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E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Mary Brew (+353) 1 498 4365 Derek Stynes (+353) 1 498 4303
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 4 2017

 General Government Finances
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €mGDP€m GDP€m GDP
2016 Q1-1,807-2.8207,22778.3173,93565.7
2016 Q23120.5200,43574.9173,25564.7
2016 Q3-1,563-2.2202,50975.1174,25964.7
2016 Q41,6362.2200,69372.8175,78863.8
2017 Q1-1,491-2.2208,58474.8176,78863.4
2017 Q2-125-0.2211,29574.1172,57260.5
2017 Q3-1,795-2.3210,99372.0173,07059.1
2017 Q42,3973.1201,29468.0174,02758.8

Government surplus of €2.4 billion in Q4 2017

Figure 1 General Government Deficit
go to full release

The government recorded a surplus of €2.4 billion (3.1% of quarterly GDP) in the fourth quarter of 2017 (Table 1).

In the final quarter of 2017, government revenue amounted to €22.8 billion, up from €21.6 billion in quarter 4 2016.  This increase was mainly due to increases in Taxes and Social contributions.

Government expenditure for quarter 4 2017 was €20.4 billion, an increase of €381 million on the same period last year.  This increase is mainly due to expenditure in Compensation of employees/Pay, Use of goods and services and Social benefits (Tables 1 and 4).

Government Gross Debt at 68.0% of GDP at end Q4 2017

General Government Gross Debt (GG Debt) was €201.3 billion (68.0% of GDP) at the end of quarter 4 2017 (Table 7).  This compares with a debt level of 72.0% of GDP at the end of quarter 3. The fall in the ratio is due principally to the repayment of loans from the IMF, Sweden and Denmark, amounting to approximately €5.5 billion. There was also a reduction in Debt securities of €3.8 billion in the quarter.

At the end of December 2017, General Government Net Debt was €174.0 billion (58.8% of GDP).  This is an improvement on the net debt level of a year earlier which stood at €175.8 billion.  While nominal debt rose by €601 million in 2017, assets increased by €2.4 billion in the same period, driven primarily by the receipt into the Exchequer of the proceeds from the sale of AIB shares held by the State (Tables 2 and 6) .

 

 

These data are aligned to the latest annual Government Finance Statistics (GFS) results.

The changes to the tables published in January reflect updated data sources as well as a change to methodology for the treatment of the Approved Housing Bodies - see 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 government finance accounts are similar to those used in deriving the annual government finance statistics accounts.  As some of the available sources are of lesser reliability than those used for the annual government finance statistics accounts, 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 2014 117.488.4
Q2 2014112.688.1
Q3 2014110.287.5
Q4 2014104.586
Q1 201596.579.6
Q2 201590.573.8
Q3 201583.668.1
Q4 201576.965.9
Q1 201678.365.7
Q2 201674.964.7
Q3 201675.164.7
Q4 201672.863.8
Q1 201774.863.4
Q2 201774.160.5
Q3 20177259.1
Q4 20176858.8
Table 1 General Government transactions: revenue, expenditure, financing and deficit 
                       €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q4
General Government transactions                     
RevenueTR14,11615,37814,87717,14314,99116,36115,95818,70716,05317,48816,66320,65816,38018,31617,03221,64617,12518,67117,60922,788
Taxes and social contributionsD2 + D5 + D91 + D6112,35212,30013,25715,01713,24213,33814,16516,69914,24014,33314,88018,73514,89115,44414,89119,72415,40616,07915,97320,859
TaxesD2 + D5 + D919,7839,75910,74512,22910,46810,70111,53913,75111,36311,59912,17915,66111,88112,56612,02716,43912,22713,02912,95017,467
Social contributions D612,5692,5412,5122,7882,7742,6362,6252,9482,8782,7332,7003,0743,0092,8782,8653,2843,1793,0493,0233,392
Sales of goods and servicesP1O1,1841,2191,0961,3681,0731,1971,2021,3631,1871,3261,3331,5131,2091,3471,3541,5341,2371,3631,3761,528
Investment incomeD44891,7794355685391,7254453604161,6813282861081,3391172583271,090112242
Current transfer revenue (excluding taxes)D740353838606060851137255557167415568525674
Capital transfer revenue (excluding taxes)D9N514551151774286201977568681011206297687889286
 
ExpenditureTE18,32817,23717,70019,25317,85317,81018,01219,40518,30217,96218,00921,54118,18718,00418,59520,01118,61518,79619,40420,392
ExpenseExpense17,69417,56518,17518,64717,59117,53218,10218,88817,97917,68517,88121,15817,86917,59418,31119,61118,05818,41418,87520,145
Compensation of employeesD14,8334,7334,5454,4834,7754,6754,4894,4274,9274,8324,6404,5785,0554,9574,7604,6965,3695,2665,0575,015
Use of goods and services plus taxes payableP2 + D5 + D291,6981,9892,1262,3831,8942,2762,3552,4112,0862,2252,3632,5692,1112,2512,4832,6902,1582,3002,5842,794
Depreciation (Consumption of fixed capital)P51c794794794794832832832832881881881881935935935935935935935935
Interest (excluding FISIM)D411,9591,9081,9471,9451,8881,9211,9101,8701,7321,6951,7011,7211,6411,5611,5221,4401,5181,4301,5081,355
SubsidiesD3412431456608400417439607375390410573371387407561394410430599
Social benefitsD62 + D6326,8146,8147,2147,6846,5876,6757,2027,6136,6576,7547,3037,7086,6316,7397,3587,6646,7316,8657,4657,860
Other current transfersD78126487696798954885867959106672357278324456321,056656881667915
Capital transfersD9373248324713192472883324112403472,401293318213568297327228673
 
 Net operating balanceNOB-3,578-2,187-3,298-1,503-2,600-1,170-2,143-180-1,926-197-1,217-500-1,489722-1,2782,036-933258-1,2662,643
 
Net acquisition of non-financial assetsP5 + NP - P51c634-328-475607263279-90517323278128383318410285400557382529247
                         
