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E-mail: gfs@cso.ie Rod O'Mahony (+353) 1 498 4304 Ciaran Judge (+353) 1 498 4360
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CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 4 2013

 General Government Deficit, Gross Debt and Net Debt Q4 2013
 General Government Surplus/Deficit General Government Gross Debt General Government Net Debt
 €m% quarterly GDP €m% annualised GDP €m% annualised GDP
2012 Q4-2,510-6.2 192,467117.4 151,99292.7
2013 Q4-2,278-5.7 202,920123.7 161,21798.3

Government Deficit of 5.7% of quarterly GDP in Q4 2013

FIG1 Government Finance Statistics Quarter 4 release 2013
go to full release

Government deficit of 5.7% of quarterly GDP in Q4 2013

Ireland’s General Government Deficit (GG Deficit) amounted to €2,278 million in the final quarter of 2013 representing 5.7% of quarterly GDP.  In the corresponding quarter of 2012, the deficit had amounted to €2,510 million or 6.2% of quarterly GDP.

Government revenue for the period at €16,376 million was higher than Q4 2012 revenue of €15,990 due to increased revenue from taxes, social contributions and investment income offset by decreases in other revenue.  Government expenditure also increased but by less than the increase in revenue (Table 1).  

Gross Government Debt at 123.7% of GDP at end Q4 2013

Ireland’s General Government Gross Debt (GG Debt) stood at €202.9 billion or 123.7 per cent of annualised GDP at the end of Q4 2013, compared to a level of €204.5 billion or 124.3% of GDP at the end of the previous quarter.

General Government Net Debt amounted to €161.2 billion in Q4 2013, or 98.3% of GDP compared to €157.8 billion or 95.9% of GDP in Q3 2013 (Table 2). 

A full description of the concepts and definitions used in the production of these figures is provided in the Background Notes. Quarterly Government Finance Statistics are consistent with the annual General Government Deficit and Debt levels reported bienially to Eurostat under the EU regulation governing the Excessive Deficit Procedure. Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

 

GG Gross DebtGG Net Debt
Q4 200964.438.5
Q1 201077.448.2
Q2 201077.554
Q3 201087.262.2
Q4 201091.270.4
Q1 201198.571.4
Q2 201199.673.9
Q3 2011101.383.6
Q4 2011104.185
Q1 2012106.886.3
Q2 2012110.289.5
Q3 2012117.190.3
Q4 2012117.492.7
Q1 2013124.994.7
Q2 2013125.596.7
Q3 2013124.395.9
Q4 2013123.798.3
Table 1 General Government transactions: revenue, expenditure, financing and deficit                  
                        €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q4
  
General Government transactions                     
  
RevenueTR12,93712,92813,58416,51412,49713,47112,70616,47412,63613,07413,63215,98912,92113,75813,95315,99013,32714,86514,29816,376
Taxes and social contributionsD2 + D5 + D91 + D6111,43110,99411,85613,57210,60310,68011,22213,81011,17410,66612,09613,82611,46011,21712,30514,12011,94512,08512,92214,662
TaxesD2 + D5 + D918,6378,3198,69110,2087,8347,9778,58410,4368,5038,2849,62311,2159,1618,8669,93011,4949,4789,50810,46211,951
Social contributions D612,7942,6753,1653,3652,7692,7032,6383,3742,6712,3822,4732,6112,2992,3502,3752,6262,4682,5772,4602,711
Sales of goods and servicesP1O9109691,1041,5611,0879261,0502,1791,1071,2321,2421,5051,0361,1271,2221,4839321,0871,0201,101
Investment incomeD43907404144372701,1153373882621,1332573452781,3743902073061,658307439
Current transfer revenue (excluding taxes)D77128262772302929372116263019153530242040
Capital transfer revenue (excluding taxes)D9N136197185917466721696756222228711721201461131128134
                    
ExpenditureTE17,72321,04620,03719,33828,35119,00526,29729,89216,65316,49224,45818,94617,21517,21816,97318,43717,68616,91117,19618,577
ExpenseExpense17,27520,30819,01718,12828,03218,62125,95228,27716,55916,54424,25717,80716,79717,01517,40717,90817,93516,85917,43518,359
Compensation of employeesD15,1815,0235,0465,4554,8274,6344,7625,0624,8744,6804,7204,8394,8894,6174,6534,6254,7914,6904,5024,441
Use of goods and services plus taxes payableP2 + D5 + D292,6932,3382,4472,7442,1711,9921,9333,1571,9482,2582,2202,3371,8622,0532,1942,3511,7672,0122,1502,371
Depreciation (Consumption of fixed capital)K1664664664664662662662662656656656656606606606606575575575575
Interest (excluding FISIM)D418098198028591,1391,1771,4561,2111,2231,2891,4471,2311,2981,4331,6461,5341,9471,8181,8331,809
SubsidiesD3403411412464378333367499304300326419325344366504318336358484
Social benefitsD62 + D6316,5426,9847,6527,2936,5917,0567,1817,5816,7117,0267,5467,6696,9367,1077,3677,5496,8596,7427,1807,778
Other current transfersD7758539406388651404409409587275401522657389405348575456646472
Capital transfersD92253,5291,58726011,6132,3629,1829,697257616,9411342244661703901,102229191430
                    
 Net operating balanceNOB-4,338-7,380-5,433-1,614-15,534-5,149-13,246-11,803-3,923-3,470-10,624-1,818-3,876-3,257-3,454-1,918-4,608-1,995-3,137-1,983
                    
Net acquisition of non-financial assetsP5 + NP - K14487391,0201,2103193843451,61594-522011,139418203-434530-24952-240218
                         
 Net lending (+) / net borrowing (-)B9-4,785-8,119-6,453-2,824-15,854-5,533-13,591-13,418-4,017-3,419-10,826-2,957-4,293-3,460-3,020-2,447-4,359-2,047-2,898-2,201
equals                    
Net acquisition of financial assets5,6412,848-3,640-1,8214,527-7,1073,063-8,2378,526-1,830-6,7583,6032,2491,2289,398-2,8018,200-2,561-1,185-5,848
Debt instrumentsF2 + F33 + F46,3333,263-2,469-1,8614,584-9,3522,310-6,46811,212-1,644-12,7122,7542,2023969,958-3,9018,907-2,519-158-6,360
Shares and other equityF571-349-859-1,2206042,129698-2,001-3,7917887,440-854-501,388450057448-1,297-459
Other financial assetsF34 + F61 + F62 + F7-763-66-3121,260-661116552321,105-974-1,4861,70397-556-564600-764-490270971
less                    
Net incurrence of liabilities10,42610,9672,8131,00320,381-1,57416,6545,18112,5431,5894,0686,5606,5424,68812,418-35412,559-5141,713-3,647
Debt instrumentsF2 + F33 + F410,81810,8552,7441,59220,119-1,37016,6615,51411,4371,8234,2097,2445,3685,01212,705-32213,158-4721,329-3,347
Other liabilitiesF34 + F5 + F61 + F62 + F7-39211269-589262-204-7-3331,106-234-141-6841,174-324-287-32-599-42384-300
                    
