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For more information on this release:
E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Elaine O'Sullivan (+353) 1 498 4203 Derek Stynes (+353) 1 498 4303
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 4 2016

 General Government
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €mGDP€m GDP€m GDP
2015 Q1-2,490-4.0203,53097.0167,38079.8
2015 Q2180.0204,04690.9166,05674.0
2015 Q3-929-1.5203,31385.7165,14569.6
2015 Q4-1,632-2.4201,38478.7171,92667.2
2016 Q1-1,721-2.7206,98080.1173,43667.1
2016 Q2960.2200,27777.7172,81767.1
2016 Q3-1,502-2.2202,40977.1173,90266.2
2016 Q41,6002.2200,56975.4175,46766.0

Government surplus of €1.6 billion in Q4 2016

Figure 1 General Government Deficit
go to full release

The government recorded a surplus of €1.6 billion (2.2% of quarterly GDP) in the fourth quarter of 2016. This resulted in an annual government deficit of €1.53 billion (-0.6% of GDP) for 2016 (Table 1).

In the final quarter of 2016, government revenue amounted to €21.6 billion, up from €20.6 billion in quarter 4 2015.  This increase was mainly due to increases in Taxes and Social contributions.  In quarter 3, there was a one-off reimbursement of a prepaid margin (€555 million) on a loan from the European Financial Stability Facility (EFSF) recorded as a capital transfer. See box below and Background notes (Tables 1 and 3).

Government expenditure for quarter 4 2016 was €20.0 billion, reflecting a decrease of €2.3 billion on the same period last year.  However, when the effect of a one-off capital transfer of €2.1 billion is excluded from the Q4 2015 figures the decrease falls to €0.2 billion.  This decrease is mainly due to reduced debt interest costs with other expenditure categories remaining fairly stable (Tables 1 and 4).

Government Gross Debt at 75.4% of GDP at end Q4 2016

General Government Gross Debt (GG Debt) was €200.6 billion (75.4% of GDP) at the end of quarter 4 2016.  This compares with a debt level of 77.1% of GDP at the end of quarter 3. The fall in the ratio is due to a combination of the repayment of short term bonds and increased annualised GDP (Table 2).

At the end of December 2016, General Government Net Debt was €175.5 billion (66.0% of GDP).  This is a worsening on the net debt level of a year earlier which stood at €171.9 billion.  This is due to a reduction in assets mainly arising from the disposal of holdings of financial corporations during 2016 (Tables 2 and 7).   

The Government Finance Statistics (GFS) 2016 published on 11 April 2017 were updated on 24 April 2017 to align with the final Excessive Deficit Procedure (EDP) tables published by Eurostat.

The changes to the previously published tables reflect the outcome of the Eurostat clarification process for the deficit and debt statistics supplied under the EDP transmission programme. The updated figures show the government deficit for 2016 at €1.53 billion (-0.6% of GDP), a worsening of €170 million from the original estimate of €1.36 billion (-0.5% of GDP). This change results from a review of data inputs as part of the normal EDP clarification process.

Also published today are the main EDP notification tables for Ireland, details of government guarantees, PPPs and concessions and tables showing the impact of government interventions in the financial sector on government accounts.

Due to the need for publication of GFS to meet the timetables of both the Stability Programme Update (by Department of Finance) and the EDP reporting processes, there may be a need in some years, as in 2017, for an update of GFS to bring the results into line with the EDP tables that are published by Eurostat following the clarification process.

The EDP tables for all Member States were also published on 24 April 2017 at 11 am CET on the Eurostat website.

The one-off revenue of €555 million reported for quarter 3 2016 arose from the repayment of a prepaid margin (plus interest) related to a loan from the European Financial Stability Facility (EFSF). This treatment is a legacy of the arrangements for this specific loan in the context of the financial crisis. Eurostat have clarified and confirmed this treatment for all affected Member States. Further details are given in the Background notes.

National accounts are compiled in the EU according to the European System of National Accounts (ESA) framework - ESA 2010. The calculation methods for quarterly GFS are similar to those used in deriving the annual GFS. As some of the available sources are of lesser reliability than those used for the annual GFS, the quarterly estimates are subject to a greater margin of error than the annual figures.

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

 

GG Gross DebtGG Net Debt
Q1 2013123.887.7
Q2 201312489.7
Q3 201312288.4
Q4 2013119.589.4
Q1 2014 118.188.7
Q2 2014113.788.8
Q3 2014110.987.8
Q4 2014105.386.3
Q1 20159779.8
Q2 201590.974
Q3 201585.769.6
Q4 201578.767.2
Q1 201680.167.1
Q2 201677.767.1
Q3 201677.166.2
Q4 201675.466
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                       €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q4
    
General Government transactions                     
     
RevenueTR13,62814,58414,68816,57614,12015,37914,87017,15414,98116,34015,93718,67415,94217,40416,59920,60216,28218,19116,99921,556
Taxes and social contributionsD2 + D5 + D91 + D6111,92611,70212,68414,51012,35112,29913,25615,01613,23813,33114,16316,69914,22014,31414,86618,72314,94215,49614,94219,817
TaxesD2 + D5 + D919,5779,24710,30011,8229,7829,75810,74412,22810,46510,69511,53813,75111,34211,58012,16515,64811,91612,60112,06116,513
Social contributions D612,3492,4552,3832,6882,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0262,8952,8813,304
Sales of goods and servicesP1O1,0821,1761,2751,5461,1981,2341,1111,3831,0761,1971,2031,3591,1681,2991,3051,4751,0861,2011,2061,354
Investment incomeD44621,5825933904691,7574125435131,6984183343911,658305264871,31796238
Current transfer revenue (excluding taxes)D76857537350454060777167816658547366585473
Capital transfer revenue (excluding taxes)D9N916783575145511517742862019775686810111970175
           
ExpenditureTE18,46518,31317,90418,93917,53717,18317,75419,34517,82017,80518,04819,43618,43317,38517,52822,23418,00318,09518,50119,956
ExpenseExpense18,02617,85418,47119,01817,64917,53418,25118,76217,59517,56418,17618,97518,07317,73917,85821,13117,88317,70018,30119,546
Compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9174,8144,6234,5605,0564,9514,7544,689
Use of goods and services plus taxes payableP2 + D5 + D291,8332,0252,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0762,2152,3542,5592,1862,3332,4782,695
Depreciation (Consumption of fixed capital)P51c825825825825817817817817858858858858907907907907958958958958
Interest (excluding FISIM)D411,6801,7591,8821,9731,8841,8271,9862,0221,8611,9061,9121,9041,7291,6931,6991,7181,6451,5641,5251,445
SubsidiesD3411430453627413433457611398415437603383399418585361377397581
Social benefitsD62 + D6327,0027,1397,3897,9466,8306,8307,2277,6976,5986,6957,2357,6406,6586,7307,2417,6616,6876,7857,3887,597
Other current transfersD71,0083607014517956487696798934936048009406762447266994175921,032
Capital transfersD9326646350198379258324713302593003444623053732,415290315210550
           
