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For more information on this release:
E-mail: gfs@cso.ie Derek Stynes (+353) 1 498 4303 Jason Sibley (+353) 1 498 4219
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 4 2018

 General Government Finances
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €bnGDP€bn GDP€bn GDP
2017 Q1-1.4-2.0208.675.8178.064.7
2017 Q2-0.2-0.2211.375.5173.862.1
2017 Q3-1.8-2.3211.072.9174.360.2
2017 Q42.53.1201.468.5175.859.8
2018 Q1-1.8-2.3210.369.3177.558.5
2018 Q2-0.7-0.9215.169.2177.056.9
2018 Q3-1.5-1.9216.268.7177.756.5
2018 Q44.04.9206.264.8177.655.8

Government surplus of €4.0 billion in quarter 4 2018

Figure 1 General Government Deficit
go to full release

Government surplus of €4.0 billion in Q4 2018

The government recorded a surplus of €4.0 billion (4.9% of quarterly GDP) in the fourth quarter of 2018 (Table 1).

In quarter 4 2018, government revenue amounted to €25.9 billion, up from €22.8 billion in quarter 4 2017. This increase was mainly due to increases in Taxes and Social contributions (+13.4%).

Government expenditure for quarter 4 2018 was €21.9 billion, an increase of €1.5 billion (+7.5%) on the same period last year. This increase is mainly due to expenditure in Compensation of employees/Pay (+10.0%), Use of goods and services (+3.4%) and Social benefits (+4.7%). (Tables 1 and 4).

Government Gross Debt at 64.8% of GDP at end Q4 2018

General Government Gross Debt (GG Debt) was €206.2 billion (64.8% of GDP) at the end of quarter 4 2018 (Table 7). This compares with a debt level of 68.7% of GDP at the end of quarter 3. The reduction in the debt ratio is due mainly to the redemption of short-term and long-term securities of €3.1 billion and €6.4 billion respectively, coupled with loan repayments of €0.4 billion.

At the end of December 2018, General Government Net Debt was €177.6 billion (55.8% of GDP). While the level of net debt remained relatively flat in the quarter, Maastricht debt fell by €10.0 billion due to the repayment of borrowings that was offset by an €8.6 billion reduction in Currency and deposit assets which were used to finance this debt repayment. The market value of Equity and Investment Fund Shares fell by €1.7 billion during quarter 4. The decline in the value of the investment portfolio was caused mainly by stock market movements which impacted the State’s shares in Irish banks (Tables 2, 5 and 6).

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

This release contains quarterly Government Finance Statistics (GFS) and are aligned with the April 2019 GFS annual release also published today, 15 April 2019. Revisions to previously published quarters reflect updated data sources or changes in methodology - see Background notes.

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.

GFS are benchmarked to the most recent EDP notification (April 2019). Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts and the Quarterly National Accounts.

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

 

GG Gross DebtGG Net Debt
Q1 201595.479
Q2 201589.673.5
Q3 201583.368.2
Q4 201576.866
Q1 201678.566.2
Q2 201675.565.6
Q3 20167665.7
Q4 201673.564.8
Q1 201775.864.7
Q2 201775.562.1
Q3 201772.960.2
Q4 201768.559.8
Q1 201869.358.5
Q2 201869.256.9
Q3 201868.756.5
Q4 201864.855.8
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                   €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q4
General Government transactions                 
RevenueTR16,06717,50116,67620,67116,40818,36017,07421,70317,33818,71117,64122,84317,75019,74718,62025,912
Taxes and social contributionsD2 + D5 + D91 + D6114,25414,34714,89318,74914,89915,46914,91519,76315,60816,09215,97820,88716,14617,27716,90023,666
TaxesD2 + D5 + D9111,37311,61012,18915,67211,88512,58712,04616,47512,42613,04012,95317,49312,80014,05413,71320,030
Social contributions D612,8812,7372,7043,0783,0142,8822,8693,2893,1823,0523,0263,3943,3453,2233,1873,637
Sales of goods and servicesP1O1,1861,3251,3311,5111,2071,3451,3511,5301,2431,3681,3821,5341,3041,4491,4551,643
Investment incomeD44161,6823292871081,3381172583261,08911224110484081268
Current transfer revenue (excluding taxes)D71137255557469445857555977575556174
Capital transfer revenue (excluding taxes)D9N9776686911913864894106107111104139126127160
  