 General Government Surplus/DeficitB9-4,212-1,859-2,823-2,110-2,862-1,449-2,053-698-2,249-475-1,345-882-1,807312-1,5631,636-1,491-125-1,7952,397
equals                       
Net acquisition of financial assetsΔFA5,627-2,718-1,603-6,945-2,667-7,382-2,319-6,403-1,35627429-6,4084,149-7,8751,350-1,4075,7972,547-803-9,036
Debt instrumentsF2 + F3 + F46,504-2,801-393-7,589-666-8,246-2,354-8,340-1041,160183-8,4364,255-6,1491,032-3,4746,8757,000-758-10,625
Equity and Investment Fund SharesF556477-1,297-543-1,194569282252477-830-36630631-1,509554-5618-4,419-14-92
Other financial assetsF6 + F7 + F8 -933-394871,187-807295-2471,685-1,729-56-1181,398-737-217-2362,123-1,096-34-311,681
less                       
Net incurrence of liabilitiesΔL9,839-8591,220-4,835195-5,933-266-5,7058937491,374-5,5265,956-8,1872,913-3,0437,2882,672992-11,433
Debt instrumentsF2 + F3 + F49,940-8241,266-4,86593-5,951-228-6,4087705211,307-5,3785,920-8,1683,213-2,9787,3512,6401,033-11,417
Other liabilitiesF5 + F6 + F7 + F8 -101-35-463010218-3870312322867-14836-19-300-65-6332-41-16
        
Memo: Net derivative flows on debt interest swap contracts -80-58-58-77-69-68-74-53-22-74-73-71-71-70-69-65-62-57-56-49
General Government Surplus/Deficit (% of quarterly GDP) -9.8-4.2-5.9-4.7-6.3-3.0-4.1-1.4-3.6-0.8-2.0-1.3-2.80.5-2.22.2-2.2-0.2-2.33.1
Quarterly GDP at current market prices 42,87744,69447,67345,05545,68447,72950,58050,54562,05862,45168,43569,09464,60865,44770,35175,16268,01871,68878,12878,318
Table 2 General Government Net Worth, Gross and Net Debt
        €million
Description ESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q4
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-52,836-54,324-57,496-53,497-56,299-60,661-64,770-58,358-55,419-52,025-51,935-48,523-48,642-47,607-48,190-43,167-43,102-40,049-40,604-37,624
equals                    
Non-financial assets at market valueNFA88,57388,81388,90790,08191,34592,62493,53595,05396,55498,01099,316100,877102,388103,990105,467107,059107,616107,998108,527108,774
plus                    
Financial net worth at market value, excluding pension liabilitiesFNW-141,409-143,137-146,403-143,578-147,644-153,285-158,305-153,411-151,973-150,035-151,251-149,400-151,030-151,597-153,657-150,226-150,718-148,047-149,131-146,398
equals                    
 Financial assets at market valueFA98,08894,90693,22494,36493,66685,64884,43783,74988,89984,06284,94484,02189,00881,62382,57880,67184,79289,19888,86881,132
EDP debt instrumentsF2 + F3 + F463,16960,15559,94053,94353,23245,54742,97136,06435,68537,54137,73629,04333,29227,18128,25024,90631,79638,72337,92327,266
Equity and Investment Fund SharesF526,50626,79025,01330,74931,64731,47333,31737,87743,85537,59138,61544,89747,11346,08846,22345,56143,91941,10441,47542,530
Other financial assetsF6 + F7 + F8 8,4137,9618,2719,6728,7878,6288,1499,8089,3598,9308,59310,0818,6038,3548,10510,2049,0779,3719,47011,336
less                    
Liabilities at market valueL239,497238,043239,627237,942241,310238,933242,742237,160240,872234,097236,195233,421240,038233,220236,235230,897235,510237,245237,999227,530
EDP debt instrumentsF2 + F3 + F4230,002228,975230,526228,900231,999229,377232,407227,808230,569223,731225,786223,187229,431222,784226,364221,102225,894227,893228,670218,292
Other liabilitiesF5 + F6 + F7 + F89,4959,0689,1019,0429,3119,55610,3359,35210,30310,36610,40910,23410,60710,4369,8719,7959,6169,3529,3299,238
                    
Memo: Estimated pension liabilities of government98,00098,00098,00098,00098,00098,00098,000109,800109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-150,836-152,324-155,496-151,497-154,299-158,661-162,770-168,158-165,219-161,825-161,735-163,023-163,142-162,107-162,690-157,667-157,602-154,549-155,104-152,124
Contingent liabilities59,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,30610,30610,30610,3066,6156,6156,6156,615
Memo: Net worth, including pension liabilities and contingent liabilities -210,358-211,846-215,018-211,019-183,711-188,073-192,182-197,570-182,474-179,080-178,990-180,278-173,448-172,413-172,996-167,973-164,217-161,164-161,718-158,739
                    
General Government: changes in net worth                    
Opening net worth-49,560-52,836-54,324-57,496-53,497-56,299-60,661-64,770-58,358-55,419-52,025-51,935-48,523-48,642-47,607-48,190-43,167-43,102-40,049-40,604
Change in net worth due to transactions-3,578-2,187-3,298-1,503-2,600-1,170-2,143-180-1,926-197-1,217-500-1,489722-1,2782,036-933258-1,2662,643
Net acquisition of non-financial assets P5 + NP - P51c634-328-475607263279-90517323278128383318410285400557382529247
Net lending/net borrowingB9-4,212-1,859-2,823-2,110-2,862-1,449-2,053-698-2,249-475-1,345-882-1,807312-1,5631,636-1,491-125-1,7952,397
Change in net worth due to other economic flowsKx3026991255,503-203-3,191-1,9666,5934,8653,5911,3083,9121,3693136952,9879992,796711336
Other changes in non-financial assets5685685685681,0011,0011,0011,0011,1781,1781,1781,1781,1921,1921,1921,1920000
Other changes in financial assets-64-464-798,0851,969-6361,1085,7156,506-5,1118535,485838490-395-500-1,6761,8594731,300
Other changes in liabilities-202595-364-3,150-3,173-3,556-4,075-123-2,8197,524-724-2,752-661-1,369-1022,2952,675937238-964
Closing net worth -52,836-54,324-57,496-53,497-56,299-60,661-64,770-58,358-55,419-52,025-51,935-48,523-48,642-47,607-48,190-43,167-43,102-40,049-40,604-37,624
                          