 Net operating balanceNOB-4,398-3,270-3,783-2,442-3,529-2,155-3,381-1,608-2,614-1,224-2,239-301-2,131-336-1,259-528-1,600491-1,3022,010
           
Net acquisition of non-financial assetsP5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301104120395200410
                         
 General Government Surplus/DeficitB9-4,838-3,729-3,216-2,363-3,417-1,804-2,884-2,191-2,838-1,465-2,111-762-2,49018-929-1,632-1,72196-1,5021,600
equals           
Net acquisition of financial assetsΔFA-1837898,390-3,0695,674-2,616-1,655-7,042-2,647-7,399-2,306-6,548-1,25923541-6,5424,197-7,6951,377-1,758
Debt instrumentsF2 + F3 + F41,297-3998,410-4,9246,470-2,808-400-7,595-677-8,235-2,343-8,329-1091,145200-8,4214,120-6,0871,047-3,447
Equity and Investment Fund SharesF5-501,390548156477-1,297-543-1,194569282252477-830-36629630-1,509551-57
Other financial assetsF6 + F7 + F8 -1,430-202-251,374-852-285421,096-776267-2451,529-1,627-80-1231,250-553-99-2211,746
less           
Net incurrence of liabilitiesΔL4,6554,51811,606-7069,091-8121,228-4,851191-5,934-195-5,7861,231217971-4,9105,917-7,7912,879-3,358
Debt instrumentsF2 + F3 + F44,7034,55311,590-1,1469,916-7771,277-4,88885-5,959-160-6,5251,105-12904-4,7945,867-7,8333,131-3,362
Other liabilitiesF5 + F6 + F7 + F8 -48-3516440-825-35-493710625-3573912622967-1165042-2524
                    
  Memo: Net derivative flows on debt interest swap contracts -49-54-55-63-80-58-58-77-69-68-74-53-22-74-73-71-71-70-69-65
                
 General Government Surplus/Deficit (% of quarterly GDP) -11.4-8.3-7.2-5.4-7.9-4.1-6.1-4.9-6.3-3.1-4.1-1.5-4.00.0-1.5-2.4-2.70.2-2.22.2
                         
 Quarterly GDP at current market prices 42,51944,70744,65943,86943,09944,46347,64645,00144,95046,68451,15850,36761,50961,37664,09068,84064,11560,69668,92872,096
Open in Excel: Government Finance Statistics Quarter 4 2016 Table 1 (XLS 17KB)
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Table 2 General Government Net Worth, Gross and Net Debt
                          €million
Description ESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q4
General Government net worth                     
Net worth at market value, excluding pension liabilitiesNW-30,483-37,074-44,261-49,496-52,773-54,748-58,276-55,234-57,504-61,673-63,970-58,256-55,181-52,925-53,753-49,877-52,133-52,775-55,149-52,746
equals                    
Non-financial assets at market valueNFA85,98186,96586,92487,37188,03088,45288,72690,08191,34992,63393,54995,05396,67397,58198,512100,877100,998101,393101,594102,003
plus                    
Financial net worth at market value, excluding pension liabilitiesFNW-116,464-124,039-131,185-136,867-140,803-143,200-147,002-145,315-148,853-154,306-157,519-153,309-151,854-150,506-152,265-150,754-153,131-154,168-156,743-154,749
equals                    
Financial assets at market valueFA87,70486,94095,69492,99998,67295,63293,96494,69494,35186,39185,22184,42889,71984,89085,76884,68989,70882,47883,43580,356
EDP debt instrumentsF2 + F3 + F455,34254,39962,90558,31663,54660,52560,30354,23753,55545,91843,39236,53536,15037,99138,17029,45933,54527,46028,50825,102
Equity and Investment Fund SharesF523,46523,71323,90425,09826,65427,00325,29330,79531,98831,80833,64638,20144,18937,93538,96845,26047,48546,47146,61345,220
Other financial assetsF6 + F7 + F8 8,8978,8288,8859,5858,4728,1048,3689,6628,8088,6658,1839,6929,3808,9648,6309,9708,6788,5478,31410,034
less                    
Liabilities at market valueL204,168210,979226,879229,866239,475238,832240,966240,009243,204240,697242,740237,737241,573235,396238,033235,443242,839236,646240,178235,105
EDP debt instrumentsF2 + F3 + F4193,583200,635216,317218,616230,498230,283232,388231,501234,422231,663232,924228,867231,748225,507228,101225,655232,664226,581230,631225,564
Other liabilitiesF5 + F6 + F7 + F810,58510,34410,56211,2508,9778,5498,5788,5088,7829,0349,8168,8709,8259,8899,9329,78810,17510,0659,5479,541
                    
Memo: Estimated pension liabilities of government98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                    
Memo: Net worth, including pension liabilities-128,483-135,074-142,261-147,496-150,773-152,748-156,276-153,234-155,504-159,673-161,970-156,256-153,181-150,925-151,753-147,877-150,133-150,775-153,149-150,746
                    
Contingent liabilities118,926118,926118,926118,92659,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,33010,33010,33010,330
                    
 Memo: Net worth, including pension liabilities and contingent liabilities -247,409-254,000-261,187-266,422-210,295-212,271-215,798-212,756-184,915-189,084-191,382-185,668-170,436-168,180-169,008-165,132-160,463-161,105-163,479-161,076
General Government: changes in net worth                     
Opening net worth-19,555-30,483-37,074-44,261-49,496-52,773-54,748-58,276-55,234-57,504-61,673-63,970-58,256-55,181-52,925-53,753-49,877-52,133-52,775-55,149
                    
Change in net worth due to transactions-4,398-3,270-3,783-2,442-3,529-2,155-3,381-1,608-2,614-1,224-2,239-301-2,131-336-1,259-528-1,600492-1,3022,010
Net acquisition of non-financial assets P5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,104120395200410
Net lending/net borrowingB9-4,838-3,729-3,216-2,363-3,417-1,804-2,884-2,191-2,838-1,465-2,111-762-2,49018-929-1,632-1,72196-1,5021,600
                    