ExpenditureTE18,36418,00818,06421,56318,31818,07718,67020,28918,68918,86819,45520,35019,55720,41920,13821,869
ExpenseExpense17,99817,69117,86321,17917,94917,66318,38119,75018,19018,54418,98420,27618,90619,69819,64721,096
Compensation of employeesD14,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,507
Use of goods and services plus taxes payableP2 + D5 + D292,0862,2252,3632,5692,1092,2482,4802,6872,1662,3092,5932,8042,3772,6322,9552,899
Depreciation (Consumption of fixed capital)P51c879879879879931931931931987987987987987987987987
Interest (excluding FISIM)D411,7321,6951,7011,7211,6411,5611,5231,4411,5171,4281,5071,3511,3601,3081,3231,239
SubsidiesD3384399418589381397417578392408429594363380400542
Social benefitsD62 + D6326,6776,7747,3247,7296,6646,7707,3897,7006,7626,9047,5157,9056,8437,1217,5858,274
Other current transfersD79076642327258424556421,0676698936809289579677681,012
Capital transfersD94072303142,399327352247660328358225702340683206635
  
 Net operating balanceNOB-1,932-190-1,187-508-1,542696-1,3071,953-852166-1,3432,568-1,15649-1,0274,817
  
Net acquisition of non-financial assetsP5 + NP - P51c36631720238436941428953949932447175651721491773
  
 General Government Surplus/DeficitB9-2,298-507-1,389-892-1,910282-1,5961,414-1,351-158-1,8142,493-1,807-672-1,5184,043
equals 
Net acquisition of financial assetsΔFA-2,689427-95-6,3963,984-7,9071,299-1,9636,0122,553-822-9,6006,9328,65110,485-9,056
Debt instrumentsF2 + F3 + F4-2611,364103-8,2224,121-6,1561,012-3,8496,9816,980-785-11,2287,3555,287369-10,297
Equity and Investment Fund SharesF5478-832-33629631-1,508554-5617-4,401-15-92242-1,3584-123
Other financial assetsF6 + F7 + F8 -2,906-105-1651,197-768-243-2671,942-986-26-221,720-6654,72210,1121,364
less                   
Net incurrence of liabilitiesΔL-3919341,294-5,5045,894-8,1892,895-3,3777,3632,711992-12,0938,7399,32312,003-13,099
Debt instrumentsF2 + F3 + F4-5216991,221-5,3635,847-8,1813,185-3,3227,3922,644997-12,1728,7284,5452,302-13,407
Other liabilitiesF5 + F6 + F7 + F8 13023573-14147-8-290-55-2967-579114,7789,701308
            
Memo: Net derivative flows on debt interest swap contracts -22-74-73-71-71-70-69-65-62-57-56-49-55-52-48-45
General Government Surplus/Deficit (% of quarterly GDP) -3.5-0.8-2.1-1.3-2.90.4-2.31.9-2.0-0.2-2.33.1-2.3-0.9-1.94.9
Quarterly GDP at current market prices 64,77962,48167,35367,85466,31064,03968,22774,66168,15168,91777,77879,26477,58276,19281,53083,156
Table 2 General Government Net Worth, Gross and Net Debt
       €million
Description ESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q4
General Government net worth 
Net worth at market value, excluding pension liabilitiesNW-58,872-55,688-55,714-52,587-52,765-51,694-52,253-47,691-46,083-41,710-40,955-37,292-37,449-38,627-39,579-37,385
equals                
Non-financial assets at market valueNFA94,39595,69596,88098,24799,801101,400102,874104,598106,461108,149109,985111,424112,075112,796113,287114,060
plus                
Financial net worth at market value, excluding pension liabilitiesFNW-153,267-151,383-152,594-150,834-152,566-153,094-155,127-152,289-152,544-149,859-150,940-148,716-149,524-151,423-152,866-151,445
equals                
 Financial assets at market valueFA87,64182,80783,69382,68287,58180,25081,23578,75383,15287,60287,31579,16786,41193,551102,48092,370
EDP debt instrumentsF2 + F3 + F434,94536,78936,97128,35432,47426,37127,43223,65730,65437,56236,74125,52332,75938,09038,46628,646
Equity and Investment Fund SharesF543,85737,59338,61744,89947,11546,09146,22645,55743,91441,09841,46842,60643,30540,31738,73537,011
Other financial assetsF6 + F7 + F8 8,8398,4258,1059,4297,9927,7887,5779,5398,5848,9429,10611,03810,34715,14425,27926,713
less                
Liabilities at market valueL240,908234,190236,287233,516240,147233,344236,362231,042235,696237,461238,255227,883235,935244,974255,346243,815
EDP debt instrumentsF2 + F3 + F4230,584223,745225,794223,194229,442222,799226,372221,125225,920227,924228,707218,340226,419230,615231,377219,621
Other liabilitiesF5 + F6 + F7 + F810,32410,44510,49310,32210,70510,5459,9909,9179,7769,5379,5489,5439,51614,35923,96924,194
                