General Government Debt (GGDebt)                    
Debt instrument liabilities at market valueF2 + F3 + F4230,002228,975230,526228,900231,999229,377232,407227,808230,569223,731225,786223,187229,431222,784226,364221,102225,894227,893228,670218,292
+ Difference between EDP face value and market value-11,737-10,562-11,988-13,562-16,946-19,849-24,097-24,453-27,008-19,615-22,236-21,556-22,204-22,349-23,855-20,409-17,310-16,598-17,677-16,998
Gross General Government Debt (EDP face value)GGDebt218,265218,413218,538215,338215,053209,528208,310203,355203,561204,116203,550201,631207,227200,435202,509200,693208,584211,295210,993201,294
less EDP debt instrument assetsF2 + F3 + F4-63,168-60,155-59,939-53,942-53,234-45,546-42,970-36,064-35,685-37,540-37,735-29,042-33,292-27,180-28,250-24,905-31,796-38,723-37,923-27,267
Net General Government Debt GGNetDebt155,097158,258158,599161,396161,819163,982165,340167,291167,876166,576165,815172,589173,935173,255174,259175,788176,788172,572173,070174,027
                    
Closing Net Worth (% of annualised GDP)-30.1-30.9-32.2-29.7-30.7-32.6-34.3-30-26.3-23.1-21.3-18.5-18.4-17.8-17.9-15.7-15.4-14-13.9-12.7
Gross General Government Debt (% of annualised GDP)124.2124.2122.3119.4117.4112.6110.2104.596.590.583.676.978.374.975.172.874.874.17268
Net General Government Debt (% of annualised GDP)88.29088.889.588.488.187.58679.673.868.165.965.764.764.763.863.460.559.158.8
Annualised GDP 175,770175,865178,649180,298183,105186,140189,047194,537210,911225,633243,488262,037264,587267,583269,499275,567278,978285,219292,996296,152
Table 3 General Government: detailed classification of revenue and output
            €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q4
Total RevenueTR14,11615,37814,87717,14314,99116,36115,95818,70716,05317,48816,66320,65816,38018,31617,03221,64617,12518,67117,60922,788
 Taxes and social contributions12,35212,30013,25715,01713,24213,33814,16516,69914,24014,33314,88018,73514,89115,44414,89119,72415,40616,07915,97320,859
  TaxesD2 + D5 + D919,7839,75910,74512,22910,46810,70111,53913,75111,36311,59912,17915,66111,88112,56612,02716,43912,22713,02912,95017,467
   Indirect taxes (taxes on production and imports)D25,1323,9855,6534,5405,5444,6175,7885,2635,9664,8866,2915,3966,2205,2126,4335,5766,5284,9686,8626,065
    Taxes on productsD214,5403,3375,0173,8554,6993,8855,0794,5715,0414,1725,5764,6495,6054,5115,7604,8855,6544,2316,1645,286
    of which Value-Added TaxD2113,0251,8123,4342,1013,2002,1653,4812,6753,3252,2593,7582,6143,6302,2764,0212,9004,0392,2104,2042,829
    Other taxes on production D29592649636684844732710692925714715747615701673691874736699778
   Direct taxesD54,6305,7485,0557,4954,8956,0485,7088,2385,3666,6795,8339,9855,6267,2925,53110,6125,6628,0156,01311,112
    Taxes on income, profits and capital gainsD514,3625,4674,2627,2074,5835,7594,7297,9455,0576,4035,4079,7335,3357,0285,27810,3825,3707,7595,76810,887
    Other current direct taxesD59268281794288312289979293309276426252291264253231292256244225
   Capital taxesD91212637195293643250313556280356263251374675290
  Social contributions D612,5692,5412,5122,7882,7742,6362,6252,9482,8782,7332,7003,0743,0092,8782,8653,2843,1793,0493,0233,392
   Actual social contributionsD611 + D6132,2182,1902,1612,4372,4262,2892,2782,6012,5832,4392,4062,7792,6702,5392,5262,9452,8432,7132,6873,056
    PRSI receipts D611 + D613(pt)1,7911,7631,7342,0102,0151,8771,8662,1892,1592,0151,9822,3562,3072,1762,1622,5822,4742,3442,3182,687
    Government employees' social contributionsD613(pt)427427427427412412412412424424424424364364364364368368368368
   Employers' imputed social contributionsD612351351351351347347347347295295295295339339339339337337337337
 Sales of goods and servicesP1O1,1841,2191,0961,3681,0731,1971,2021,3631,1871,3261,3331,5131,2091,3471,3541,5341,2371,3631,3761,528
  Sales of market establishments (= market output)P11248248248248260260260260279279279279302302302302326326326326
  Imputed sales related to production of own-use capital assets (= output for own final use)P1288888888555555555555
Incidental sales and fees of non-market establishmentsP1319289638401,1138059299341,0959031,0421,0481,2299011,0401,0471,2269061,0311,0451,197
Investment incomeD44891,7794355685391,7254453604161,6813282861081,3391172583271,090112242
Interest (excluding FISIM)D414063293333313222922162131811761661537774673348231450
Dividends / Other investment incomeD42 + D44581,425762121911,4072031212091,47913610851,239241992531,04173165
Rent of land and subsoil assetsD452626262626262626262626262626262626262626
Current transfer revenueD39 + D740353838606060851137255557167415568525674
SubsidiesD3900000000000000000000
Other current transfersD740353838606060851137255557167415568525674
Non-life insurance claimsD7222222222222222222222
Other Domestic - Current D7N_S13333333356565656494747504947475049474750
From Rest of World - CurrentD7N_S25033333276223532017-83173722
Capital transfer revenueD9N514551151774286201977568681011206297687889286
                          