General Government Deficit                     
                    
Net lending / net borrowing-4,785-8,119-6,453-2,824-15,854-5,533-13,591-13,418-4,017-3,419-10,826-2,957-4,293-3,460-3,020-2,447-4,359-2,047-2,898-2,201
Adjustment for swaps-2-2-2-23333-33-33-33-33-50-54-56-63-80-58-58-77
                    
General Government Surplus/Deficit EDP B9-4,787-8,120-6,455-2,826-15,851-5,530-13,588-13,415-4,050-3,452-10,859-2,990-4,343-3,515-3,075-2,510-4,439-2,105-2,956-2,278
                         
 General Government Surplus/Deficit (% of quarterly GDP) -11.6-19.7-16.0-7.2-40.2-13.7-33.8-35.3-10.3-8.3-26.4-7.4-10.9-8.3-7.5-6.2-11.3-5.0-6.9-5.7
Table 2 General Government Net Worth, Gross and Net Debt                   
                          €million
Description ESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q4
General Government net worth                     
Net worth at market value, excluding pension liabilitiesNW41,83031,81722,28120,0043,259-548-10,702-14,197-15,496-18,818-47,788-46,914-56,873-63,370-70,891-76,983-81,151-83,589-87,508-86,099
equals                    
Non-financial assets at market valueNFA66,82164,63762,73361,02060,02559,09558,12558,42557,85557,13856,67457,14857,56657,76957,33557,86557,79658,02957,97058,369
plus                    
Financial net worth at market value, excluding pension liabilitiesFNW-24,991-32,820-40,452-41,016-56,766-59,643-68,827-72,622-73,351-75,956-104,462-104,062-114,439-121,139-128,226-134,848-138,947-141,618-145,478-144,468
equals                    
Financial assets at market valueFA71,50075,03072,97672,72578,94370,26073,22065,45972,55167,45659,34563,21866,08066,79276,48173,78283,70980,83979,36780,786
EDP debt instrumentsAF2 + AF33 + AF442,89546,22743,83441,98146,82137,53839,87032,88342,90040,99528,29731,06533,41533,88343,86740,47549,38246,84846,69141,703
Shares and other equityAF520,58520,95921,61221,79423,40124,21425,02823,95619,91817,66323,39422,83023,32223,57223,76424,47526,37526,56224,68929,845
Other financial assetsAF34 + AF61 + AF62 + AF78,0207,8447,5308,9508,7218,5088,3228,6209,7338,7987,6549,3239,3439,3378,8508,8327,9527,4297,9879,238
less                    
Liabilities at market value96,491107,850113,428113,741135,709129,903142,047138,081145,902143,412163,807167,280180,519187,931204,707208,630222,656222,457224,845225,254
EDP debt instrumentsAF2 + AF33 + AF490,642101,742107,080108,335130,043124,446136,509132,935139,633137,374157,491161,315173,397180,903197,767201,376216,368216,440218,476219,202
Other liabilitiesAF34 + AF61 + AF62 + AF75,8496,1086,3485,4065,6665,4575,5385,1466,2696,0386,3165,9657,1227,0286,9407,2546,2886,0176,3696,052
                    
Memo: Estimated pension liabilities of government116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,000
                    
Memo: Net worth, including pension liabilities-74,170-84,183-93,719-95,996-112,741-116,548-126,702-130,197-131,496-134,818-163,788-162,914-154,873-161,370-168,891-174,983-179,151-181,589-185,508-184,099
                    
Contingent liabilities287,666287,666287,666287,666163,376163,376163,376163,376148,537148,537148,537148,537121,207121,207121,207121,20773,47773,47773,47773,477
                    
 Memo: Net worth, including pension liabilities and contingent liabilities -361,836-371,850-381,385-383,662-276,117-279,925-290,078-293,573-280,033-283,355-312,324-311,450-276,080-282,577-290,098-296,190-252,627-255,066-258,985-257,576
General Government: changes in net worth                     
Opening net worth46,74741,83031,81722,28120,0043,259-548-10,702-14,197-15,496-18,818-47,788-46,914-56,873-63,370-70,891-76,983-81,151-83,589-87,508
                    
Change in net worth due to transactions-4,338-7,380-5,433-1,614-15,534-5,149-13,246-11,803-3,923-3,470-10,624-1,818-3,876-3,257-3,454-1,918-4,608-1,995-3,137-1,983
Net acquisition of non-financial assets P5 + NP - K14487391,0201,2103193843451,61594-522011,139418203-434530-24952-240218
Net lending/net borrowingB9-4,785-8,119-6,453-2,824-15,854-5,533-13,591-13,418-4,017-3,419-10,826-2,957-4,293-3,460-3,020-2,447-4,359-2,047-2,898-2,201
                    
Change in net worth due to other economic flowsKx-579-2,634-4,102-663-1,2111,3423,0938,3082,623149-18,3452,692-6,084-3,240-4,067-4,175441-444-7813,392
Other changes in non-financial assets-2,923-2,923-2,923-2,923-1,314-1,314-1,314-1,314-665-665-665-6650000181181181181
Other changes in financial assets-7596821,5861,5701,691-1,576-103476-1,434-3,265-1,353270613-5162911021,727-309-2877,267
Other changes in liabilities3,103-392-2,765690-1,5874,2324,5109,1474,7224,079-16,3273,087-6,697-2,724-4,358-4,277-1,467-315-675-4,056
                           
Closing net worth 41,83031,81722,28120,0043,259-548-10,702-14,197-15,496-18,818-47,788-46,914-56,873-63,370-70,891-76,983-81,151-83,589-87,508-86,099
                           
General Government Debt (GGDebt)                     
Debt instrument liabilities at market value90,642101,742107,080108,335130,043124,446136,509132,935139,633137,374157,491161,315173,397180,903197,767201,376216,368216,440218,476219,202
+ Difference between EDP face value and market value-1,154-521-4,120-3,795-5,887-7942,53411,22816,17021,2874,7127,907740-673-5,984-8,909-12,303-11,948-13,938-16,282
                           
 Gross General Government Debt (EDP face value) 89,488101,221102,960104,540124,156123,652139,043144,163155,803158,661162,203169,222174,137180,230191,783192,467204,065204,492204,538202,920
                    
less EDP debt instrument assets-42,895-46,227-43,834-41,981-46,821-37,538-39,870-32,883-42,900-40,995-28,297-31,065-33,415-33,883-43,867-40,475-49,382-46,848-46,691-41,703
 Net General Government Debt  46,59354,99459,12662,55977,33586,11499,173111,280112,903117,666133,906138,157140,722146,347147,916151,992154,683157,644157,847161,217
  
Closing Net Worth (% of annualised GDP) 23.818.513.312.32-0.3-6.7-9.0-9.8-11.8-29.8-28.9-34.9-38.7-43.3-47-49.7-51.3-53.2-52.5
Gross General Government Debt (% of annualised GDP)51.059.061.764.477.477.587.291.298.599.6101.3104.1106.8110.2117.1117.4124.9125.5124.3123.7
Net General Government Debt (% of annualised GDP) 26.53235.438.548.254.062.270.471.473.983.685.086.389.590.392.794.796.795.998.3
Table 3 General Government: detailed classification of revenue and output                   
                         €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q4
                          