Memo: Estimated pension liabilities of government109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-168,672-165,488-165,514-167,087-167,265-166,194-166,753-162,191-160,583-156,210-155,455-151,792-151,949-153,127-154,079-151,885
Contingent liabilities15,95515,95515,95515,9559,0069,0069,0069,0065,3155,3155,3155,3155,0545,0545,0545,054
Memo: Net worth, including pension liabilities and contingent liabilities -184,627-181,443-181,469-183,042-176,271-175,200-175,759-171,197-165,897-161,524-160,770-157,107-157,003-158,181-159,133-156,939
                
General Government: changes in net worth                
Opening net worth-61,583-58,872-55,688-55,714-52,587-52,765-51,694-52,253-47,691-46,083-41,710-40,955-37,292-37,449-38,627-39,579
Change in net worth due to transactions-1,932-190-1,187-508-1,542696-1,3071,953-852166-1,3432,568-1,15649-1,0274,817
Net acquisition of non-financial assets P5 + NP - P51c36631720238436941428953949932447175651721491773
Net lending/net borrowingB9-2,298-507-1,389-892-1,910282-1,5961,414-1,351-158-1,8142,493-1,807-672-1,5184,043
Change in net worth due to other economic flowsKx4,6433,3751,1613,6351,3633757482,6092,4604,2072,0981,095999-1,22775-2,622
Other changes in non-financial assets9839839839831,1851,1851,1851,1851,3641,3641,3641,3640000
Other changes in financial assets7,793-5,2619815,385915576-314-519-1,6131,8975351,452312-1,511-1,556-1,054
Other changes in liabilities-4,1337,652-803-2,733-737-1,386-1231,9432,709946198-1,7216872841,631-1,568
Closing net worth -58,872-55,688-55,714-52,587-52,765-51,694-52,253-47,691-46,083-41,710-40,955-37,292-37,449-38,627-39,579-37,385
                      
General Government Debt (GGDebt)                
Debt instrument liabilities at market valueF2 + F3 + F4230,584223,745225,794223,194229,442222,799226,372221,125225,920227,924228,707218,340226,419230,615231,377219,621
+ Difference between EDP face value and market value-27,011-19,618-22,239-21,559-22,206-22,356-23,850-20,415-17,310-16,594-17,671-16,972-16,127-15,540-15,191-13,407
Gross General Government Debt (EDP face value)GGDebt203,573204,127203,555201,635207,236200,443202,522200,710208,610211,330211,036201,368210,292215,075216,186206,214
less EDP debt instrument assetsF2 + F3 + F4-34,945-36,788-36,970-28,353-32,473-26,369-27,432-23,657-30,653-37,562-36,740-25,524-32,759-38,090-38,466-28,646
Net General Government Debt GGNetDebt168,628167,339166,585173,282174,763174,074175,090177,053177,957173,768174,296175,844177,533176,985177,720177,568
                