Output P17,4197,6097,5587,7537,6037,8857,7777,7728,0118,0568,0028,1458,2378,2808,3158,4588,6238,6628,7378,905
Market output (sales of market establishments)P11248248248248260260260260279279279279302302302302326326326326
Output for own final useP1288888888555555555555
Non-market outputP137,1637,3537,3037,4977,3347,6177,5097,5047,7277,7717,7187,8607,9307,9738,0088,1518,2928,3318,4058,573
= Non-market compensation of employeesD1_nonmarket4,8254,7244,5374,4754,7674,6674,4804,4194,9214,8274,6354,5725,0494,9524,7554,6905,3645,2615,0525,010
= Total compensation of employeesD14,8334,7334,5454,4834,7754,6754,4894,4274,9274,8324,6404,5785,0554,9574,7604,6965,3695,2665,0575,015
- Compensation of employees of market establishmentsD1_market00000000000000000000
- Compensation related to production of own-use capital assetsD1_own-use-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5-5-5-5-5
+ Non-market intermediate consumptionP2_nonmarket1,6431,9342,0712,3281,8392,2222,3002,3562,0302,1692,3072,5132,0552,1952,4272,6342,1022,2432,5272,738
= Total intermediate consumptionP21,6981,9892,1262,3831,8942,2762,3552,4112,0862,2252,3632,5692,1112,2512,4832,6902,1582,3002,5842,794
- Intermediate consumption of market establishmentsP2_market-55-55-55-55-55-55-55-55-56-56-56-56-56-56-56-56-56-56-56-56
- Intermediate consumption related to production of own-use capital assetsP2_own-use00000000000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket694694694694728728728728776776776776826826826826826826826826
= Total consumption of fixed capitalP51c794794794794832832832832881881881881935935935935935935935935
- Consumption of fixed capital by market establishmentsP51c_market-99-99-99-99-104-104-104-104-106-106-106-106-109-109-109-109-109-109-109-109
- 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, receivableD39_rec00000000000000000000
Table 4 General Government: detailed classification of expenditure and consumption
         €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q4
Total ExpenditureTE18,32817,23717,70019,25317,85317,81018,01219,40518,30217,96218,00921,54118,18718,00418,59520,01118,61518,79619,40420,392
Expense17,69417,56518,17518,64717,59117,53218,10218,88817,97917,68517,88121,15817,86917,59418,31119,61118,05818,41418,87520,145
Compensation of employeesD14,8334,7334,5454,4834,7754,6754,4894,4274,9274,8324,6404,5785,0554,9574,7604,6965,3695,2665,0575,015
Of which: Related to production of own-use capital assets88888888555555555555
Use of goods and services plus taxes payableP2 + D5 + D291,6981,9892,1262,3831,8942,2762,3552,4112,0862,2252,3632,5692,1112,2512,4832,6902,1582,3002,5842,794
Use of goods and services [Intermediate consumption]P21,6981,9892,1262,3831,8942,2762,3552,4112,0862,2252,3632,5692,1112,2512,4832,6902,1582,3002,5842,794
Of which: Intermediate consumption of market establishments 5555555555555555565656565656565656565656
Taxes, payableD500000000000000000000
Depreciation (Consumption of fixed capital)P51c794794794794832832832832881881881881935935935935935935935935
Of which: Depreciation by market establishments 99999999104104104104106106106106109109109109109109109109
Interest (excluding FISIM)D411,9591,9081,9471,9451,8881,9211,9101,8701,7321,6951,7011,7211,6411,5611,5221,4401,5181,4301,5081,355
Other domestic interest payableD41_S1771760790800733737730699612615597629575563563555560491576486
Interest payable to rest of worldD41_S21,1881,1481,1571,1451,1551,1841,1801,1711,1211,0801,1041,0921,066998960885958939932868
SubsidiesD3412431456608400417439607375390410573371387407561394410430599
Product subsidiesD31244264288275213231251261192209227236200217236246205222241251
Other subsidies on productionD39168167168332187186187345183182183337171170171315189188189348
Social benefitsD62 + D6326,8146,8147,2147,6846,5876,6757,2027,6136,6576,7547,3037,7086,6316,7397,3587,6646,7316,8657,4657,860
Social benefits in cashD625,9145,7025,6836,2425,7715,5645,5466,0925,7835,5735,5526,1025,7335,5115,4716,0265,7715,5625,5146,099
Social benefits in kind (via market producers)D6329001,1131,5311,4428161,1101,6561,5218731,1811,7511,6068991,2281,8861,6389601,3031,9521,761
Other current transfersD78126487696798954885867959106672357278324456321,056656881667915
Net non-life insurance premiumsD711414141419191919141414141313131313131313
Current international cooperationD7475177145133927213913282158931418510410414595117123168
Miscellaneous current transfersD7518715730911123880243211213177219318790157189140149187356
VAT and GNI based EU budget contributionD76535300301421546317186434602318108479546238357709408601344378
VAT-based EU own resourcesD7617847472382472846834525637933535563736363
GNI-based EU own resourcesD76245725325439846526915838851927383416468205304655345528282315
Capital transfersD9373248324713192472883324112403472,401293318213568297327228673
Investment grantsD9233524832471319247277150411240347290293318213568297327228643
Other capital transfersD993800000111820002,111000000030
Net acquisition of non-financial assetsP5 + NP - P51c634-328-475607263279-90517323278128383318410285400557382529247
= Gross investment in non-financial assetsP5 + NP1,4284663191,4001,0951,1117421,3501,2041,1591,0091,2641,2521,3441,2191,3351,4921,3171,4641,181
Gross fixed capital formationP511,4074452991,3801,0801,0967271,3351,1891,1449941,2491,2371,3291,2041,3201,4771,3021,4491,271
Net acquisition of stocksP522121212115151515151515151515151515151515
Net acquisition of unproduced assetsNP0000000000000000000-105
- Consumption of fixed capitalP51c-794-794-794-794-832-832-832-832-881-881-881-881-935-935-935-935-935-935-935-935
Net expenditure on current goods and servicesP3 excl. D6326,2356,3896,4626,3856,5306,6886,5756,4096,8246,7296,6696,6327,0296,9336,9616,9247,3867,2997,3617,377
= OutputP17,4197,6097,5587,7537,6037,8857,7777,7728,0118,0568,0028,1458,2378,2808,3158,4588,6238,6628,7378,905
- Sales of goods and services P11+P12+P131-1,184-1,219-1,096-1,368-1,073-1,197-1,202-1,363-1,187-1,326-1,333-1,513-1,209-1,347-1,354-1,534-1,237-1,363-1,376-1,528
Market output (sales of market establishments)P11-248-248-248-248-260-260-260-260-279-279-279-279-302-302-302-302-326-326-326-326
Output for own final useP12-8-8-8-8-8-8-8-8-5-5-5-5-5-5-5-5-5-5-5-5
Incidental sales and fees of non-market establishmentsP131-928-963-840-1,113-805-929-934-1,095-903-1,042-1,048-1,229-901-1,040-1,047-1,226-906-1,031-1,045-1,197
Final consumption expenditureP37,1357,5027,9937,8277,3467,7988,2307,9307,6977,9108,4208,2387,9278,1618,8488,5628,3468,6029,3129,137
= Net expenditure on current goods and servicesP3 excl. D6326,2356,3896,4626,3856,5306,6886,5756,4096,8246,7296,6696,6327,0296,9336,9616,9247,3867,2997,3617,377
+ Social transfers in kind via market producers D6329001,1131,5311,4428161,1101,6561,5218731,1811,7511,6068991,2281,8861,6389601,3031,9521,761
made up of                    
Individual consumption (= social transfers in kind)P31 (= D63)4,8115,0605,3945,2814,9415,2485,5385,3395,2035,3455,6885,5735,3765,5445,9425,7805,6815,8596,2796,108
Social transfers in kind (via market producers)D6329001,1131,5311,4428161,1101,6561,5218731,1811,7511,6068991,2281,8861,6389601,3031,9521,761
Social transfers in kind (provided directly by government)D6313,9113,9473,8633,8394,1264,1383,8833,8184,3304,1643,9373,9664,4774,3164,0554,1424,7214,5564,3274,347
Collective consumption (= actual final consumption of government)P322,3242,4422,5992,5462,4042,5512,6922,5912,4942,5652,7322,6652,5522,6172,9062,7822,6652,7443,0343,030
Total social transfersD62 + D6310,72510,76211,07711,52310,71310,81211,08411,43110,98610,91911,24011,67511,10911,05511,41311,80611,45211,42111,79212,207
Social benefits in cashD62 5,9145,7025,6836,2425,7715,5645,5466,0925,7835,5735,5526,1025,7335,5115,4716,0265,7715,5625,5146,099