Total RevenueTR12,93712,92813,58416,51412,49713,47112,70616,47412,63613,07413,63215,98912,92113,75813,95315,99013,32714,86514,29816,376
 Taxes and social contributions 11,43110,99411,85613,57210,60310,68011,22213,81011,17410,66612,09613,82611,46011,21712,30514,12011,94512,08512,92214,662
  TaxesD2 + D5 + D918,6378,3198,69110,2087,8347,9778,58410,4368,5038,2849,62311,2159,1618,8669,93011,4949,4789,50810,46211,951
   Indirect taxes (taxes on production and imports)D24,7593,9315,2784,2284,6813,7785,3484,1934,7613,6275,0164,2034,7753,7045,3544,1635,0203,9395,5724,462
    Taxes on productsD214,2353,4094,7683,7324,1023,1944,7653,6254,1343,0384,4383,6364,1593,1074,7693,5734,3883,2024,8923,718
    of which Value-Added TaxD2112,8861,9333,1852,1582,8571,8393,1002,0782,8941,7182,8832,0662,9691,8223,1082,1292,9781,7653,3872,045
    Other taxes on production D29524522511496578584582569627588578567617597585589632737680744
   Direct taxesD53,8114,3273,3415,9213,0994,1233,2046,1693,7194,6334,0596,9044,3645,1364,0577,1334,4385,5434,3407,271
    Taxes on income, profits and capital gainsD513,6024,1213,1495,7502,8953,9253,0176,0053,5204,4433,8796,7384,1614,9423,8726,9554,2355,3394,1347,079
    Other current direct taxesD59209206192171204198188165199190181166203194185178203204207192
   Capital taxesD916760715954763274232554710821265191992026550218
  Social contributions D612,7942,6753,1653,3652,7692,7032,6383,3742,6712,3822,4732,6112,2992,3502,3752,6262,4682,5772,4602,711
   Actual social contributionsD6112,2152,0432,4102,6632,2122,1351,9722,7642,1161,8701,8282,0041,6751,7821,7351,9941,7931,8711,8442,095
   Imputed social contributionsD612579632755702557569666610555512645607625569640632675706616616
 Sales of goods and servicesP1O9109691,1041,5611,0879261,0502,1791,1071,2321,2421,5051,0361,1271,2221,4839321,0871,0201,101
  Sales of market establishments (= market output)P11227227227227219219219219226226226226237237237237197197197197
  Imputed sales related to production of own-use capital assets (= output for own final use)P121616161614141414141414141414141414141414
  Incidental sales and fees of non-market establishmentsP1316677268611,3188536928161,9458679911,0011,2647848759711,231721875809889
 Investment incomeD43907404144372701,1153373882621,1332573452781,3743902073061,658307439
  Interest (excluding FISIM)D41211248254266214193217226250270231166187242206184249231231227
  DividendsD42179493161172569221201621286326180911,13218522581,42676212
 Current transfer revenueD39 + D77128262772302929372116263019153530242040
  SubsidiesD3900000000000000000000
  Other current transfersD77128262772302929372116263019153530242040
   Non-life insurance claimsD7244444444333333333333
   OtherD7N6724222369272626341713232716123227211737
 Capital transfer revenueD9N136197185917466721696756222228711721201461131128134
                          
Output P18,6048,0918,2248,9297,7237,3517,4198,9447,5477,6647,6667,9037,4397,3587,5347,6647,1757,3197,2697,429
 Market output (sales of market establishments)P11227227227227219219219219226226226226237237237237197197197197
 Output for own final useP121616161614141414141414141414141414141414
 Non-market outputP138,3617,8487,9818,6877,4897,1177,1868,7107,3077,4237,4257,6627,1877,1067,2837,4136,9637,1087,0587,217
  = Non-market compensation of employeesD1_nonmarket5,1645,0075,0305,4394,8134,6194,7475,0474,8594,6654,7064,8254,8754,6024,6384,6114,7764,6754,4884,426
   = Total compensation of employeesD15,1815,0235,0465,4554,8274,6344,7625,0624,8744,6804,7204,8394,8894,6174,6534,6254,7914,6904,5024,441
   - Compensation of employees of market establishmentsD1_market          0          
   - Compensation related to production of own-use capital assetsD1_own-use-16-16-16-16-14-14-14-14-14-14-14-14-14-14-14-14-14-14-14-14
  + Non-market intermediate consumptionP2_nonmarket2,6372,2822,3912,6882,1151,9361,8763,1001,8912,2012,1632,2801,8051,9962,1372,2951,7101,9552,0932,314
   = Total intermediate consumptionP22,6932,3382,4472,7442,1711,9921,9323,1561,9482,2582,2202,3371,8622,0532,1942,3511,7672,0122,1502,371
   - Intermediate consumption of market establishmentsP2_market-56-56-56-56-56-56-56-56-57-57-57-57-57-57-57-57-57-57-57-57
   - Intermediate consumption related to production of own-use capital assetsP2_own-use                    
  + Non-market consumption of fixed capitalK1_nonmarket560560560560562562562562556556556556507507507507477477477477
   = Total consumption of fixed capitalK1664664664664662662662662656656656656606606606606575575575575
   - Consumption of fixed capital by market establishmentsK1_market-105-105-105-105-100-100-100-100-99-99-99-99-99-99-99-99-99-99-99-99
   - Consumption of fixed capital related to production of own-use capital assetsK1_own-use                    
  + Other taxes on production, payable D29_pay00000000000000000000
  - Other subsidies on production, receivable (D.39 R)D39_rec00000000000000000000
Table 4 General Government: detailed classification of expenditure and consumption                   
                         €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q4
                          
Total ExpenditureTE17,72321,04620,03719,33828,35119,00526,29729,89216,65316,49224,45818,94617,21517,21816,97318,43717,68616,91117,19618,577
                          