Closing Net Worth (% of annualised GDP)-27.6-24.5-22.8-20-20-19.5-19.6-17.5-16.8-14.9-14.1-12.7-12.3-12.4-12.6-11.7
Gross General Government Debt (% of annualised GDP)95.489.683.376.878.575.57673.575.875.572.968.569.369.268.764.8
Net General Government Debt (% of annualised GDP)7973.568.26666.265.665.764.864.762.160.259.858.556.956.555.8
Annualised GDP 213,488227,709244,402262,466263,998265,556266,431273,238275,079279,957289,507294,110303,541310,816314,567318,460
Table 3 General Government: detailed classification of revenue and output
            €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q4
Total RevenueTR16,06717,50116,67620,67116,40818,36017,07421,70317,33818,71117,64122,84317,75019,74718,62025,912
 Taxes and social contributions14,25414,34714,89318,74914,89915,46914,91519,76315,60816,09215,97820,88716,14617,27716,90023,666
  TaxesD2 + D5 + D9111,37311,61012,18915,67211,88512,58712,04616,47512,42613,04012,95317,49312,80014,05413,71320,030
   Indirect taxes (taxes on production and imports)D25,9764,8976,3015,4066,2665,2636,4825,6396,8045,0216,9006,1236,8035,2157,3816,119
    Taxes on productsD215,0414,1725,5754,6495,6054,5165,7634,9015,8904,2436,1635,3005,9254,4656,6525,328
    of which Value-Added TaxD2113,3252,2593,7582,6143,6302,2764,0212,9004,0392,2104,2042,8264,1502,4774,6833,077
    Other taxes on production D29936725725758662747719738914777737823878750729790
   Direct taxesD55,3666,6795,8339,9855,5847,2625,50110,5855,5867,9735,97711,0805,9648,7876,24613,565
    Taxes on income, profits and capital gainsD515,0576,4035,4079,7335,2936,9975,24810,3555,2947,7175,73310,8565,6888,5396,00813,339
    Other current direct taxesD59309276426252291264253231292256244224276248237225
   Capital taxesD91313556280356263251374675290345286346
  Social contributions D612,8812,7372,7043,0783,0142,8822,8693,2893,1823,0523,0263,3943,3453,2233,1873,637
   Actual social contributionsD611 + D6132,5862,4422,4092,7822,6802,5482,5352,9542,8782,7482,7223,0913,0632,9412,9053,355
    PRSI receipts D611 + D613(pt)2,1622,0181,9852,3592,3102,1782,1652,5852,4772,3472,3212,6902,6582,5362,5002,950
    Government employees' social contributionsD613(pt)424424424424370370370370401401401401405405405405
   Employers' imputed social contributionsD612295295295295334334334334304304304304282282282282
 Sales of goods and servicesP1O1,1861,3251,3311,5111,2071,3451,3511,5301,2431,3681,3821,5341,3041,4491,4551,643
  Sales of market establishments (= market output)P11279279279279305305305305331331331331358358358358
  Imputed sales related to production of own-use capital assets (= output for own final use)P125555555555555555
Incidental sales and fees of non-market establishmentsP1319011,0401,0471,2268961,0341,0411,2209061,0311,0451,1979411,0851,0921,280
Investment incomeD44161,6823292871081,3381172583261,08911224110484081268
Interest (excluding FISIM)D41181176166153767266324722134944363049
Dividends / Other investment incomeD42 + D442091,47913610851,239241992531,041731653277523191
Rent of land and subsoil assetsD4527272727272727272626262628282828
Current transfer revenueD39 + D71137255557469445857555977575556174
SubsidiesD390000000000000000
Other current transfersD71137255557469445857555977575556174
Non-life insurance claimsD722222444455555555
Other Domestic - Current D7N_S149474750494747504948485149484851
From Rest of World - CurrentD7N_S26223532017-8333722334119
Capital transfer revenueD9N9776686911913864894106107111104139126127160
                      