 Social transfers in kind (= individual consumption)D634,8115,0605,3945,2814,9415,2485,5385,3395,2035,3455,6885,5735,3765,5445,9425,7805,6815,8596,2796,108
Table 5 General Government financial transactions
        €million
Description 2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q4
Net lending (+) / net borrowing (-)B.9-4,212-1,859-2,823-2,110-2,862-1,449-2,053-698-2,249-475-1,345-882-1,807312-1,5631,636-1,491-125-1,7952,397
equals                      
Net acquisition of financial assets ΔA5,627-2,718-1,603-6,945-2,667-7,382-2,319-6,403-1,35627429-6,4084,149-7,8751,350-1,4075,7972,547-803-9,036
EDP debt instruments F2 + F3 + F46,504-2,801-393-7,589-666-8,246-2,354-8,340-1041,160183-8,4364,255-6,1491,032-3,4746,8757,000-758-10,625
 Currency and deposits F28,582-2,433-631-6,7372,236-1,037-282-7,2918661,651780-3,6184,637-6,6552,268-3,2577,1256,868-949-10,441
Debt securities F3-860-10813279-21455-686-584-714-397-153-4,570-719529-1,22528223714744
Short-term F31945111,750-201126-341-957-802258-135-505-832-201-1110-30483166
Long-term F32-1,805-109131-1,671-13-71-34537388-655-18-4,065113730-1,214272532316-22
Loans F4-1,218-260106-931-2,688-7,264-1,386-465-256-94-444-248337-23-11-499-27361144-228
Short-term loans F41-44-24834030114533-776-190-111-103-109-20719429-29-2401034-18-59
Long-term loans F42-1,174-12-234-1,232-2,833-7,297-610-275-1459-335-41143-5218-259-28327162-169
Equity and Investment Fund Shares F556477-1,297-543-1,194569282252477-830-36630631-1,509554-5618-4,419-14-92
Other financial assets F6 + F7 + F8 -933-394871,187-807295-2471,685-1,729-56-1181,398-737-217-2362,123-1,096-34-311,681
Insurance, Pensions and Standardised Guarantees F600000001000-100000000
Financial derivatives and Employee Stock Options F7164-26-13417721737-3374081101-230-193-35-4
Other accounts receivable/payableF8-1,097-368881,153-824223-2641,647-1,392-96-1261,398-738-217-2372,125-1,12615941,685
less                      
Net incurrence of liabilities ΔL9,839-8591,220-4,835195-5,933-266-5,7058937491,374-5,5265,956-8,1872,913-3,0437,2882,672992-11,433
EDP debt instruments F2 + F3 + F49,940-8241,266-4,86593-5,951-228-6,4087705211,307-5,3785,920-8,1683,213-2,9787,3512,6401,033-11,417
Currency and deposits F2-30,613575172-841-2,842-6,962-567-103-44677863623119312560124731552
Debt securities F339,282-4,809-1,047-7,2332,0761,0284432,64311,0356401,394-5,6276,352-8,5072,883-3,2707,5332,857803-5,474
Short-term F312,390605-1,458-1,709999921061301,875-780-1,084-2,4203,389-9701,670-3,0432,3601,002-1,025-1,701
Long-term F3236,892-5,414411-5,5241,977363372,5139,1601,4202,478-3,2072,963-7,5371,213-2275,1731,8551,828-3,773
Loans F41,2713,4102,1413,209859-17-104-8,948-9,819-196-173213-663146205232-306-290215-5,995
Short-term loans F41-119-386-20823150-53-18-116266-142-309-56-372-8-144165111-370185-122
Long-term loans F421,3903,7962,3492,97880936-86-8,832-10,085-54136269-29115434967-4178030-5,873
Other liabilities F5 + F6 + F7 + F8 -101-35-463010218-3870312322867-14836-19-300-65-6332-41-16
Equity and Investment Fund Shares F500000000000000000000
Insurance, Pensions and Standardised Guarantees F6000-10000000000000000
Financial derivatives and Employee Stock Options F7000-1000-1000-100000000
   Other accounts receivable/payable F8-101-35-463210218-3870412322867-14736-19-300-65-6332-41-16
Table 6 General Government: detailed breakdown of net worth
               €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q4
General Government balance sheet                     
 Net worth at market value, excluding pension liabilitiesNW-52,836-54,324-57,496-53,497-56,299-60,661-64,770-58,358-55,419-52,025-51,935-48,523-48,642-47,607-48,190-43,167-43,102-40,049-40,604-37,624
 equals                     
  Non-financial assets at market valueNFA88,57388,81388,90790,08191,34592,62493,53595,05396,55498,01099,316100,877102,388103,990105,467107,059107,616107,998108,527108,774
 plus                     
  Financial net worth at market value, excluding pension liabilitiesFNW-141,409-143,137-146,403-143,578-147,644-153,285-158,305-153,411-151,973-150,035-151,251-149,400-151,030-151,597-153,657-150,226-150,718-148,047-149,131-146,398
  equals                     
   Financial assets at market valueFA98,08894,90693,22494,36493,66685,64884,43783,74988,89984,06284,94484,02189,00881,62382,57880,67184,79289,19888,86881,132
    EDP debt instrumentsF2 + F3 + F463,16960,15559,94053,94353,23245,54742,97136,06435,68537,54137,73629,04333,29227,18128,25024,90631,79638,72337,92327,266
     Currency and depositsF233,43530,99930,36923,69525,93124,90624,64817,39418,29419,93420,71517,29421,91515,26317,53014,28621,40928,26827,31416,875
     Debt securitiesF38,6108,4878,62010,24910,14610,2399,5609,6468,9598,5208,3633,2892,5523,0821,8542,1622,1662,1782,1922,209
      Short-termF311,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143178221248308
      Long-termF326,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9321,7182,0191,9881,9571,9441,901
     LoansF421,12420,66920,95119,99917,15510,4028,7639,0248,4329,0878,6588,4608,8258,8368,8668,4588,2218,2778,4178,182
      Short-term loansF411,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983966907
      Long-term loansF4219,21519,00718,94817,69514,7077,9207,0577,5087,0277,7857,4667,4747,6467,6287,6877,5187,2727,2947,4517,276
    Equity and Investment Fund SharesF526,50626,79025,01330,74931,64731,47333,31737,87743,85537,59138,61544,89747,11346,08846,22345,56143,91941,10441,47542,530
    Other financial assetsF6 + F7 + F8 8,4137,9618,2719,6728,7878,6288,1499,8089,3598,9308,59310,0818,6038,3548,10510,2049,0779,3719,47011,336
     Insurance, Pensions and Standardised GuaranteesF600000001111000000000
     Financial derivatives and Employee Stock OptionsF77927009141,1351,0486393983521,28794772881172402822136231412
     Other accounts receivable/payableF87,6217,2617,3578,5377,7397,9897,7519,4558,0717,9827,8649,2708,5318,3148,07710,2029,0759,2359,23910,924
  less                     
   Liabilities at market valueL239,497238,043239,627237,942241,310238,933242,742237,160240,872234,097236,195233,421240,038233,220236,235230,897235,510237,245237,999227,530
    EDP debt instrumentsF2 + F3 + F4230,002228,975230,526228,900231,999229,377232,407227,808230,569223,731225,786223,187229,431222,784226,364221,102225,894227,893228,670218,292
     Currency and depositsF231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,579
     Debt securitiesF3135,126130,471129,904126,146131,141135,128137,789141,988153,702147,008149,326146,321152,465145,538148,944143,327148,308150,909151,546147,114
      Short-termF314,9495,5634,1022,3912,4903,4793,6393,7635,8604,8763,7491,3864,6883,7415,4122,4004,7395,6034,6122,932
      Long-termF32130,178124,908125,802123,755128,651131,649134,150138,225147,842142,131145,577144,935147,777141,797143,531140,927143,569145,306146,934144,182
     LoansF463,42366,46968,44171,39872,33372,67773,60564,90256,38956,16255,80856,15356,02456,11456,16556,46056,14755,47255,59649,599
      Short-term loansF411,7691,3761,1701,4421,4771,4021,3831,2941,5381,3901,0751,035647639501669825403608496
      Long-term loansF4261,65465,09367,27169,95670,85671,27572,22363,60954,85154,77254,73455,11855,37855,47555,66555,79055,32355,06954,98849,103
    Other liabilitiesF5 + F6 + F7 + F89,4959,0689,1019,0429,3119,55610,3359,35210,30310,36610,40910,23410,60710,4369,8719,7959,6169,3529,3299,238
     Equity and Investment Fund SharesF500000000000000000000
     Insurance, Pensions and Standardised GuaranteesF611100000000000000000
     Financial derivatives and Employee Stock OptionsF71,3549611,0409321,1001,3272,1444571,2861,1201,0961,0671,4041,252987976860564581507
     Other accounts receivable/payableF88,1408,1068,0608,1108,2118,2298,1918,8959,0179,2469,3139,1679,2039,1848,8848,8198,7568,7888,7488,731
                            