 Expense 17,27520,30819,01718,12828,03218,62125,95228,27716,55916,54424,25717,80716,79717,01517,40717,90817,93516,85917,43518,359
  Compensation of employeesD15,1815,0235,0465,4554,8274,6344,7625,0624,8744,6804,7204,8394,8894,6174,6534,6254,7914,6904,5024,441
   Of which: Related to production of own-use capital assets 1616161614141414141414141414141414141414
  Use of goods and services plus taxes payableP2 + D5 + D292,6932,3382,4472,7442,1711,9921,9333,1571,9482,2582,2202,3371,8622,0532,1942,3511,7672,0122,1502,371
   Use of goods and services [Intermediate consumption]P22,6932,3382,4472,7442,1711,9921,9323,1561,9482,2582,2202,3371,8622,0532,1942,3511,7672,0122,1502,371
    Of which: Intermediate consumption of market establishments 5656565656565656575757575757575757575757
   Taxes, payableD500000000000000000000
  Depreciation (Consumption of fixed capital)K1664664664664662662662662656656656656606606606606575575575575
    Of which: Depreciation by market establishments 105105105105100100100100999999999999999999999999
  Interest (excluding FISIM)D418098198028591,1391,1771,4561,2111,2231,2891,4471,2311,2981,4331,6461,5341,9471,8181,8331,809
  SubsidiesD3403411412464378333367499304300326419325344366504318336358484
   Product subsidiesD31201223250245199149215238172179208235207228248237209228248237
   Other subsidies on productionD39202187161218179184152261132121119184118117118267109108109247
  Social benefitsD62 + D6316,5426,9847,6527,2936,5917,0567,1817,5816,7117,0267,5467,6696,9367,1077,3677,5496,8596,7427,1807,778
   Social benefits in cashD625,8075,9766,3196,4035,8305,9925,7506,6295,9545,9776,1186,7116,1486,0015,8216,6546,0805,5715,6156,778
   Social benefits in kind (via market producers)D6317351,0081,3348897611,0641,4319527571,0501,4289587871,1071,5478967791,1721,5651,000
  Other current transfersD7758539406388651404409409587275401522657389405348575456646472
   Net non-life insurance premiumsD711616161618181818181818182323232323232323
   Current international cooperationD741901361061251541391409613065118216961311811147617117684
   Miscellaneous current transfersD75553387285247479247251295438191265287537235201211477263448365
    GNI-based EU own resourcesD75_GNI382346196223389163249173382160221194402198194205457253254358
    Other miscellaneous current transfersD75_other1714288259084312257324494136377620101947
  Capital transfersD92253,5291,58726011,6132,3629,1829,697257616,9411342244661703901,102229191430
   Investment grantsD9219135038416833031014841414755115109202108109195158102104185
   Other capital transfersD99343,1801,2039211,2822,0529,0349,28311056,82625223586019594412788245
                          
 Net acquisition of non-financial assetsP5 + NP - K14487391,0201,2103193843451,61594-522011,139418203-434530-24952-240218
  = Gross investment in non-financial assetsP5 + NP1,1121,4031,6851,8749811,0461,0062,2767506048571,7941,0248091721,135326627336793
   Gross fixed capital formationP511,1121,4031,6851,8751,0011,0661,0262,2967225768291,7671,0037881511,1151,029607315773
   Net acquisition of stocksP520000-20-20-20-20282828282121212121212121
   Net acquisition of unproduced assetsK20000000000000000-723000
  - Consumption of fixed capitalK1-664-664-664-664-662-662-662-662-656-656-656-656-606-606-606-606-575-575-575-575
                          
Net expenditure on current goods and servicesP3 excl. D6317,6947,1227,1207,3696,6376,4266,3706,7656,4406,4326,4246,3986,4036,2316,3126,1826,2436,2336,2496,328
 = OutputP18,6048,0918,2248,9297,7237,3517,4198,9447,5477,6647,6667,9037,4397,3587,5347,6647,1757,3197,2697,429
 - Sales of goods and services P11+P12+P131-910-969-1,104-1,561-1,087-926-1,050-2,179-1,107-1,232-1,242-1,505-1,036-1,127-1,222-1,483-932-1,087-1,020-1,101
   Market output (sales of market establishments)P11-227-227-227-227-219-219-219-219-226-226-226-226-237-237-237-237-197-197-197-197
   Output for own final useP12-16-16-16-16-14-14-14-14-14-14-14-14-14-14-14-14-14-14-14-14
   Incidental sales and fees of non-market establishmentsP131-667-726-861-1,318-853-692-816-1,945-867-991-1,001-1,264-784-875-971-1,231-721-875-809-889
                          
Final consumption expenditureP38,4298,1298,4548,2587,3977,4907,8017,7177,1977,4827,8527,3567,1907,3387,8597,0777,0227,4047,8147,328
 = Net expenditure on current goods and servicesP3 excl. D6317,6947,1227,1207,3696,6376,4266,3706,7656,4406,4326,4246,3986,4036,2316,3126,1826,2436,2336,2496,328
 + Social transfers in kind via market producers D6317351,0081,3348897611,0641,4319527571,0501,4289587871,1071,5478967791,1721,5651,000
made up of                      
 Individual consumption (= social transfers in kind)P31 (= D63)5,7325,4985,8305,3705,1855,2465,5965,2915,0685,2735,6805,0015,0755,1825,7124,9064,9665,3525,7565,244
  Social transfers in kind (via market producers)D6317351,0081,3348897611,0641,4319527571,0501,4289587871,1071,5478967791,1721,5651,000
  Social transfers in kind (provided directly by government)D6324,9964,4914,4964,4804,4244,1814,1654,3394,3114,2234,2524,0434,2874,0754,1654,0104,1874,1804,1914,244
 Collective consumption (= actual final consumption of government)P322,6972,6312,6242,8892,2122,2442,2052,4252,1292,2092,1722,3552,1162,1562,1472,1712,0562,0522,0582,084
                          