Change in net worth due to other economic flowsKx-6,530-3,320-3,404-2,793253179-1474,650344-2,945-586,0155,2062,5914324,405-657-1,133-1,073394
Other changes in non-financial assets5265265265267727727727721,0431,0431,0431,0431,2611,2611,2611,2610000
Other changes in financial assets-458-1,553364374-1-424-137,7722,304-5611,1365,7556,550-5,0648375,463822465-420-1,321
Other changes in liabilities-6,597-2,293-4,294-3,693-518-169-906-3,894-3,004-3,427-2,238-783-2,6056,394-1,666-2,320-1,479-1,598-6531,715
                           
Closing net worth -30,483-37,074-44,261-49,496-52,773-54,748-58,276-55,234-57,504-61,673-63,970-58,256-55,181-52,925-53,753-49,877-52,133-52,775-55,149-52,746
                           
General Government Debt (GGDebt)                     
Debt instrument liabilities at market valueF2 + F3 + F4193,583200,635216,317218,616230,498230,283232,388231,501234,422231,663232,924228,867231,748225,507228,101225,655232,664226,581230,631225,564
+ Difference between EDP face value and market value704-869-5,912-8,600-12,238-11,880-13,866-16,205-19,408-22,170-24,647-25,541-28,218-21,461-24,788-24,271-25,684-26,304-28,222-24,995
                           
 Gross General Government Debt (EDP face value)GGDebt194,287199,766210,405210,016218,260218,403218,522215,296215,014209,493208,277203,326203,530204,046203,313201,384206,980200,277202,409200,569
                    
less EDP debt instrument assetsF2 + F3 + F4-55,342-54,399-62,905-58,316-63,545-60,525-60,303-54,237-53,556-45,917-43,391-36,535-36,150-37,990-38,168-29,458-33,544-27,460-28,507-25,102
 Net General Government Debt GGNetDebt138,945145,367147,500151,700154,715157,878158,219161,059161,458163,576164,886166,791167,380166,056165,145171,926173,436172,817173,902175,467
     
Closing Net Worth (% of annualised GDP) -17.5-21.2-25.2-28.2-29.9-31.1-32.5-30.6-31.6-33.5-34.1-30.2-26.3-23.6-22.6-19.5-20.2-20.5-21.0-19.8
Gross General Government Debt (% of annualised GDP)111.8114.3120.0119.5123.8124.0122.0119.5118.1113.7110.9105.397.090.985.778.780.177.777.175.4
Net General Government Debt (% of annualised GDP) 80.083.284.186.387.789.788.489.488.788.887.886.379.874.069.667.267.167.166.266.0
 
Annualised GDP 173,777174,821175,399175,754176,334176,090179,077180,209182,060184,281187,793193,159209,718224,410237,342255,815258,421257,741262,579265,835
Open in Excel: Government Finance Statistics Quarter 4 2016 Table 2 (XLS 19KB)
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Table 3 General Government: detailed classification of revenue and output
                         €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q4
                          
Total RevenueTR13,62814,58414,68816,57614,12015,37914,87017,15414,98116,34015,93718,67415,94217,40416,59920,60216,28218,19116,99921,556
 Taxes and social contributions 11,92611,70212,68414,51012,35112,29913,25615,01613,23813,33114,16316,69914,22014,31414,86618,72314,94215,49614,94219,817
  TaxesD2 + D5 + D919,5779,24710,30011,8229,7829,75810,74412,22810,46510,69511,53813,75111,34211,58012,16515,64811,91612,60112,06116,513
   Indirect taxes (taxes on production and imports)D24,9053,8015,4444,2125,1303,9825,6504,5375,5394,6105,7855,2615,9424,8626,2725,3776,2525,2436,4665,619
    Taxes on productsD214,3293,2244,8733,6734,5403,3375,0173,8554,7003,8865,0794,5735,0384,1695,5754,6495,6044,5105,7604,894
    of which Value-Added TaxD2113,0501,8603,1492,1613,0251,8123,4342,1013,2002,1653,4812,6753,3252,2593,7582,6143,6302,2764,0212,913
    Other taxes on production D29576577571539589646633682838724706688904693697729647733706725
   Direct taxesD54,6505,4204,8147,4174,6325,7505,0577,4974,8966,0495,7098,2395,3706,6835,8389,9905,6297,2975,53210,643
    Taxes on income, profits and capital gainsD514,3875,1694,0997,1824,3625,4674,2627,2074,5835,7594,7297,9455,0576,4045,4099,7345,3347,0285,27510,409
    Other current direct taxesD59263251715234269283795289313290980294313279429256295269257235
   Capital taxesD91222643194212637195293643250313556280356263251
  Social contributions D612,3492,4552,3832,6882,5692,5412,5122,7882,7742,6362,6252,9482,8782,7342,7013,0753,0262,8952,8813,304
   Actual social contributionsD611 + D6132,0002,1072,0352,3402,2222,1932,1642,4402,4232,2862,2752,5972,5362,3922,3592,7322,6952,5642,5502,973
    PRSI receipts D611 + D613(pt)1,5801,6861,6141,9191,7911,7631,7342,0102,0151,8771,8662,1892,1592,0151,9822,3562,3072,1762,1622,585
    Government employees' social contributionsD613(pt)421421421421430430430430408408408408377377377377388388388388
   Employers' imputed social contributionsD612348348348348347347347347351351351351342342342342331331331331
 Sales of goods and servicesP1O1,0821,1761,2751,5461,1981,2341,1111,3831,0761,1971,2031,3591,1681,2991,3051,4751,0861,2011,2061,354
  Sales of market establishments (= market output)P11245245245245262262262262284284284284311311311311341341341341
  Imputed sales related to production of own-use capital assets (= output for own final use)P12101010108888888855555555
  Incidental sales and fees of non-market establishmentsP1318289221,0211,2929289638411,1137849059101,0678529839891,1597418558601,008
 Investment incomeD44621,5825933904691,7574125435131,6984183343911,658305264871,31796238
  Interest (excluding FISIM)D4137044840736941132933533032129121421117917416615479746734
  DividendsD42911,13218520581,426762121911,4072031222111,48313910971,24127203
  Rent of land and subsoil assetsD4511111111111111111111
 Current transfer revenueD39 + D76857537350454060777167816658547366585473
  SubsidiesD3900000000000000000000
  Other current transfersD76857537350454060777167816658547366585473
   Non-life insurance claimsD7222222222222222222222
   Other Domestic - Current D7N_S15050505033333333606060604947475049474750
   From Rest of World - CurrentD7N_S21651211610626161062016106211610621
 Capital transfer revenueD9N916783575145511517742862019775686810111970175
                          