Memo: Estimated pension liabilities of government 98,00098,00098,00098,00098,00098,00098,000109,800109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -150,836-152,324-155,496-151,497-154,299-158,661-162,770-168,158-165,219-161,825-161,735-163,023-163,142-162,107-162,690-157,667-157,602-154,549-155,104-152,124
Contingent liabilities 59,52259,52259,52259,52229,41229,41229,41229,41217,25517,25517,25517,25510,30610,30610,30610,3066,6156,6156,6156,615
Guarantees 56,02056,02056,02056,02025,14525,14525,14525,14512,60412,60412,60412,6045,2735,2735,2735,2731,5821,5821,5821,582
Off-balance sheet PPPs and concessions 3,5023,5023,5023,5024,2664,2664,2664,2664,6514,6514,6514,6515,0325,0325,0325,0325,0325,0325,0325,032
Memo: Net worth, including pension liabilities and contingent liabilities -210,358-211,846-215,018-211,019-183,711-188,073-192,182-197,570-182,474-179,080-178,990-180,278-173,448-172,413-172,996-167,973-164,217-161,164-161,718-158,739
Change in net worth of government                     
 Opening net worth -49,560-52,836-54,324-57,496-53,497-56,299-60,661-64,770-58,358-55,419-52,025-51,935-48,523-48,642-47,607-48,190-43,167-43,102-40,049-40,604
                            