Output P18,0088,0447,9918,1338,2288,2628,2978,4398,6778,7078,7838,9529,2249,4209,5469,574
Market output (sales of market establishments)P11279279279279305305305305331331331331358358358358
Output for own final useP125555555555555555
Non-market outputP137,7247,7607,7067,8497,9187,9527,9878,1298,3408,3718,4468,6158,8619,0579,1829,211
= Non-market compensation of employeesD1_nonmarket4,9214,8194,6274,5645,0494,9444,7474,6825,3645,2525,0435,0015,6745,6145,4175,502
= Total compensation of employeesD14,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,507
- Compensation of employees of market establishmentsD1_market0000000000000000
- Compensation related to production of own-use capital assetsD1_own-use-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5
+ Non-market intermediate consumptionP2_nonmarket2,0302,1692,3072,5132,0472,1872,4192,6262,1032,2462,5302,7412,3142,5692,8922,836
= Total intermediate consumptionP22,0862,2252,3632,5692,1092,2482,4802,6872,1662,3092,5932,8042,3772,6322,9552,899
- Intermediate consumption of market establishmentsP2_market-56-56-56-56-62-62-62-62-63-63-63-63-63-63-63-63
- Intermediate consumption related to production of own-use capital assetsP2_own-use0000000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket772772772772821821821821873873873873873873873873
= Total consumption of fixed capitalP51c879879879879931931931931987987987987987987987987
- Consumption of fixed capital by market establishmentsP51c_market-106-106-106-106-109-109-109-109-114-114-114-114-114-114-114-114
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use0000000000000000
+ Other taxes on production, payable D29_pay0000000000000000
  - Other subsidies on production, receivableD39_rec0000000000000000
Table 4 General Government: detailed classification of expenditure and consumption
        €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q4
Total ExpenditureTE18,36418,00818,06421,56318,31818,07718,67020,28918,68918,86819,45520,35019,55720,41920,13821,869
Expense17,99817,69117,86321,17917,94917,66318,38119,75018,19018,54418,98420,27618,90619,69819,64721,096
Compensation of employeesD14,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,6795,6205,4225,507
Of which: Related to production of own-use capital assets5555555555555555
Use of goods and services plus taxes payableP2 + D5 + D292,0862,2252,3632,5692,1092,2482,4802,6872,1662,3092,5932,8042,3772,6322,9552,899
Use of goods and services [Intermediate consumption]P22,0862,2252,3632,5692,1092,2482,4802,6872,1662,3092,5932,8042,3772,6322,9552,899
Of which: Intermediate consumption of market establishments 56565656626262626363636363636363
Taxes, payableD50000000000000000
Depreciation (Consumption of fixed capital)P51c879879879879931931931931987987987987987987987987
Of which: Depreciation by market establishments 106106106106109109109109114114114114114114114114
Interest (excluding FISIM)D411,7321,6951,7011,7211,6411,5611,5231,4411,5171,4281,5071,3511,3601,3081,3231,239
Other domestic interest payableD41_S1612615597629576564563556559490575482496433458449
Interest payable to rest of worldD41_S21,1211,0801,1041,0921,066998960885958939932868864875865790
SubsidiesD3384399418589381397417578392408429594363380400542
Product subsidiesD31192209227236202220239248207225244254207225245254
Other subsidies on productionD39191190191353179178179329185183185340156155156287
Social benefitsD62 + D6326,6776,7747,3247,7296,6646,7707,3897,7006,7626,9047,5157,9056,8437,1217,5858,274
Social benefits in cashD625,8045,5945,5726,1225,7545,5325,4936,0475,7925,5835,5346,1205,8055,5955,5476,423
Social benefits in kind (via market producers)D6328731,1811,7511,6069101,2381,8961,6529701,3211,9801,7851,0381,5252,0381,851
Other current transfersD79076642327258424556421,0676698936809289579677681,012
Net non-life insurance premiumsD7114141414262626262727272727272727
Current international cooperationD748215893141851041041459511712316886121133190
Miscellaneous current transfersD75210175189118487155186139149186355184212132166
VAT and GNI based EU budget contributionD76602318108479546238357709408601344378661608477629