Output P17,6947,6137,7907,9177,4567,6467,5967,7917,6397,9227,8147,8098,0458,0818,0278,1708,3818,4218,3708,521
 Market output (sales of market establishments)P11245245245245262262262262284284284284311311311311341341341341
 Output for own final useP12101010108888888855555555
 Non-market outputP137,4407,3597,5367,6637,1867,3767,3267,5207,3477,6297,5227,5177,7297,7657,7127,8548,0358,0768,0248,176
  = Non-market compensation of employeesD1_nonmarket4,9334,6604,6964,6694,8254,7244,5374,4754,7614,6614,4754,4144,9124,8094,6174,5545,0514,9464,7484,684
   = Total compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9174,8144,6234,5605,0564,9514,7544,689
   - Compensation of employees of market establishmentsD1_market00000000000000000000
   - Compensation related to production of own-use capital assetsD1_own-use-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5
  + Non-market intermediate consumptionP2_nonmarket1,7801,9712,1122,2671,6431,9342,0712,3281,8322,2142,2932,3492,0202,1592,2972,5032,1302,2762,4222,638
   = Total intermediate consumptionP21,8332,0242,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0762,2152,3542,5592,1862,3332,4782,695
   - Intermediate consumption of market establishmentsP2_market-53-53-53-53-55-55-55-55-55-55-55-55-56-56-56-56-56-56-56-56
   - Intermediate consumption related to production of own-use capital assetsP2_own-use00000000000000000000
  + Non-market consumption of fixed capitalP51c_nonmarket728728728728717717717717754754754754797797797797854854854854
   = Total consumption of fixed capitalP51c825825825825817817817817858858858858907907907907958958958958
   - Consumption of fixed capital by market establishmentsP51c_market-97-97-97-97-99-99-99-99-104-104-104-104-110-110-110-110-104-104-104-104
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use00000000000000000000
  + Other taxes on production, payable D29_pay00000000000000000000
  - Other subsidies on production, receivable D39_rec00000000000000000000
Open in Excel: Government Finance Statistics Quarter 4 2016 Table 3 (XLS 19KB)
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Table 4 General Government: detailed classification of expenditure and consumption
                         €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q4
                          
Total ExpenditureTE18,46518,31317,90418,93917,53717,18317,75419,34517,82017,80518,04819,43618,43317,38517,52822,23418,00318,09518,50119,956
                          
 Expense 18,02617,85418,47119,01817,64917,53418,25118,76217,59517,56418,17618,97518,07317,73917,85821,13117,88317,70018,30119,546
  Compensation of employeesD14,9424,6704,7064,6784,8334,7334,5454,4834,7694,6704,4834,4224,9174,8144,6234,5605,0564,9514,7544,689
   Of which: Related to production of own-use capital assets 101010108888888855555555
  Use of goods and services plus taxes payableP2 + D5 + D291,8332,0252,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0762,2152,3542,5592,1862,3332,4782,695
   Use of goods and services [Intermediate consumption]P21,8332,0242,1652,3201,6981,9892,1262,3831,8862,2692,3472,4032,0762,2152,3542,5592,1862,3332,4782,695
    Of which: Intermediate consumption of market establishments 5353535355555555555555555656565656565656
   Taxes, payableD500000000000000000000
  Depreciation (Consumption of fixed capital)P51c825825825825817817817817858858858858907907907907958958958958
    Of which: Depreciation by market establishments 9797979799999999104104104104110110110110104104104104
  Interest (excluding FISIM)D411,6801,7591,8821,9731,8841,8271,9862,0221,8611,9061,9121,9041,7291,6931,6991,7181,6451,5641,5251,445
   Other domestic interest payableD41_S1591644695743696679829877706722732733609613595626579566565560
   Interest payable to rest of worldD41_S21,0891,1151,1871,2301,1881,1481,1571,1451,1551,1841,1801,1711,1211,0801,1041,0921,066998960885
  SubsidiesD3411430453627413433457611398415437603383399418585361377397581
   Product subsidiesD31225246268324244264288275213231251261196213232241178195214243
   Other subsidies on productionD39186184186303169168169335185184185342187185187344183182183337
  Social benefitsD62 + D6327,0027,1397,3897,9466,8306,8307,2277,6976,5986,6957,2357,6406,6586,7307,2417,6616,6876,7857,3887,597
   Social benefits in cashD626,0495,9675,7846,4345,9145,7025,6836,2425,7715,5645,5466,0925,8215,6135,5956,1445,8075,6005,5816,129
   Social benefits in kind (via market producers)D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,5188801,1851,8061,469
  Other current transfersD71,0083607014517956487696798934936048009406762447266994175921,032
   Net non-life insurance premiumsD711919191914141414191919192020202020202020
   Current international cooperationD74102137187120751771451339272139132821589314185104104145
   Miscellaneous current transfersD75404-33260741701573091112368526021623718024854846111157
   VAT and GNI based EU budget contributionD76482237234237535300301421546317186434602318108480546248357709
    VAT-based EU own resourcesD7618139403278474723824728468345256379335355
    GNI-based EU own resourcesD76240219819420545725325439846526915838851927383417467215304655
  Capital transfersD9326646350198379258324713302593003444623053732,415290315210550
   Investment grantsD9232636635019834125832471330259289162425266373304290315210550
   Other capital transfersD99028000380000011182374002,1110000
                          
 Net acquisition of non-financial assetsP5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,104120395200410
  = Gross investment in non-financial assetsP5 + NP1,2641,2842587477044663191,4001,0831,0997301,3191,2665535772,0111,0781,3531,1581,368
   Gross fixed capital formationP511,2441,2632377261,4074452991,3801,0681,0847151,3041,2515385621,9961,0631,3381,1431,353
   Net acquisition of stocksP522121212121212121151515151515151515151515
   Net acquisition of unproduced assetsNP0000-723000000000000000
  - Consumption of fixed capitalP51c-825-825-825-825-817-817-817-817-858-858-858-858-907-907-907-907-958-958-958-958
                          
Net expenditure on current goods and servicesP3 excl. D6326,6136,4376,5146,3716,2586,4126,4856,4086,5636,7246,6116,4506,8776,7826,7226,6957,2947,2217,1647,168
 = OutputP17,6947,6137,7907,9177,4567,6467,5967,7917,6397,9227,8147,8098,0458,0818,0278,1708,3818,4218,3708,521
 - Sales of goods and services P11+P12+P131-1,082-1,176-1,275-1,546-1,198-1,234-1,111-1,383-1,076-1,197-1,203-1,359-1,168-1,299-1,305-1,475-1,086-1,201-1,206-1,354
   Market output (sales of market establishments)P11-245-245-245-245-262-262-262-262-284-284-284-284-311-311-311-311-341-341-341-341
   Output for own final useP12-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5
   Incidental sales and fees of non-market establishmentsP131-828-922-1,021-1,292-928-963-841-1,113-784-905-910-1,067-852-983-989-1,159-741-855-860-1,008
                          
