payableF87,9317,7657,5719,5098,5878,8088,86710,62510,08714,93025,12226,62825,83726,34326,356
  less                
   Liabilities at market valueL240,150233,350236,370231,054235,844237,601238,439228,165236,289244,929255,421244,102253,303251,856250,551
    EDP debt instrumentsF2 + F3 + F4229,441222,798226,370221,123225,988227,915228,672218,334226,433230,177231,001219,379228,853227,567226,480
     Currency and depositsF220,94221,13221,25521,31521,43921,51221,52821,60021,61821,58621,60721,64821,81221,96522,070
     Debt securitiesF3152,465145,538148,944143,057148,028150,630151,267146,554153,961157,633158,480147,085155,761154,558154,554
      Short-termF314,6883,7415,4132,4014,7395,6044,6132,9326,1466,7486,2453,0836,8417,9557,173
      Long-termF32147,777141,797143,531140,656143,289145,026146,654143,622147,815150,886152,235144,003148,920146,603147,381
     LoansF456,03456,12856,17156,75156,52155,77355,87750,18050,85450,95850,91450,64651,28051,04449,856
      Short-term loansF416536515176918464236275149271,3269476519481,341758
      Long-term loansF4255,38255,47855,65456,06055,67555,35055,25049,66649,92749,63249,96649,99550,33249,70349,099
    Other liabilitiesF5 + F6 + F7 + F810,70910,55210,0009,9319,8569,6869,7679,8319,85614,75224,42024,72324,45024,28924,071
     Equity and Investment Fund SharesF5000000000000000
     Insurance, Pensions and Standardised GuaranteesF6000000000000000
     Financial derivatives and Employee Stock OptionsF71,4741,3221,0571,039927621637558515579489405359250255
     Other accounts receivable/payableF89,2359,2308,9438,8928,9299,0659,1309,2739,34114,17323,93124,31824,09124,03923,816
                       
Memo: Estimated pension liabilities of government 114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -166,630-165,488-165,975-161,490-159,962-155,566-154,919-151,673-150,565-150,578-150,418-147,300-146,491-146,181-147,564
Contingent liabilities 9,0069,0069,0069,0065,3155,3155,3155,3155,0545,0545,0545,0545,0485,0485,048
Guarantees 3,9733,9733,9733,9732822822822827777000
Off-balance sheet PPPs and concessions 5,0325,0325,0325,0325,0325,0325,0325,0325,0485,0485,0485,0485,0485,0485,048
Memo: Net worth, including pension liabilities and contingent liabilities -175,636-174,493-174,981-170,496-165,277-160,881-160,234-156,988-155,619-155,632-155,473-152,355-151,539-151,229-152,612
Change in net worth of government                
 Opening net worth -51,605-52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,991-31,681
                       
 Change in net worth due to transactions -1,567680-1,3241,883-842122-1,4012,517-1,23117-1,1574,789-8712,132-55
  Net acquisition of non-financial assets P5 + NP - P51c21346734253249231744252554624394676743604539
  Net lending/net borrowingB9-1,780213-1,6651,351-1,334-195-1,8432,465-1,785-607-1,5524,113-1,6141,529-594
   = Net acquisition of financial assets 3,773-7,8931,308-2,0916,0502,585-883-9,8217,1468,29510,597-8,5247,710-376-379
   - Net incurrence of liabilities -5,5538,106-2,9733,442-7,384-2,780-96012,286-8,931-8,902-12,14912,637-9,3241,905-215
                       
 Change in net worth due to other economic flowsKx1,0424638362,6012,3704,2742,0487292,339-301,317-1,6711,680-1,823-1,327
  Other changes in non-financial assets 1,1941,1941,1941,1941,3521,3521,3521,3521,2181,2181,2181,218000
  Other changes in financial net worth -152-731-3581,4081,0182,922696-6221,121-1,248100-2,8891,680-1,823-1,327
   = Other changes in financial assets 914575-311-466-1,5761,8995741,390314-1,510-1,557-1,5711,557-1,365-2,847
     EDP debt instruments -3545213518-72-3636-118456-132729-1
     Equity and Investment Fund Shares 1,585484-419-613-1,6601,5853851,230457-1,630-1,586-1,6012,202-1,521-2,477
     Other financial assets -66837561266386225124-25752343-672127-369
   - Other changes in liabilities -1,066-1,306-471,8742,5941,023122-2,0128072621,657-1,318123-4581,520
     EDP debt instruments -729-1,458-3121,8562,482717137-2,0957693261,567-1,401-21-5411,304
     Other liabilities -33715226518112306-158338-64908314483216
                       