Total social transfersD62 + D6311,53911,47412,14911,77311,01511,23811,34611,92011,02211,25011,79811,71211,22311,18311,53311,56011,04610,92311,37112,022
 Social benefits in cashD62 5,8075,9766,3196,4035,8305,9925,7506,6295,9545,9776,1186,7116,1486,0015,8216,6546,0805,5715,6156,778
 Social transfers in kind (= individual consumption)D635,7325,4985,8305,3705,1855,2465,5965,2915,0685,2735,6805,0015,0755,1825,7124,9064,9665,3525,7565,244
Table 5 General Government financial transactions
   €million
 2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q4
DescriptionESA code                    
 Net lending (+) / net borrowing (-)B.9-4,785-8,119-6,453-2,824-15,854-5,533-13,591-13,418-4,017-3,419-10,826-2,957-4,293-3,460-3,020-2,447-4,359-2,047-2,898-2,201
equals                      
Net acquisition of financial assets ΔA5,6412,848-3,640-1,8214,527-7,1073,063-8,2378,526-1,830-6,7583,6032,2491,2289,398-2,8018,200-2,561-1,185-5,848
EDP debt instruments F2 + F33 + F46,3333,263-2,469-1,8614,584-9,3522,310-6,46811,212-1,644-12,7122,7542,2023969,958-3,9018,907-2,519-158-6,360
 Currency and deposits F25,010-325-2,453-1,2114,551-7,5822,198-10,38811,6151,873-15,9462,0611,8504679,684-6,0478,741-2,413-419-6,880
Securities other than shares, excluding financial derivatives F331,2043,520-169-432-121-1,7851173,646-632-3,6572,78716634-13-1031,251-140-108333241
Short-term F331-3626-356-46-2-9200-1-8-27-94711,046944111,750
Long-term F3321,2403,494-166-488-75-1,7831263,626-632-3,6562,79519343-60-104205-1,084-109332-1,509
Loans F411968153-21815415-5274229140447527318-583778953062-72279
Short-term loans F41000000000158459268231-30414454-44-248340301
Long-term loans F4211968153-21815415-5274229-18-1225987-28-37441350250-412-22
Shares and other equity F571-349-859-1,2206042,129698-2,001-3,7917887,440-854-501,388450057448-1,297-459
Other financial assets F34 + F61 + F62 + F7-763-66-3121,260-661116552321,105-974-1,4861,70397-556-564600-764-490270971
Financial derivatives F34-490065099195-40-40-232010000340032
Insurance: reserves and premium prepayments F61 + F62000100000000000-10000
Net equity of households in life insurance reserves and in pension funds reserves F6100000000000000000000
Prepay. of ins. premiums and reserves for outstanding claims F62000100000000000-10000
Other accounts receivable/payableF7-714-66-3121,194-66117-1402721,145-742-1,4861,70297-556-564601-798-490270939
less                      
Net incurrence of liabilities ΔL10,42610,9672,8131,00320,381-1,57416,6545,18112,5431,5894,0686,5606,5424,68812,418-35412,559-5141,713-3,647
EDP debt instruments F2 + F33 + F410,81810,8552,7441,59220,119-1,37016,6615,51411,4371,8234,2097,2445,3685,01212,705-32213,158-4721,329-3,347
Currency and deposits F23403653573337229269708048333742901084094024901,044673615298447
Securities other than shares, excluding financial derivatives F339,94310,3662,5441,7668,793-4,5897,011-4,965-5,160-2,861571-970-5,0012,4236,819-4,09636,386-4,922-1,021-7,394
Short-term F331-2,3186,999-2,378-7,641-1,981-7,6411,600-5,153-5,243-1,415343,130-3844831,031-2,4092,317637-1,432-1,682
Long-term F33212,2613,3674,9229,40710,7743,0525,41118883-1,446537-4,100-4,6171,9405,788-1,68734,069-5,559411-5,712
Loans F4535124-157-50710,6042,2938,6809,67515,7644,3103,3488,1069,9602,1875,3962,730-23,9013,8352,0523,600
Short-term loans F4118083-1109765-282-148393-43-175-80133111,257409-340-51-397-245232
Long-term loans F4235541-47-60410,5392,5758,8289,28215,8074,4853,4287,9739,9499304,9873,070-23,8504,2322,2973,368
Other liabilities F34 + F5 + F61 + F62 + F7-39211269-589262-204-7-3331,106-234-141-6841,174-324-287-32-599-42384-300
Financial derivatives F3400000000000300000000
Shares and other equity F500000000000000000000
Insurance: reserves and premium prepayments F61 + F620000000000000001000-1
Net equity of households in life insurance reserves and in pension funds reserves F610000000000000001000-1
Prepay. of ins. premiums and reserves for outstanding claims F6200000000000000000000
   Other accounts receivable/payableF7-39211269-589262-204-7-3331,106-234-141-6871,174-324-287-33-599-42384-299
Table 6 General Government: detailed breakdown of net worth                  
                           €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q4
                         
General Government balance sheet                     
                            
 Net worth at market value, excluding pension liabilities 41,83031,81722,28120,0043,259-548-10,702-14,197-15,496-18,818-47,788-46,914-56,873-63,370-70,891-76,983-81,151-83,589-87,508-86,099
 equals                     
  Non-financial assets at market value 66,82164,63762,73361,02060,02559,09558,12558,42557,85557,13856,67457,14857,56657,76957,33557,86557,79658,02957,97058,369
 plus                     
  Financial net worth at market value, excluding pension liabilities -24,991-32,820-40,452-41,016-56,766-59,643-68,827-72,622-73,351-75,956-104,462-104,062-114,439-121,139-128,226-134,848-138,947-141,618-145,478-144,468
  equals                     
   Financial assets at market value 71,50075,03072,97672,72578,94370,26073,22065,45972,55167,45659,34563,21866,08066,79276,48173,78283,70980,83979,36780,786
    EDP debt instrumentsF2 + F33 + F442,89546,22743,83441,98146,82137,53839,87032,88342,90040,99528,29731,06533,41533,88343,86740,47549,38246,84846,69141,703
     Currency and depositsF233,96733,64431,19229,98334,71927,14129,36919,02030,63232,50416,57818,64020,48920,95730,64124,75533,49731,08130,66223,781
     Securities other than shares, excluding financial derivativesF335,6429,2269,1298,7008,6466,9237,02910,1148,2904,3747,1557,3347,5177,5747,4989,0978,9568,8359,16910,798
      Short-termF331632298539382949494840133001,0461,9901,9911,9923,744
      Long-termF3325,6369,1949,1008,6158,6076,8857,00010,0658,2414,3267,1157,3217,5147,5747,4988,0516,9666,8447,1777,054
     LoansF43,2863,3573,5133,2983,4563,4743,4723,7493,9784,1174,5645,0915,4095,3525,7286,6236,9296,9326,8607,124
      Short-term loansF410000000001586178851,1161,0871,5001,9541,9091,6622,0022,288
      Long-term loansF423,2863,3573,5133,2983,4563,4743,4723,7493,9783,9593,9474,2064,2934,2654,2284,6695,0205,2704,8584,836
    Shares and other equityF520,58520,95921,61221,79423,40124,21425,02823,95619,91817,66323,39422,83023,32223,57223,76424,47526,37526,56224,68929,845
    Other financial assetsF34 + F61 + F62 + F78,0207,8447,5308,9508,7218,5088,3228,6209,7338,7987,6549,3239,3439,3378,8508,8327,9527,4297,9879,238
     Financial derivativesF342781701704108446165716065753817237046291,1801,2596425615288171,128
     Insurance: reserves and premium prepaymentsF61 + F6200011111111111100000
      Net equity of households in life insurance reserves and in pension funds reservesF6100000000000000000000
      Prepayment of insurance premiums and reserves for outstanding claimsF6200011111111111100000
     Other accounts receivable/payableF77,7427,6747,3608,5397,8767,8917,7508,0139,1578,4166,9308,6188,7138,1567,5908,1907,3916,9017,1708,110
  less                     
   Liabilities at market value 96,491107,850113,428113,741135,709129,903142,047138,081145,902143,412163,807167,280180,519187,931204,707208,630222,656222,457224,845225,254
    EDP debt instrumentsF2 + F33 + F490,642101,742107,080108,335130,043124,446136,509132,935139,633137,374157,491161,315173,397180,903197,767201,376216,368216,440218,476219,202
     Currency and depositsF29,1699,5239,88710,30811,02911,89612,85013,71114,47214,79115,01015,21815,64616,04116,51317,47218,11118,73419,00519,424
     Securities other than shares, excluding financial derivativesF3377,57188,19793,32094,660105,03996,29398,71484,04874,74367,62884,08579,67581,35784,65996,54996,557134,628130,045129,519125,842
      Short-termF33123,76830,67328,00320,45618,21710,89112,4977,2312,0897417173,7963,5204,0395,0522,5724,9695,5874,1282,423
      Long-termF33253,80357,52465,31774,20486,82285,40286,21776,81772,65466,88783,36875,87977,83780,62091,49793,985129,659124,458125,391123,419
     LoansF43,9024,0223,8733,36713,97516,25724,94535,17650,41854,95558,39666,42276,39480,20384,70587,34763,62967,66169,95273,936
      Short-term loansF416387216107077734903427356915164365695801,8382,2461,9081,8561,4581,2141,466
      Long-term loansF423,2643,3013,2632,66013,20215,76724,60334,44149,72754,43957,96065,85375,81478,36582,45985,43961,77366,20368,73872,470
    Other liabilitiesF34 + F61 + F62 + F75,8496,1086,3485,4065,6665,4575,5385,1466,2696,0386,3165,9657,1227,0286,9407,2546,2886,0176,3696,052
     Financial derivativesF344919336216149973855584778137971,0261,2261,5721,205976944927
     Shares and other equityF500000000000000000000
     Insurance: reserves and premium prepaymentsF61 + F6200000000000000011110
      Net equity of households in life insurance reserves and in pension funds reservesF6100000000000000011110
     Prepay. of ins. premiums and reserves for outstanding claimsF6200000000000000000000
     Other accounts receivable/payableF75,8005,9155,9865,3905,6525,4485,4415,1086,2145,9805,8395,1526,3256,0025,7145,6815,0825,0405,4245,125
                            