Final consumption expenditureP37,5657,6098,1197,8837,1747,5408,0297,8627,3907,8558,3007,9987,7147,8998,3688,2138,1748,4068,9708,637
 = Net expenditure on current goods and servicesP3 excl. D6326,6136,4376,5146,3716,2586,4126,4856,4086,5636,7246,6116,4506,8776,7826,7226,6957,2947,2217,1647,168
 + Social transfers in kind via market producers D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,5188801,1851,8061,469
made up of                      
 Individual consumption (= social transfers in kind)P31 (= D63)5,1975,3045,8345,0284,9415,2225,7274,9624,9735,3956,0135,1165,1655,4056,0055,1815,4665,7506,4795,321
  Social transfers in kind (via market producers)D6329521,1721,6051,5129161,1281,5441,4558271,1301,6891,5488371,1161,6461,5188801,1851,8061,469
  Social transfers in kind (provided directly by government)D6314,2454,1324,2303,5164,0254,0944,1833,5074,1464,2654,3243,5674,3284,2894,3593,6634,5864,5644,6733,852
 Collective consumption (= actual final consumption of government)P322,3682,3052,2852,8552,2332,3182,3022,9012,4172,4602,2872,8832,5492,4942,3633,0322,7082,6572,4913,316
                          
Total social transfersD62 + D6311,24611,27111,61911,46210,85510,92411,41011,20310,74410,95911,55911,20710,98611,01811,60011,32411,27311,34912,06111,449
 Social benefits in cashD62 6,0495,9675,7846,4345,9145,7025,6836,2425,7715,5645,5466,0925,8215,6135,5956,1445,8075,6005,5816,129
 Social transfers in kind (= individual consumption)D635,1975,3045,8345,0284,9415,2225,7274,9624,9735,3956,0135,1165,1655,4056,0055,1815,4665,7506,4795,321
Open in Excel: Government Finance Statistics Quarter 4 2016 Table 4 (XLS 20KB)
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Table 5 General Government financial transactions
               €million
 2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q4
DescriptionESA2010 code                    
 Net lending (+) / net borrowing (-)B.9-4,838-3,729-3,216-2,363-3,417-1,804-2,884-2,191-2,838-1,465-2,111-762-2,49018-929-1,632-1,72196-1,5021,600
equals                      
Net acquisition of financial assets ΔA-1837898,390-3,0695,674-2,616-1,655-7,042-2,647-7,399-2,306-6,548-1,25923541-6,5424,197-7,6951,377-1,758
EDP debt instruments F2 + F3 + F41,297-3998,410-4,9246,470-2,808-400-7,595-677-8,235-2,343-8,329-1091,145200-8,4214,120-6,0871,047-3,447
 Currency and deposits F21,7646039,627-6,1718,587-2,429-627-6,7332,244-1,029-275-7,2848881,638765-3,6354,543-6,6562,227-3,259
Debt securities F3-1-116-1231,197-860-10813279-21455-686-584-714-397-153-4,570-719529-1,225282
Short-term F31-9-301,046945111,750-201126-341-957-802258-135-505-832-201-1110
Long-term F328-113-123151-1,805-109131-1,671-13-71-34537388-655-18-4,065113730-1,214272
Loans F4-466-886-1,09450-1,257-27195-941-2,707-7,261-1,382-461-283-96-412-2162964045-470
Short-term loans F41231-30414454-44-24834030114533-776-190-111-103-109-20719429-29-240
Long-term loans F42-697-856-1,508-404-1,213-23-245-1,242-2,852-7,294-606-271-1727-303-91021174-230
Equity and Investment Fund Shares F5-501,390548156477-1,297-543-1,194569282252477-830-36629630-1,509551-57
Other financial assets F6 + F7 + F8 -1,430-202-251,374-852-285421,096-776267-2451,529-1,627-80-1231,250-553-99-2211,746
Insurance, Pensions and Standardised Guarantees F6000-100000001000-10000
Financial derivatives and Employee Stock Options F7-7500-1164003217272330-3724-120000
Other accounts receivable/payableF8-1,355-202-251,376-1,016-285421,064-793240-2681,498-1,255-84-1221,249-553-99-2211,746
less                      
Net incurrence of liabilities ΔL4,6554,51811,606-7069,091-8121,228-4,851191-5,934-195-5,7861,231217971-4,9105,917-7,7912,879-3,358
EDP debt instruments F2 + F3 + F44,7034,55311,590-1,1469,916-7771,277-4,88885-5,959-160-6,5251,105-12904-4,7945,867-7,8333,131-3,362
Currency and deposits F29392,681-534716-30,613575172-841-2,842-6,962-567-103-44677863623119312560
Debt securities F3-6,579-3,6586,668-3,92939,030-5,014-1,190-7,3452,1461,2927161,9299,847104486-4,9116,356-8,2752,997-3,313
Short-term F31-4024881,045-2,4092,303637-1,439-1,6901201,0131291531,875-981-1,084-2,4173,389-9701,745-3,043
Long-term F32-6,177-4,1465,623-1,52036,727-5,651249-5,6552,0262795871,7767,9721,0851,570-2,4942,967-7,3051,252-270
Loans F410,3435,5305,4562,0671,4993,6622,2953,298781-289-309-8,351-8,296-19333281-7202499-109
Short-term loans F41111,258409-351-115-393-20623553-50-15-113266-143-310-57-367-3-140170
Long-term loans F4210,3324,2725,0472,4181,6144,0552,5013,063728-239-294-8,238-8,562-50642138-353252149-279
Other liabilities F5 + F6 + F7 + F8 -48-3516440-825-35-493710625-3573912622967-1165042-2524
Equity and Investment Fund Shares F500000000000000000000
Insurance, Pensions and Standardised Guarantees F60001000-1000000000000
Financial derivatives and Employee Stock Options F70001000-1000-100000000
    Other accounts receivable/payable F8-48-3516438-825-35-493910625-3574012622967-1165042-2524
Open in Excel: Government Finance Statistics Quarter 4 2016 Table 5 (XLS 16KB)
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Table 6 General Government: detailed breakdown of net worth
                           €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q4
             