Closing net worth -52,130-50,988-51,475-46,990-45,462-41,066-40,419-37,173-36,065-36,078-35,918-32,800-31,991-31,681-33,064
Table 7 General Government Gross and Net Debt
              €million
DescriptionESA2010 code2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q3
General Government Debt                
  Debt instrument liabilities at market value229,441222,798226,370221,123225,988227,915228,672218,334226,433230,177231,001219,379228,853227,567226,480
  + Difference between face value and market value -22,206-22,356-23,849-20,414-17,310-16,594-17,671-16,971-16,128-15,540-15,191-13,401-13,839-13,867-13,545
Gross General Government Debt (face value)GGDebt207,235200,442202,521200,709208,678211,321211,001201,363210,305214,637215,810205,978215,014213,700212,935
By category:                
 Currency and deposits F220,94221,13221,25521,31521,43921,51221,52821,60021,61821,58621,60721,64821,81221,96522,070
 Debt securitiesF3131,436124,326126,161123,881131,665134,630134,242130,121138,281142,638143,815134,233142,572141,264141,867
  Short-termF314,6803,7345,4062,3954,7365,5984,6082,9296,1426,7426,2303,0756,8328,0327,300
  Long-termF32126,756120,592120,755121,485126,929129,032129,634127,191132,138135,896137,585131,158135,740133,232134,568
 LoansF454,85754,98455,10555,51355,57455,17955,23149,64250,40750,41350,38850,09750,63150,47148,997
  Short-termF416536515176918464236275149271,3269476519481,341757
  Long-termF4254,20554,33354,58854,82254,72854,75654,60449,12849,48049,08749,44149,44649,68349,13048,240
                    
less EDP debt instrument assetsF2 + F3 + F432,49626,39827,46523,66930,70137,65036,81725,31432,70437,59338,02928,11736,15737,83137,344
 By category:                
 Currency and deposits F222,33115,67817,93914,67021,78728,65227,70917,19824,81529,88230,02921,41029,54031,33831,192
 Debt securitiesF32,5513,0811,8541,8911,8861,8981,9131,7191,5321,5871,8541,5291,8131,6911,544
  Short-termF31352149136143178221249378303237330322363296419
  Long-termF322,1992,9321,7181,7481,7081,6771,6641,3411,2291,3501,5241,2071,4501,3951,125
 LoansF47,6147,6397,6727,1087,0287,1007,1956,3976,3576,1246,1465,1784,8044,8024,608
  Short-termF411,1801,2081,179939949983966907799683684680465522326
  Long-termF426,4346,4316,4936,1696,0796,1176,2295,4905,5585,4415,4624,4984,3394,2804,282
                    
 Net General Government Debt (face value)GGNetDebt174,739174,044175,056177,040177,977173,671174,184176,049177,601177,044177,781177,861178,857175,869175,591
 By category:                
 Currency and deposits F2-1,3895,4543,3166,645-348-7,140-6,1814,402-3,197-8,296-8,422238-7,728-9,373-9,122
 Debt securities F3128,885121,245124,307121,990129,779132,732132,329128,402136,749141,051141,961132,704140,759139,573140,323
  Short-termF314,3283,5855,2702,2524,5585,3774,3592,5515,8396,5055,9002,7536,4697,7366,881
  Long-termF32124,557117,660119,037119,737125,221127,355127,970125,850130,909134,546136,061129,951134,290131,837133,443
 LoansF447,24347,34547,43348,40548,54648,07948,03643,24544,05044,28944,24244,91945,82745,66944,389
  Short-termF41-527-557-662-248-103-560-339-393128643263-29483819431
  Long-termF4247,77147,90248,09548,65348,64948,63948,37543,63843,92243,64643,97944,94845,34444,85043,958

Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2016 to Q3 2019.

Data for Q1 and Q2 2019 have been revised due to increased data availability. Pre-2019 data remains unchanged to that published in the 2019 Q2 publication on 18 October 2019.

Pre-2019 data in this series are consistent with General Government Deficit and Debt levels reported at end-September 2019 under the EU regulation governing the Excessive Deficit Procedure (EDP). Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts. Government accounts are compiled in the EU according to the European System of National Accounts framework - ESA2010.

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

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

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

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

Revisions to data

VAT MOSS (VAT Mini One Stop Shop): VAT MOSS is a way of paying VAT on supplies of certain digital services. The VAT MOSS retention fee payable to other countries is now included as a D.74 payable. 

Net acquisition of unproduced assets (NP): The sale of the former DIT Kevin Street Campus for €140 million in Q3 2019 is included under the NP figure for the quarter (Table 4).

Debt issuance and redemption

Quarterly General Government Consolidated Gross Debt fell by approximately €765 million in Q3 2019, with the decrease driven primarily by the net repayment of loan liabilities.

Movements of note in the balance sheet

Loan liabilities (F.4) fell by €1.5 billion in Q3 2019. This decrease in indebtedness was mainly as a result of the repayment of part of the bilateral loan that the State has from the UK, although this was offset to a lesser extent by a net increase in borrowing from the European Investment Bank (EIB). See Tables 5 and 6.

GDP figures used in publication

The GDP figures used in the current publication are consistent with those in the latest National Income and Expenditure Accounts and the Quarterly National Accounts published on 13 December 2019.

Population estimates used in publication

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

Government Finance Statistics – concepts and definitions

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

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

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

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

Table 0801 Quarterly non-financial accounts by sector

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

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

These data are available on the Eurostat website here.

Definition of general government and its subsectors

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

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

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

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

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

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

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

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

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

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

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

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

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

Main components of general government expenditure and revenue

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

P.5 Gross fixed 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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