                            
  Memo: Estimated pension liabilities of government 116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,000
                            
 Memo: Net worth, including pension liabilities -74,170-84,183-93,719-95,996-112,741-116,548-126,702-130,197-131,496-134,818-163,788-162,914-154,873-161,370-168,891-174,983-179,151-181,589-185,508-184,099
                            
  Contingent liabilities 287,666287,666287,666287,666163,376163,376163,376163,376148,537148,537148,537148,537121,207121,207121,207121,20773,47773,47773,47773,477
   Guarantees 282,617282,617282,617282,617158,327158,327158,327158,327143,488143,488143,488143,488115,557115,557115,557115,55767,73567,73567,73567,735
   Off-balance sheet PPPs 5,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,6505,6505,6505,6505,7425,7425,7425,742
                            
 Memo: Net worth, including pension liabilities and contingent liabilities -361,836-371,850-381,385-383,662-276,117-279,925-290,078-293,573-280,033-283,355-312,324-311,450-276,080-282,577-290,098-296,190-252,627-255,066-258,985-257,576
                            
Change in net worth of government                     
                            
 Opening net worth 46,74741,83031,81722,28120,0043,259-548-10,702-14,197-15,496-18,818-47,788-46,914-56,873-63,370-70,891-76,983-81,151-83,589-87,508
                            
 Change in net worth due to transactions -4,338-7,380-5,433-1,614-15,534-5,149-13,246-11,803-3,923-3,470-10,624-1,818-3,876-3,257-3,454-1,918-4,608-1,995-3,137-1,983
  Net acquisition of non-financial assets  4487391,0201,2103193843451,61594-522011,139418203-434530-24952-240218
  Net lending/net borrowing -4,785-8,119-6,453-2,824-15,854-5,533-13,591-13,418-4,017-3,419-10,826-2,957-4,293-3,460-3,020-2,447-4,359-2,047-2,898-2,201
   = Net acquisition of financial assets 5,6412,848-3,640-1,8214,527-7,1073,063-8,2378,526-1,830-6,7583,6032,2491,2289,398-2,8018,200-2,561-1,185-5,848
   - Net incurrence of liabilities -10,426-10,967-2,813-1,003-20,3811,574-16,654-5,181-12,543-1,589-4,068-6,560-6,542-4,688-12,418354-12,559514-1,7133,647
                            
 Change in net worth due to other economic flows -579-2,634-4,102-663-1,2111,3423,0938,3082,623149-18,3452,692-6,084-3,240-4,067-4,175441-444-7813,392
  Other changes in non-financial assets -2,923-2,923-2,923-2,923-1,314-1,314-1,314-1,314-665-665-665-6650000181181181181
  Other changes in financial net worth 2,344290-1,1792,2601042,6564,4079,6233,288814-17,6803,357-6,084-3,240-4,067-4,175260-624-9623,211
   = Other changes in financial assets -7596821,5861,5701,691-1,576-103476-1,434-3,265-1,353270613-5162911021,727-309-2877,267
     EDP debt instruments -217697682566922-519-1,195-261141414872265090-1511,372
     Shares and other equity -5357231,5121,4021,003-1,316116929-247-3,043-1,709290542-1,1381882111,843-261-5765,615
     Other financial assets -7-110-2160432-329-24166839342-34-7755077-618-116-33288280
   - Other changes in liabilities 3,103-392-2,765690-1,5874,2324,5109,1474,7224,079-16,3273,087-6,697-2,724-4,358-4,277-1,467-315-675-4,056
     EDP debt instruments 3,010-245-2,594337-1,5894,2274,5989,0884,7394,082-15,9083,420-6,714-2,494-4,159-3,931-1,834-544-707-4,073
     Other liabilities 93-147-17135325-8859-17-3-419-33317-230-199-3463672293217
                            
                            
Closing net worth 41,83031,81722,28120,0043,259-548-10,702-14,197-15,496-18,818-47,788-46,914-56,873-63,370-70,891-76,983-81,151-83,589-87,508-86,099
Table 7 General Government Gross and Net Debt                   
                        €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q4
                         
General Government Debt                     
                         
  Debt instrument liabilities at market value 90,642101,742107,080108,335130,043124,446136,509132,935139,633137,374157,491161,315173,397180,903197,767201,376216,368216,440218,476219,202
  + Difference between face value and market value -1,154-521-4,120-3,795-5,887-7942,53411,22816,17021,2874,7127,907740-673-5,984-8,909-12,303-11,948-13,938-16,282
                         
Gross General Government Debt (face value) 89,488101,221102,960104,540124,156123,652139,043144,163155,803158,661162,203169,222174,137180,230191,783192,467204,065204,492204,538202,920
By category:                     
 Currency and deposits F29,1699,5239,88710,30711,02911,89612,85013,70814,47214,79115,01015,21615,64616,04116,51317,46518,11118,73419,00519,424
 Securities other than shares, exc. financial derivativesF3376,94788,20789,73091,39199,65795,991101,72996,31791,47189,73189,80988,55083,17586,67392,15589,289123,910119,842117,728112,162
  Short-termF33123,46730,48728,10020,44318,46610,89512,5147,2032,0617287243,7773,4974,0235,0432,5354,9595,5624,1022,389
  Long-termF33253,48057,72061,63070,94881,19285,09689,21589,11489,41189,00389,08584,77379,67882,65087,11286,754118,951114,279113,627109,772
 LoansF43,3713,4913,3432,84213,46915,76524,46434,13849,86054,13957,38465,45675,31677,51783,11585,71362,04465,91767,80471,335
  Short-termF416387216107077734903427356915164365695801,8382,2461,9071,8561,4581,2141,466
  Long-termF422,7332,7702,7322,13512,69615,27424,12233,40349,16853,62356,94864,88774,73675,67980,86883,80760,18864,45866,59069,869
                         
less EDP debt instrument assets 42,89546,22743,83441,98146,82137,53839,87032,88342,90040,99528,29731,06533,41533,88343,86740,47549,38246,84846,69141,703
 By category:                     
 Currency and deposits F233,96733,64431,19229,98334,71927,14129,36919,02030,63232,50416,57818,64020,48920,95730,64124,75533,49731,08130,66223,781
 Securities other than shares, exc. financial derivativesF335,6429,2269,1298,7008,6466,9237,02910,1148,2904,3747,1557,3347,5177,5747,4989,0978,9568,8359,16910,798
  Short-termF331632298539382949494840133001,0461,9901,9911,9923,744
  Long-termF3325,6369,1949,1008,6158,6076,8857,00010,0658,2414,3267,1157,3217,5147,5747,4988,0516,9666,8447,1777,054
 LoansF43,2863,3573,5133,2983,4563,4743,4723,7493,9784,1174,5645,0915,4095,3525,7286,6236,9296,9326,8607,124
  Short-termF410000000001586178851,1161,0871,5001,9541,9091,6622,0022,288
  Long-termF423,2863,3573,5133,2983,4563,4743,4723,7493,9783,9593,9474,2064,2934,2654,2284,6695,0205,2704,8584,836
                         