VAT-based EU own resourcesD76183452563793353556373636375436265
GNI-based EU own resourcesD76251927383416468205304655345528282315585565414565
Capital transfersD94072303142,399327352247660328358225702340683206635
Investment grantsD92407230314288327352247660328358225672340470206635
Other capital transfersD990002,111000000030021300
Net acquisition of non-financial assetsP5 + NP - P51c36631720238436941428953949932447175651721491773
= Gross investment in non-financial assetsP5 + NP1,2441,1961,0801,2621,2991,3441,2191,4701,4861,3111,4581,0611,6381,7081,4781,760
Gross fixed capital formationP511,2291,1811,0651,2471,2841,3291,2041,4551,4711,2961,4431,1511,6231,6931,4631,745
Net acquisition of stocksP5215151515151515151515151515151515
Net acquisition of unproduced assetsNP00000000000-1050000
- Consumption of fixed capitalP51c-879-879-879-879-931-931-931-931-987-987-987-987-987-987-987-987
Net expenditure on current goods and servicesP3 excl. D6326,8226,7206,6606,6237,0216,9176,9466,9097,4357,3397,4027,4187,9207,9728,0907,932
= OutputP18,0088,0447,9918,1338,2288,2628,2978,4398,6778,7078,7838,9529,2249,4209,5469,574
- Sales of goods and services P11+P12+P131-1,186-1,325-1,331-1,511-1,207-1,345-1,351-1,530-1,243-1,368-1,382-1,534-1,304-1,449-1,455-1,643
Market output (sales of market establishments)P11-279-279-279-279-305-305-305-305-331-331-331-331-358-358-358-358
Output for own final useP12-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5
Incidental sales and fees of non-market establishmentsP131-901-1,040-1,047-1,226-896-1,034-1,041-1,220-906-1,031-1,045-1,197-941-1,085-1,092-1,280
Final consumption expenditureP37,6967,9008,4118,2297,9318,1558,8428,5618,4048,6609,3829,2038,9589,49710,1289,782
= Net expenditure on current goods and servicesP3 excl. D6326,8226,7206,6606,6237,0216,9176,9466,9097,4357,3397,4027,4187,9207,9728,0907,932
+ Social transfers in kind via market producers D6328731,1811,7511,6069101,2381,8961,6529701,3211,9801,7851,0381,5252,0381,851
made up of                
Individual consumption (= social transfers in kind)P31 (= D63)5,1905,3325,6745,5595,3695,5375,9345,7735,7395,9196,3446,1716,1776,3706,8276,641
Social transfers in kind (via market producers)D6328731,1811,7511,6069101,2381,8961,6529701,3211,9801,7851,0381,5252,0381,851
Social transfers in kind (provided directly by government)D6314,3174,1523,9233,9534,4594,3004,0384,1204,7704,5994,3634,3865,1394,8454,7894,790
Collective consumption (= actual final consumption of government)P322,5052,5682,7372,6702,5622,6182,9082,7892,6652,7413,0383,0322,7823,1273,3013,142
Total social transfersD62 + D6310,99410,92611,24711,68211,12311,06911,42711,82011,53111,50211,87812,29111,98111,96612,37413,064
Social benefits in cashD62 5,8045,5945,5726,1225,7545,5325,4936,0475,7925,5835,5346,1205,8055,5955,5476,423
 Social transfers in kind (= individual consumption)D635,1905,3325,6745,5595,3695,5375,9345,7735,7395,9196,3446,1716,1776,3706,8276,641
Table 5 General Government financial transactions
       €million
Description 2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q4
Net lending (+) / net borrowing (-)B.9-2,298-507-1,389-892-1,910282-1,5961,414-1,351-158-1,8142,493-1,807-672-1,5184,043
equals                  
Net acquisition of financial assets ΔA-2,689427-95-6,3963,984-7,9071,299-1,9636,0122,553-822-9,6006,9328,65110,485-9,056
EDP debt instruments F2 + F3 + F4-2611,364103-8,2224,121-6,1561,012-3,8496,9816,980-785-11,2287,3555,287369-10,297
 Currency and deposits F28691,631771-3,5744,531-6,6692,251-3,2707,0826,829-988-10,4767,6465,081174-8,596
Debt securities F3-782-189-225-4,436-718520-1,23275157247-208-7332272-330
Short-term F31-802258-135-475-832-201-1274-28483294-74-5995-13
Long-term F3220-447-90-3,961114721-1,2201432415-302191177-317
Loans F4-348-78-443-212308-7-7-654-11679156-544-218174-77-1,371
Short-term loans F41-111-103-109-20719429-29-2401034-18-58-108-1171-4
Long-term loans F42-23725-334-5114-3622-414-12645174-486-110291-78-1,367
Equity and Investment Fund Shares F5478-832-33629631-1,508554-5617-4,401-15-92242-1,3584-123