General Government balance sheet                     
                            
 Net worth at market value, excluding pension liabilitiesNW-30,483-37,074-44,261-49,496-52,773-54,748-58,276-55,234-57,504-61,673-63,970-58,256-55,181-52,925-53,753-49,877-52,133-52,775-55,149-52,746
 equals                     
  Non-financial assets at market valueNFA85,98186,96586,92487,37188,03088,45288,72690,08191,34992,63393,54995,05396,67397,58198,512100,877100,998101,393101,594102,003
 plus                     
  Financial net worth at market value, excluding pension liabilitiesFNW-116,464-124,039-131,185-136,867-140,803-143,200-147,002-145,315-148,853-154,306-157,519-153,309-151,854-150,506-152,265-150,754-153,131-154,168-156,743-154,749
  equals                     
   Financial assets at market valueFA87,70486,94095,69492,99998,67295,63293,96494,69494,35186,39185,22184,42889,71984,89085,76884,68989,70882,47883,43580,356
    EDP debt instrumentsF2 + F3 + F455,34254,39962,90558,31663,54660,52560,30354,23753,55545,91843,39236,53536,15037,99138,17029,45933,54527,46028,50825,102
     Currency and depositsF220,63221,23530,86224,85233,44031,00830,38223,64925,89324,87524,62417,37618,29819,92520,69117,25421,78115,12717,35414,107
     Debt securitiesF38,0698,0217,9269,4708,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,3633,2892,5523,0821,8542,162
      Short-termF313001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143
      Long-termF328,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9331,7182,019
     LoansF426,64125,14324,11723,99421,49621,03021,30120,33917,51610,8049,2089,5138,8939,5469,1168,9169,2129,2519,3008,833
      Short-term loansF411,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939
      Long-term loansF4225,52524,05622,61722,04019,58719,36819,29918,03615,0678,3227,5027,9977,4888,2447,9237,9308,0328,0438,1207,894
    Equity and Investment Fund SharesF523,46523,71323,90425,09826,65427,00325,29330,79531,98831,80833,64638,20144,18937,93538,96845,26047,48546,47146,61345,220
    Other financial assetsF6 + F7 + F8 8,8978,8288,8859,5858,4728,1048,3689,6628,8088,6658,1839,6929,3808,9648,6309,9708,6788,5478,31410,034
     Insurance, Pensions and Standardised GuaranteesF611100000000111100000
     Financial derivatives and Employee Stock OptionsF71,3391,4741,5578977927009141,1351,0486393983521,2879477288127341293
     Other accounts receivable/payableF87,5577,3537,3278,6887,6807,4047,4548,5277,7608,0267,7859,3398,0928,0167,9019,1588,6058,5068,28510,031
  less                     
   Liabilities at market valueL204,168210,979226,879229,866239,475238,832240,966240,009243,204240,697242,740237,737241,573235,396238,033235,443242,839236,646240,178235,105
    EDP debt instrumentsF2 + F3 + F4193,583200,635216,317218,616230,498230,283232,388231,501234,422231,663232,924228,867231,748225,507228,101225,655232,664226,581230,631225,564
     Currency and depositsF259,34662,02061,46862,09931,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,315
     Debt securitiesF385,89783,12594,79794,287135,255130,599130,024126,265131,265135,388138,054142,372154,101147,520149,747146,741153,871147,164150,684145,193
      Short-termF313,5014,0255,0522,5724,9555,5724,1072,3952,4943,4803,6393,7635,8604,6753,5481,1884,4903,5435,2902,278
      Long-termF3282,39679,10089,74591,715130,300125,027125,917123,870128,771131,909134,416138,609148,241142,845146,200145,552149,380143,621145,394142,915
     LoansF448,34055,49060,05262,23063,79067,64970,18373,88074,63274,70373,85765,57757,16957,42657,70258,20157,85158,28558,69259,056
      Short-term loansF415691,8272,2361,8841,7691,3761,1701,4401,4751,3991,3801,2901,5341,3851,0691,029646643509683
      Long-term loansF4247,77153,66357,81760,34562,02166,27469,01372,44073,15773,30372,47864,28755,63556,04156,63257,17157,20557,64158,18358,373
    Other liabilitiesF5 + F6 + F7 + F810,58510,34410,56211,2508,9778,5498,5788,5088,7829,0349,8168,8709,8259,8899,9329,78810,17510,0659,5479,541
     Equity and Investment Fund SharesF500000000000000000000
     Insurance, Pensions and Standardised GuaranteesF600011110000000000000
     Financial derivatives and Employee Stock OptionsF72,5582,3512,5532,8021,3549611,0409321,1001,3272,1444571,2861,1201,0961,0681,4051,253987977
     Other accounts receivable/payableF88,0277,9938,0098,4477,6227,5877,5377,5767,6827,7077,6728,4138,5398,7698,8368,7208,7708,8128,5608,564
                            
                            
  Memo: Estimated pension liabilities of government 98,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                            
 Memo: Net worth, including pension liabilities -128,483-135,074-142,261-147,496-150,773-152,748-156,276-153,234-155,504-159,673-161,970-156,256-153,181-150,925-151,753-147,877-150,133-150,775-153,149-150,746
                            
  Contingent liabilities 118,926118,926118,926118,92659,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,33010,33010,33010,330
   Guarantees 115,555115,555115,555115,55556,02056,02056,02056,02025,14525,14525,14525,14512,60412,60412,60412,6045,2765,2765,2765,276
   Off-balance sheet PPPs and concessions 3,3713,3713,3713,3713,5023,5023,5023,5024,2664,2664,2664,2664,6514,6514,6514,6515,0545,0545,0545,054
                            
 Memo: Net worth, including pension liabilities and contingent liabilities -247,409-254,000-261,187-266,422-210,295-212,271-215,798-212,756-184,915-189,084-191,382-185,668-170,436-168,180-169,008-165,132-160,463-161,105-163,479-161,076
                            
Change in net worth of government                     
                            
 Opening net worth -19,555-30,483-37,074-44,261-49,496-52,773-54,748-58,276-55,234-57,504-61,673-63,970-58,256-55,181-52,925-53,753-49,877-52,133-52,775-55,149
                            