 Net General Government Debt (face value) 46,59354,99459,12662,55977,33586,11499,173111,280112,903117,666133,906138,157140,722146,347147,916151,992154,683157,644157,847161,217
 By category:                     
 Currency and deposits F2-24,798-24,121-21,305-19,676-23,690-15,245-16,519-5,312-16,160-17,713-1,568-3,424-4,843-4,916-14,128-7,290-15,386-12,347-11,657-4,357
 Securities other than shares, exc. financial derivativesF3371,30578,98180,60182,69191,01189,06894,70086,20383,18185,35782,65481,21675,65879,09984,65780,192114,954111,007108,559101,364
  Short-termF33123,46130,45528,07120,35818,42710,85712,4857,1542,0126806843,7643,4944,0235,0431,4892,9693,5712,110-1,355
  Long-termF33247,84448,52652,53062,33372,58578,21182,21579,04981,17084,67781,97077,45272,16475,07679,61478,703111,985107,435106,450102,718
 LoansF485134-170-45610,01312,29120,99230,38945,88250,02252,82060,36569,90772,16577,38779,09055,11558,98560,94464,211
  Short-termF41638721610707773490342735691358-181-316-536751746-47-53-204-788-822
  Long-termF42-553-587-781-1,1639,24011,80020,65029,65445,19049,66453,00160,68170,44371,41476,64079,13855,16859,18861,73265,033
Table 8 Reconciliation of Exchequer Balance to General Government Deficit                  
                      € million
Description 2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q4
                     
Exchequer balance-3,721-10,988-5,449-4,483-3,942-4,946-4,488-5,369-7,066-3,762-9,831-4,259-4,263-5,181-1,691-3,758-3,695-2,898-549-4,355
                     
Deduct cash inflows which do not increase financial net worth-1-1-1-1-1-1-1-380-1-1-1-59-2-2-2-4-1,020-86-1,310-298
Inflows from sale or redemption of financial assets-1-1-1-1-1-1-1-380-1-1-1-59-2-2-2-4-1,020-86-1,310-293
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation0000000000000000000-5
                     
Exclude cash outflows which do not reduce financial net worth000310006502,51704,5302802501,50005591833660731
Acquisition of financial assets0001000642004,5302802501,50005321833540731
Repayment of promissory notes notional loan principal000000002,517000000001300
Redemption of Exchequer liability to Central Bank for notes and coins in circulation0003000090000000270000
                     
Impact on financial net worth of Exchequer cash transactions-3,722-10,989-5,449-4,453-3,942-4,947-4,489-5,099-4,550-3,763-5,302-4,038-4,014-3,683-1,692-3,203-4,532-2,618-1,859-3,921
                     
Adjust for impact of non-cash revenue and disposals of non-financial asset (+)-1,36521415931-1,012-2969792-440-2801021,337-1,007-127-165652-177-1531021,001
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts-6091661597-177-3169121233-28049553-311-20269259-123-198247204
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF)-755480835-83520671-67300709-7710-8768-785-100742
Accrual of interest due on contingent capital assets assigned to banks000000000053757575-22575451-14951
Licence sales000000000000000-450727444
Other accrued revenue00000000000000000000
                     
Adjust for impact of non-cash expenditure (-)-433654-352206-10,994-1,785-9,540-9,505569430-1,312400247580-1,304-92-72581-1,427559
Capital transfers to financial institutions financed by promissory notes0000-10,900-2,250-8,580-9,120000000000000
Difference between interest paid and accrued-514598-423110-186373-1,051-461582430-1,312262273612-1,274-57-90603-1,431709
Difference between Exchequer cash issues and accrued net spending of departments and offices7471689385838268-9-9-9129-44-42-40-7000-75
Other accrued expenditure7-15438999-4999181010-2717-224-75
                     
EDP Net lending (+) / net borrowing (-) of Exchequer-5,520-10,121-5,786-3,316-15,948-6,761-13,961-13,812-4,421-3,613-6,512-2,301-4,774-3,230-3,161-2,642-4,782-2,190-3,185-2,361
                     
Net lending (+) / net borrowing (-) of extra-budgetary bodies, funds and accounts consolidated with Exchequer801897344783693932-100-34-2793398780-2-30-28-5518-47
Bank Guarantee Scheme receipts - special account7697528802970-556313-223-373280-20-12-25-10-16-116-25-10
Capital Services Redemption Account442-38-93145578-57753-26-493037-18-5023359-67
Small Savings Reserve Fund0-60-2370000000000000000
Other Extra-Budgetary Funds3245-5-543518-6-361301028458104796350-35253530
Health Service Executive373840564140394634353650-26-25-23-210001
                     
EDP Net lending (+) / net borrowing (-) of Budgetary Central Government-5,440-9,932-5,714-3,272-15,869-6,392-13,922-13,780-4,521-3,647-6,792-1,962-4,687-3,150-3,164-2,673-4,810-2,246-3,167-2,408
                     
Net lending (+) / net borrowing (-) of other Central Government bodies3812,9732511,0732311,295501360155231-4,045-730173-206146193197209201193
National Pensions Reserve Fund3202,9121891,0111641,228433291162235-4,042-728180-199153200141153145137
Non-market State corporations and agencies5454545467676767-1-1-1-1-5-5-5-556565656
Voluntary and joint board hospitals6777-1012-5-3-10-2-2-2-20000
                     
                     
EDP Net lending (+) / net borrowing (-) of Central Government (S.1311)-5,059-6,959-5,463-2,199-15,639-5,097-13,421-13,420-4,366-3,416-10,836-2,692-4,514-3,356-3,018-2,480-4,613-2,037-2,966-2,215
                     
EDP Net lending (+) / net borrowing (-) of Social Insurance Fund (S.1311)-415-684-613-787-599-267-803422243-82-19161-48-161791-47-2-34
                     
EDP Net lending (+) / net borrowing (-) of Local Government (S.1313)687-478-379160386-167-87-2994-7859-107109-111-41-4782-2112-29
                     
EDP Net lending (+) / net borrowing (-) of General Government (S.13) (=GGDeficit)-4,787-8,120-6,455-2,826-15,851-5,530-13,588-13,415-4,050-3,451-10,859-2,990-4,343-3,515-3,075-2,510-4,439-2,105-2,956-2,278

Background Notes

 

Introduction

The figures in this release comprise the first official publication by CSO of the annual Government Finance Statistics results for the year 2013.  These figures are compiled in accordance with the ESA95 system of accounts, as used in all member states of the European Union. 