 Change in net worth due to transactions -3,578-2,187-3,298-1,503-2,600-1,170-2,143-180-1,926-197-1,217-500-1,489722-1,2782,036-933258-1,2662,643
  Net acquisition of non-financial assets P5 + NP - P51c634-328-475607263279-90517323278128383318410285400557382529247
  Net lending/net borrowingB9-4,212-1,859-2,823-2,110-2,862-1,449-2,053-698-2,249-475-1,345-882-1,807312-1,5631,636-1,491-125-1,7952,397
   = Net acquisition of financial assets 5,627-2,718-1,603-6,945-2,667-7,382-2,319-6,403-1,35627429-6,4084,149-7,8751,350-1,4075,7972,547-803-9,036
   - Net incurrence of liabilities -9,839859-1,2204,835-1955,9332665,705-893-749-1,3745,526-5,9568,187-2,9133,043-7,288-2,672-99211,433
                            
 Change in net worth due to other economic flowsKx3026991255,503-203-3,191-1,9666,5934,8653,5911,3083,9121,3693136952,9879992,796711336
  Other changes in non-financial assets 5685685685681,0011,0011,0011,0011,1781,1781,1781,1781,1921,1921,1921,1920000
  Other changes in financial net worth -266131-4434,935-1,204-4,192-2,9675,5923,6872,4131292,733177-879-4971,7959992,796711336
   = Other changes in financial assets -64-464-798,0851,969-6361,1085,7156,506-5,1118535,485838490-395-500-1,6761,8594731,300
     EDP debt instruments -1,240-2131781,592-45561-2221,433-27569612-257-6383713015-73-42-32
     Equity and Investment Fund Shares 1,436-193-4806,2792,092-7431,5624,3085,501-5,4341,0605,6521,585484-419-606-1,6601,6043851,147
     Other financial assets -260-58223214-78-454-232-261,280-373-21990-741-32-13-24-31328130185
   - Other changes in liabilities -202595-364-3,150-3,173-3,556-4,075-123-2,8197,524-724-2,752-661-1,369-1022,2952,675937238-964
     EDP debt instruments -1,650203-285-3,239-3,006-3,329-3,258-1,809-1,9917,359-748-2,779-324-1,521-3672,2842,559641256-1,039
     Other liabilities 1,448392-7989-167-227-8171,686-8281652427-33715226511116296-1875
                            
Closing net worth -52,836-54,324-57,496-53,497-56,299-60,661-64,770-58,358-55,419-52,025-51,935-48,523-48,642-47,607-48,190-43,167-43,102-40,049-40,604-37,624
Table 7 General Government Gross and Net Debt
            €million
DescriptionESA2010 code2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q4
General Government Debt                     
  Debt instrument liabilities at market value230,002228,975230,526228,900231,999229,377232,407227,808230,569223,731225,786223,187229,431222,784226,364221,102225,894227,893228,670218,292
  + Difference between face value and market value -11,737-10,562-11,988-13,562-16,946-19,849-24,097-24,453-27,008-19,615-22,236-21,556-22,204-22,349-23,855-20,409-17,310-16,598-17,677-16,998
Gross General Government Debt (face value)GGDebt218,265218,413218,538215,338215,053209,528208,310203,355203,561204,116203,550201,631207,227200,435202,509200,693208,584211,295210,993201,294
By category:                     
 Currency and deposits F231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,579
 Debt securitiesF3124,601120,462118,306112,665114,475116,113115,546119,078128,539128,879128,202125,766131,436124,326126,161124,151131,945134,910134,522130,681
  Short-termF314,9595,5624,1022,3892,4893,4773,6373,7605,8494,8633,7331,3804,6803,7345,4062,3954,7365,5984,6082,929
  Long-termF32119,642114,900114,205110,276111,986112,636111,910115,318122,690124,016124,469124,387126,756120,592120,755121,756127,209129,312129,914127,751
 LoansF462,21165,91668,05271,31772,05371,84371,75063,36054,54454,67654,69655,15154,85054,97755,09355,22655,20054,87354,94449,034
  Short-termF411,7691,3761,1701,4421,4771,4021,3831,2941,5381,3901,0751,032647639501669825403607496
  Long-termF4260,44264,54066,88169,87570,57670,44170,36762,06653,00653,28653,62254,12054,20354,33854,59354,55754,37554,47054,33648,538
                         
less EDP debt instrument assetsF2 + F3 + F463,16860,15559,93953,94253,23445,54642,97036,06435,68537,54037,73529,04233,29227,18028,25024,90531,79638,72337,92327,267
 By category:                     
 Currency and deposits F233,43530,99930,36923,69525,93124,90624,64817,39418,29419,93420,71517,29421,91515,26317,53014,28621,40928,26827,31416,875
 Debt securitiesF38,6098,4878,62010,24910,14710,2389,5599,6468,9598,5198,3623,2882,5513,0811,8542,1622,1662,1782,1922,209
  Short-termF311,9901,9911,9923,7443,5423,6673,3262,3691,5671,8251,6891,184352149136143178221248308
  Long-termF326,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,1042,1992,9321,7182,0191,9881,9571,9441,901
 LoansF421,12420,66920,95019,99817,15610,4028,7639,0248,4329,0878,6588,4608,8268,8368,8668,4578,2218,2778,4178,183
  Short-termF411,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983966907
  Long-termF4219,21519,00718,94817,69514,7077,9207,0577,5087,0277,7857,4667,4747,6467,6287,6877,5187,2727,2947,4517,276
                         