 Change in net worth due to transactions -4,398-3,270-3,783-2,442-3,529-2,155-3,381-1,608-2,614-1,224-2,239-301-2,131-336-1,259-528-1,600492-1,3022,010
  Net acquisition of non-financial assets P5 + NP - P51c439459-567-79-112-351-497584225241-128461359-354-3301,104120395200410
  Net lending/net borrowingB9-4,838-3,729-3,216-2,363-3,417-1,804-2,884-2,191-2,838-1,465-2,111-762-2,49018-929-1,632-1,72196-1,5021,600
   = Net acquisition of financial assets -1837898,390-3,0695,674-2,616-1,655-7,042-2,647-7,399-2,306-6,548-1,25923541-6,5424,197-7,6951,377-1,758
   - Net incurrence of liabilities -4,655-4,518-11,606706-9,091812-1,2284,851-1915,9341955,786-1,231-217-9714,910-5,9177,791-2,8793,358
                            
 Change in net worth due to other economic flowsKx-6,530-3,320-3,404-2,793253179-1474,650344-2,945-586,0155,2062,5914324,405-657-1,133-1,073394
  Other changes in non-financial assets 5265265265267727727727721,0431,0431,0431,0431,2611,2611,2611,2610000
  Other changes in financial net worth -7,055-3,846-3,930-3,319-519-593-9193,878-700-3,988-1,1024,9723,9451,330-8293,143-657-1,133-1,073394
   = Other changes in financial assets -458-1,553364374-1-424-137,7722,304-5611,1365,7556,550-5,0648375,463822465-420-1,321
     EDP debt instruments -717-54496335-1,240-2131781,529-5598-1831,472-276696-21-290-342141
     Equity and Investment Fund Shares 540-1,1421867131,500-128-4136,0452,387-7491,5564,3035,511-5,4241,0695,6631,595495-409-1,336
     Other financial assets -28113382-674-261-83222198-78-410-237-201,315-336-21190-739-32-12-26
   - Other changes in liabilities -6,597-2,293-4,294-3,693-518-169-906-3,894-3,004-3,427-2,238-783-2,6056,394-1,666-2,320-1,479-1,598-6531,715
     EDP debt instruments -7,013-2,499-4,092-3,445-1,966-562-828-4,001-2,836-3,200-1,421-2,468-1,7766,229-1,690-2,348-1,142-1,750-9191,705
     Other liabilities 416206-202-2481,448393-78107-168-227-8171,685-8291652428-33715226610
                            
                            
Closing net worth -30,483-37,074-44,261-49,496-52,773-54,748-58,276-55,234-57,504-61,673-63,970-58,256-55,181-52,925-53,753-49,877-52,133-52,775-55,149-52,746
Open in Excel: Government Finance Statistics Quarter 4 2016 Table 6 (XLS 23KB)
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Table 7 General Government Gross and Net Debt
                        €million
DescriptionESA2010 code2012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q4
                         
General Government Debt                     
                         
  Debt instrument liabilities at market value 193,583200,635216,317218,616230,498230,283232,388231,501234,422231,663232,924228,867231,748225,507228,101225,655232,664226,581230,631225,564
  + Difference between face value and market value 704-869-5,912-8,600-12,238-11,880-13,866-16,205-19,408-22,170-24,647-25,541-28,218-21,461-24,788-24,271-25,684-26,304-28,222-24,995
                         
Gross General Government Debt (face value)GGDebt194,287199,766210,405210,016218,260218,403218,522215,296215,014209,493208,277203,326203,530204,046203,313201,384206,980200,277202,409200,569
By category:                     
 Currency and deposits F259,34662,02061,46862,09231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,315
 Debt securitiesF387,67984,94190,47587,326124,601120,462118,306112,665114,475116,113115,546119,078128,539128,879128,001125,565131,235124,124126,034124,025
  Short-termF313,4974,0235,0432,5644,9595,5624,1022,3892,4893,4773,6373,7605,8494,6623,5321,1824,4823,5365,2832,273
  Long-termF3284,18280,91885,43284,762119,642114,900114,205110,276111,986112,636111,910115,318122,690124,217124,469124,383126,753120,589120,751121,752
 LoansF447,26252,80458,46260,59762,20665,90568,03671,27572,01571,80871,71863,33054,51254,60654,66055,10654,80355,02055,11955,229
  Short-termF415691,8272,2361,8841,7691,3761,1701,4401,4751,3991,3801,2901,5341,3491,0691,026646643509681
  Long-termF4246,69350,97756,22658,71360,43664,52966,86569,83670,54070,40870,33862,04052,97953,25753,59154,08054,15754,37754,61154,548
                         
less EDP debt instrument assetsF2 + F3 + F455,34254,39962,90558,31663,54560,52560,30354,23753,55645,91743,39136,53536,15037,99038,16829,45833,54427,46028,50725,102
 By category:                     
 Currency and deposits F220,63221,23530,86224,85233,44031,00830,38223,64925,89324,87524,62417,37618,29819,92520,69117,25421,78115,12717,35414,107
 Debt securitiesF38,0698,0217,9269,4708,6098,4878,62010,24910,14710,2389,5599,6468,9598,5198,3623,2882,5513,0821,8542,162
  Short-termF313001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143
  Long-termF328,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9331,7182,019
 LoansF426,64125,14324,11723,99421,49621,03021,30120,33917,51610,8049,2089,5138,8939,5469,1158,9169,2129,2519,2998,833
  Short-termF411,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939
  Long-termF4225,52524,05622,61722,04019,58719,36819,29918,03615,0678,3227,5027,9977,4888,2447,9237,9308,0328,0438,1207,894
                         
 Net General Government Debt (face value)GGNetDebt138,945145,367147,500151,700154,715157,878158,219161,059161,458163,576164,886166,791167,380166,056165,145171,926173,436172,817173,902175,467
 By category:                     
 Currency and deposits F238,71440,78530,60637,240-1,9871,0271,7997,7072,632-3,303-3,6113,5422,180636-393,459-8396,0053,9017,208
 Debt securities F379,61076,92082,54977,856115,992111,975109,686102,416104,328105,875105,987109,432119,580120,360119,639122,277128,684121,042124,180121,863
  Short-termF313,4944,0235,0431,5182,9693,5712,110-1,355-1,053-1903111,3914,2822,8371,843-24,1303,3875,1472,130
  Long-termF3276,11672,89777,50676,338113,023108,404107,577103,771105,381106,065105,677108,041115,298117,523117,796122,279124,554117,656119,033119,733
 LoansF420,62127,66134,34536,60340,71044,87546,73550,93654,49961,00462,51053,81745,61945,06045,54546,19045,59145,76945,82046,396
  Short-termF41-547740736-70-140-286-832-863-974-1,083-326-22612947-12340-534-565-670-258
  Long-termF4221,16826,92133,60936,67340,84945,16147,56651,80055,47362,08662,83654,04345,49145,01345,66846,15046,12546,33446,49146,654
Open in Excel: Government Finance Statistics Quarter 4 2016 Table 7 (XLS 17KB)
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Background Notes

Introduction

This detailed release is the official publication by the CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2012 to Q4 2016. The data in this release are in line with the official publication by Eurostat of deficit and debt levels for all EU member states on 24 April 2017. 