Because audited accounts for many government bodies become available between April and October, the data for 2013 are provisional. 

The data published in this series are consistent with the General Government Deficit and Debt levels reported to Eurostat at end-March and end-September under the EU regulation governing the Excessive Deficit Procedure.   Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

Changes since previous publication

Revision to Q2 2013 deficit

During the most recent EDP notification process, Eurostat ruled in favour of CSO’s assessment that the receipt by government, in May 2013, of ordinary shares in settlement of a €280 million annual dividend receivable from a majority publicly-owned financial institution, be recorded as an equity acquisition of Government.  In earlier publications, for prudential reasons and in accordance with the treatment of corresponding payments in earlier years, this had been treated as a deficit-worsening capital transfer, pending the availability of full-year 2013 results for the institution.  The recent decision has resulted in a restatement of the deficit for Quarter 2 of 2013 (first published in October 2013) in the current publication.

Other changes

Other changes since the previous publication are as a result of updated data becoming available.

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the Quarterly National Accounts Release that was published on 13 March 2014.  This has some effect on the calculation of the percentages shown in this release when compared to previous versions.

Pension Liabilities

The estimated pension liability of government (the accrued liability in respect of Public Service occupational pensions) is a contingent liability of government and does not form part of the ESA accounts of general government.  It is shown in this release as a memorandum item.  The value shown for years 2009-2011 of €116 billion was calculated by the Comptroller and Auditor General.    The value of this liability is reduced by €18 billion to €98 billion with effect from 2012. This follows an actuarial valuation carried out by the Department of Public Service and Reform.   The main reasons for the reduction were the pay and pension cuts since 2009 and the freeze in pay and pension rates until after the Haddington Road Agreement.  Details on this updated estimate can be accessed at: http://www.per.gov.ie/public-service-pensions-accrued-liability/.

Government Finance Statistics – Concepts and Definitions

Government Finance Statistics (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 1995 (ESA95).  The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA95 in the context of GFS. 

The ESA 95 regulation sets out both a methodology for the compilation of National Accounts and a programme of transmission of key economic aggregates which are a subset of the full set of accounts set out in ESA 95.  In relation to GFS aggregates of interest include: general government revenue and expenditure, general government surplus/deficit, general government consolidated gross debt and their main components.

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.

Detailed statistics on Government revenue and expenditure are also provided to Eurostat under the ESA95 transmission programme.  For annual data the main tables reported are:

Table 0200      Main aggregates of general government,

Table 0900      Detailed tax receipts by sector

Table 1100      General government expenditure by function.

These data are available on the Eurostat website.

Total general government expenditure and revenue are defined according to Commission Regulation (EC) No 1500/2000 of 10 July 2000 on general government expenditure and revenue. They comprise specific categories of ESA 95.

Definition of general government and its subsectors

The general government sector of the economy, is defined in ESA95, paragraph 2.68: 'All institutional units which are other non-market producers [institutional units whose sales do not cover more than the 50% of the production costs, see ESA95 paragraph 3.26] whose output is intended for individual and collective consumption, and mainly financed by compulsory payments made by units belonging to other sectors, and/or all 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 - where applicable), local government (S.1313), and social security funds (S.1314).

As part of the GFS production process CSO is required to define the General Government and public sectors for Ireland. In this context, the public sector includes all bodies that are directly or indirectly controlled by a Government department or office, or by a local authority.  General Government, in turn, includes all public sector bodies that are also mainly financed by Government bodies.  The decision rules governing the classification of bodies to the public and General Government sectors are set out in detail in the Manual on Government Deficit and Debt.  A detailed explanation of the application of these rules and the most up-to-date list (reference year 2013) of public sector bodies (including general government bodies) for Ireland are shown at: http://www.cso.ie/en/surveysandmethodology/nationalaccounts/.

General Government Deficit/Surplus (GG Deficit) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact.  It is the difference between the revenue and the expenditure of the general government sector. The government deficit data related to the EDP (EDP B.9) differs from the deficit according to ESA95 (B.9) in the treatment of interest relating to swaps and forward rate agreements.  The measure EDP B.9 is shown as the headline item in this release, while the ESA95 B.9 can be seen in Table 1.

Net Lending/Net Borrowing, that is, the GG Deficit excluding flows on interest swap instruments, is by definition equal to both Total Revenue less Total Expenditure, and Net Acquisition of Financial Assets less Net Incurrence of Liabilities. In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F332 (long-term securities other than shares) to eliminate any statistical discrepancy between the two approaches to the calculation of Net Lending/Net Borrowing  This adjustment has no impact on Net Worth, gross or net debt.

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 categories AF.2 (Currency and deposits), AF.33 (Securities other than shares, excluding financial derivatives), and AF.4 (loans).

This definition excludes liabilities in derivatives (AF.34), equity liabilities (AF.5), pension and insurance liabilities (AF.6) and accounts payable (AF.7).

‘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 nationally, 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.  This measure is currently published by relatively few countries.  CSO introduced this measure on an experimental basis to our GFS publication at the outset but would note that this figure is still under development and may be revised in the future.

ESA 95 codes and an explanation of each are shown below for the main components of Government revenue and expenditure as well as for types of financial flows. More detailed codes and technical definitions can be seen in the ESA 95 manual available at http://circa.europa.eu/irc/dsis/nfaccount/info/data/esa95/en/esa95en.htm

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.51     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.52     Changes in inventories

P.53     Acquisitions less disposals of valuables

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

D.11    Wages and salaries, in cash and in kind

D.12    Employers social contributions – actual (D.121) and imputed (D.122)

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 (payable) - the income receivable by the owner of a financial asset or a tangible non-produced asset in return for providing funds to, or putting the tangible non-produced asset at the disposal of, another unit

D.41    Interest (payable) - excludes settlements under swaps and forward rate arrangements, as these are treated as financial transactions in the ESA 95

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, made through collectively organised schemes, or outside such schemes by government and non-profit institutions. These include payments from general government to producers which individually benefit households and which are made in the context of social risks or needs

D.62    Social benefits in cash - social benefits and pensions paid in cash;

D.631  Social transfers in kind, via market producers - can be subdivided into those where beneficiary households actually purchase the goods and services themselves and are then reimbursed, and those where the relevant services are provided directly to the beneficiaries

D.7      Other current transfers

D.9      Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction.

K.1      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.

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       Securities other than shares

            F.33     Securities other than shares, excluding financial derivatives 

           (F.331 - Short-term, F.332 - Long-term )

            F.34 Financial derivatives

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Shares and other equity

            F.51 Shares and other equity, excluding mutual funds shares

           (F.511 - Quoted shares, F.512 - Unquoted shares, F.513 - Other equity )

            F.52 Mutual funds shares

F.6       Insurance technical reserves

            F.61 Net equity of households in life insurance reserves and in pension funds reserves

            F.611 - Net equity of households in life insurance reserves

            F.612 - Net equity of households in pension funds reserves,

            F.62 - Prepayments of insurance premiums and reserves for outstanding claims

F.7       Other accounts receivable/payable

            F.71     Trade credits and advances

            F.79     Other

 

 

 

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