 Net General Government Debt (face value)GGNetDebt155,097158,258158,599161,396161,819163,982165,340167,291167,876166,576165,815172,589173,935173,255174,259175,788176,788172,572173,070174,027
 By category:                     
 Currency and deposits F2-1,9821,0361,8127,6612,594-3,334-3,6353,5242,184627-633,419-9735,8693,7257,02930-6,756-5,7864,704
 Debt securities F3115,992111,975109,686102,416104,328105,875105,987109,432119,580120,360119,840122,478128,885121,245124,307121,989129,779132,732132,330128,472
  Short-termF312,9693,5712,110-1,355-1,053-1903111,3914,2823,0382,0441964,3283,5855,2702,2524,5585,3774,3602,621
  Long-termF32113,023108,404107,577103,771105,381106,065105,677108,041115,298117,322117,796122,283124,557117,660119,037119,737125,221127,355127,970125,850
 LoansF441,08745,24747,10251,31954,89761,44162,98754,33646,11245,58946,03846,69146,02446,14146,22746,76946,97946,59646,52740,851
  Short-termF41-140-286-832-861-972-1,080-323-22213388-11746-533-569-678-270-124-580-359-411
  Long-termF4241,22745,53347,93352,18055,86962,52163,31054,55845,97945,50146,15646,64646,55746,71046,90647,03947,10347,17646,88541,262

Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2013 to Q4 2017.

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-March 2018 under the EU regulation governing the Excessive Deficit Procedure (EDP). Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts. National accounts are compiled in the EU according to the European System of National Accounts framework - ESA2010.

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

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

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

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

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

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

At the 2017 EDP dialogue visit to Ireland, following a discussion on social housing and the role of AHBs, Eurostat set the action point “As regards approved housing bodies, the issue of their classification will need to be revisited in the light of ESA 2010, taking into account the discussion held and the points raised by Eurostat”.  Eurostat requested the CSO to review the classification of the AHBs, expressing the view that under ESA 2010 the role of government financing should be given greater weight in the classification decision than had been the case at the time of the 2014 review.

The initial review carried out during 2017 focussed on the largest AHBs. This review resulted in 14 bodies whose predominant activity is the provision of social housing being reclassified to the local government sub-sector. One other organisation, not predominantly involved in housing, remained classified in the Non-Profit Sector Serving Households Sector (S.15).  However, its housing activity has been re-routed to the local government sub-sector.  A further review of the remaining AHBs will be progressed during 2018.

Details on the reclassification can be found here.

Impact on local government sub-sector

The inclusion of these AHBs into S.1313 means that their income, expenditure, assets and liabilities are added to this subsector.  However, as much of their income is received from the local and central government subsectors, this income has to be consolidated as appropriate.  Likewise, expenditure which has a counterparty in local or central government has been consolidated as appropriate.  Only additional income from other sectors of the economy has been added to local government income (e.g. receipt of rent from tenants).  The main additional expenditure relates to the compensation of employees, intermediate consumption and capital formation. 

The net lending/borrowing (B.9) of these organisations forms part of the net/lending borrowing (B.9) of the local government sector.  For the current release this impact is recorded only for the years 2014 to 2017 (i.e. the years which are the subject of the EDP notification).  Revisions to the historic series will be implemented in the summer publication Government Income and Expenditure.

Investment income

The Central Bank paid a dividend to the Exchequer of €0.9 billion in Quarter 2 2017 which is recorded as Investment income.  Dividends paid to the State are subject to the "super-dividend test" which excludes holding gains from the profit on which dividends may be paid. Payments to Government in excess of the allowable profit are recorded as equity withdrawals and are not part of revenue. In both 2016 and 2017, the Central Bank surplus paid to the Exchequer were split into two parts - dividend and equity withdrawal as a result of the "super-dividend test".

Share transactions

In Quarters 2 and 3 of 2017 the State received €3 billion and €0.4 billion respectively from the sale of AIB shares. The proceeds of these transactions 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) for cash.  Therefore, they have no impact on the General Government Deficit.  The balance sheet of government shows changes in the relevant instrument categories resulting from these transactions.

GDP figures used in publication

The GDP figures used in the current publication are consistent with those published in the latest Quarterly National Accounts published on 15 March 2018.

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

Due to updated data becoming available revisions have been made to the previously published Total Revenue (TR) and Total Expenditure (TE) figures for quarters Q1 2013 to Q3 2017.

Similarly, revisions have been made to previously published Net acquisition of financial assets and Net incurrence of liabilities figures for quarters Q1 2013 to Q3 2017.  This is the alternative measure of GG Deficit/Surplus, referred to as Net Lending/Borrowing. See Tables 1 and 5.

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

Revisions have been made to Debt and Net worth figures for quarters Q1 2013 to and Q3 2017. These revisions are due to increased availability of data. See Tables 2 and 6.

Government Finance Statistics – concepts and definitions

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

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

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

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

 

Table 0801 Quarterly non-financial accounts by sector

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

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

These data are available on the Eurostat website here.

Definition of general government and its subsectors

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

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

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

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

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

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

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

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

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

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

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

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

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

Main components of general government expenditure and revenue

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

P.5       Gross capital formation.

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

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

            P.52     Changes in inventories.

            P.53     Acquisitions less disposals of valuables.

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

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

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

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

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

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

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

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

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

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

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

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

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

Categories of financial flows

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

            F.11   Monetary gold

            F.12   Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21   Currency

            F.22   Transferable deposits

            F.29   Other deposits

F.3       Debt securities

            F.31   Short-term

            F.32   Long-term

F.4       Loans

            F.41   Short-term loans

            F.42   Long-term loans

F.5       Equity and investment fund share

            F.51   Equity

            F.52   Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71   Financial derivatives

            F.72   Employee stock options

F.8       Other accounts receivable/payable

            F.81   Trade credits and advances

            F.89   Other trade credits  

 

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