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-March 2017 under the EU regulation governing the Excessive Deficit Procedure (EDP). Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts. National accounts are compiled in the EU according to the European System of National Accounts framework - ESA2010. The calculation methods for quarterly GFS are similiar to those used in deriving the annual GFS. As some of the available sources are of lesser reliability than those used for annual GFS, the quarterly estimates are subject to a greater margin of error than the annual figures. 

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

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

GDP used in publication

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

Treatment of pre-paid margin on borrowing from the European Financial Stability Facility (EFSF)

The general government debt (GG Debt) of Ireland includes borrowings from the European Financial Stability Facility (EFSF). The terms of the agreement establishing the EFSF were that it was a facility to make loans to euro area Member States and to finance such loans by issuing or entering into funding instruments backed by guarantees.  The financing was made available in the context of the financial crisis as a facility for Member States “in difficulties caused by exceptional circumstances beyond such Member States' control”.

The first of these loans to Ireland was drawn down in February 2011 and had an original maturity date of 18 July 2016.  In accordance with the arrangements for EFSF borrowing at that time, a pre-paid margin of €530 million was deducted from the loan amount on disbursement and held as a cash reserve, essentially as a form of security.

The total amount shown on the GG Debt for Ireland in relation to this loan was €4,194 million. This sum includes the full pre-paid margin of €530 million. There was also a counterbalancing asset in the amount of the margin shown in the accounts.

Following a decision of the relevant Heads of State and Government on 21 July 2011 the margin was no longer applicable to new loans, and the reimbursement of the prepaid margin plus interest earned over the period fell due to Ireland and the Member State guarantors (€485 million and €45 million respectively) in proportion to the duration of the loan before and after 21 July 2011.  For Ireland, therefore, this reimbursement fell due on 18 July 2016*.  On this date a payment of €554.9 million was received.  This payment comprises the portion of the pre-paid margin due to the Exchequer (covering the period from 21 July 2011 onwards) plus interest income.

Following clarification from Eurostat the original margin of €530 million has been recorded as interest expenditure over the period of the loan (2011-2016) and the rebate of €554.9 million has been treated as one-off capital transfer revenue in 2016.  This treatment is specific to this particular loan and applies to all Member States involved in this type of borrowing from the EFSF.  It does not apply to other loans drawn down from the EFSF or other programme funding accessed by Ireland during the financial crisis.

The impact of this decision is reflected in the figures published by the CSO on 24 April 2017.

*In 2013 the original loan was extended and split into two separate loans, with maturity dates in 2032 and 2033. However, the agreement to reimburse the prepaid margin on the maturity date of the original loan held under the new arrangements.

Guidance on sale of licences

On 27 March 2017 Eurostat published a guidance note on the recording of revenues arising from the sale of licences by government – see http://ec.europa.eu/eurostat/documents/1015035/7959867/Mobile-phone-licences-exploration-rights-and-other-licences.pdf   

This clarifies the rules for whether sales of licences by government for use of natural resources (e.g. use of the electromagnetic spectrum for mobile phone transmissions) should be treated as the direct sale of an asset, resulting in a once-off revenue or as the rent of an asset over a prolonged period resulting in a series of revenue over the period of the licence.

As a result, the CSO are currently reviewing the treatment of past sales of mobile phone licences to bring these into line with the updated guidance.  The results of this work will be reflected in the summer publication of Government Income and Expenditure.

Contingent Liabilities

   (a)   Public Private Partnerships (PPPs) and concessions

The terms “PPP” and concessions are used to describe long-term contractual arrangements between a government body and a private operator for the provision of a public asset and related services.  A key distinction between a PPP and a concession is that in a PPP arrangement the majority of payments to the private partner are made by government while in a concession the majority of payments come from the end users of the asset.

The figures included in Table 6 for the value of off-balance sheet PPPs and concessions previously included both PPPs and some concession projects which had been historically recorded as PPPs in Ireland’s reporting to Eurostat.  Following the latest Eurostat dialogue visit to Ireland in 2017 it was clarified that only genuine PPPs and not concessions should be included in the EDP reporting to Eurostat on contingent liabilities of Member States.  For completeness, in this publication all off-balance sheet PPPs and concessions are now shown as part of the national reporting of contingent liabilities, resulting in an increase in the overall total to that previously reported. The Eurostat total of contingent liabilities which is based on PPPs, not including concessions, will be reduced in future EU and Department of Finance publications as a result of the exclusion of concession projects from this total. 

The figures in this release reflect nominal design and construction value.  A further breakdown of these figures were published on 24 April 2017 along with other EDP tables for Ireland.

   (b)   Guarantees

This item refers to the stock of debt of non-government bodies guaranteed by government and is based on Statement 1.11 of the Finance Accounts.  

   (c) 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/

Share transactions

In Q3 2016, AIB repurchased contingent capital for which the State received €1,600 million. The proceeds of this transaction were recorded in the Exchequer statement. For National Accounts purposes these proceeds are not treated as revenue as they are simply the exchange of one asset (equity or securities) for cash or another form of financial asset.  Therefore, they have no impact on the General Government Deficit.  The Balance sheet of government shows changes in the relevant instrument categories resulting from this transaction.

Investment income

In Q2 2016, the increase in Investment Income was mainly due to a dividend paid by Central Bank of €1.2 billion to the Exchequer.

Government Finance Statistics – concepts and definitions

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

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

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

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

Table 0801  Quarterly Non-financial accounts by sector  

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

Table 2700 Quarterly financial accounts for General Government

Table 2800 Quarterly Government Debt

These data are available on the Eurostat website -

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

Definition of General Government and its subsectors

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

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

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

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

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

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

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

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

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

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

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

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

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

Main Components of General Government Expenditure and Revenue

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

P.5       Gross capital formation.

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

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

            P.52     Changes in inventories.

            P.53     Acquisitions less disposals of valuables.

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

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

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

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

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

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

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

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

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

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

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

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

Categories of Financial Flows

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

            F.11     Monetary gold

            F.12     Special Drawing Rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund share

            F.51 Equity

            F.52 Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71     Financial derivatives

            F.72     Employee stock options

F.8       Other accounts receivable/payable

            F.81     Trade credits and advances

            F.89     Other Trade credits 

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