Other financial assets F6 + F7 + F8 -2,906-105-1651,197-768-243-2671,942-986-26-221,720-6654,72210,1121,364
Insurance, Pensions and Standardised Guarantees F6000-1000000000000
Financial derivatives and Employee Stock Options F7-1,567-34-66-70-72-69-66-71-25-254-91-56-67-34-28-36
Other accounts receivable/payableF8-1,339-71-991,268-696-174-2012,013-961228691,776-5984,75610,1401,400
less                  
Net incurrence of liabilities ΔL-3919341,294-5,5045,894-8,1892,895-3,3777,3632,711992-12,0938,7399,32312,003-13,099
EDP debt instruments F2 + F3 + F4-5216991,221-5,3635,847-8,1813,185-3,3227,3922,644997-12,1728,7284,5452,302-13,407
Currency and deposits F2-4467786362311931256012473156921-322129
Debt securities F39,7428191,315-5,6076,274-8,5272,861-3,9017,5652,862765-6,4728,1184,0202,307-13,097
Short-term F311,875-780-1,084-2,3903,389-9701,670-2,9792,3601,002-1,025-1,6753,191474-490-3,093
Long-term F327,8671,5992,399-3,2172,885-7,5571,191-9225,2051,8601,790-4,7974,9273,5462,797-10,004
Loans F4-9,817-197-180208-658153199519-297-291217-5,769589557-26-339
Short-term loans F41266-142-309-56-366-2-139169111-371184-124391359-343-253
Long-term loans F42-10,083-55129264-292155338350-4088033-5,645198198317-86
Other liabilities F5 + F6 + F7 + F8 13023573-14147-8-290-55-2967-579114,7789,701308
Equity and Investment Fund Shares F50000000000000000
Insurance, Pensions and Standardised Guarantees F60000000000000000
Financial derivatives and Employee Stock Options F7000-100000005-5000
   Other accounts receivable/payable F813023573-14047-8-290-55-2967-574164,7789,701308
Table 6 General Government: detailed breakdown of net worth
              €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q4
General Government balance sheet                 
 Net worth at market value, excluding pension liabilitiesNW-58,872-55,688-55,714-52,587-52,765-51,694-52,253-47,691-46,083-41,710-40,955-37,292-37,449-38,627-39,579-37,385
 equals                 
  Non-financial assets at market valueNFA94,39595,69596,88098,24799,801101,400102,874104,598106,461108,149109,985111,424112,075112,796113,287114,060
 plus                 
  Financial net worth at market value, excluding pension liabilitiesFNW-153,267-151,383-152,594-150,834-152,566-153,094-155,127-152,289-152,544-149,859-150,940-148,716-149,524-151,423-152,866-151,445
  equals                 
   Financial assets at market valueFA87,64182,80783,69382,68287,58180,25081,23578,75383,15287,60287,31579,16786,41193,551102,48092,370
    EDP debt instrumentsF2 + F3 + F434,94536,78936,97128,35432,47426,37127,43223,65730,65437,56236,74125,52332,75938,09038,46628,646
     Currency and depositsF218,78720,40021,16717,78622,30615,64617,90214,65221,73328,55627,56617,09424,74529,84430,02221,430
     Debt securitiesF38,9598,5208,3633,2892,5523,0821,8541,8911,8871,8981,9141,7181,5311,5871,8531,522
      Short-termF311,5671,8251,6891,184352149136143178221249378303237330322
      Long-termF327,3926,6946,6732,1042,1992,9321,7181,7481,7081,6771,6641,3411,2291,3501,5241,200
     LoansF47,1997,8697,4417,2797,6167,6437,6767,1147,0347,1087,2616,7116,4836,6596,5915,694
      Short-term loansF411,4051,3021,1929861,1801,2081,179939949983966907799683684680
      Long-term loansF425,7946,5676,2496,2936,4366,4346,4976,1756,0856,1256,2955,8045,6835,9765,9065,014
    Equity and Investment Fund SharesF543,85737,59338,61744,89947,11546,09146,22645,55743,91441,09841,46842,60643,30540,31738,73537,011
    Other financial assetsF6 + F7 + F8 8,8398,4258,1059,4297,9927,7887,5779,5398,5848,9429,10611,03810,34715,14425,27926,713
     Insurance, Pensions and Standardised GuaranteesF61110000000000000
     Financial derivatives and Employee Stock OptionsF71,28794772881171403006136231409317358353387
     Other accounts receivable/payableF87,5517,4777,3768,6187,9217,7487,5479,5398,5788,8068,87510,62910,03014,78624,92626,326
  less                 
   Liabilities at market valueL240,908234,190236,287233,516240,147233,344236,362231,042235,696237,461238,255227,883235,935244,974255,346243,815
    EDP debt instrumentsF2 + F3 + F4230,584223,745225,794223,194229,442222,799226,372221,125225,920227,924228,707218,340226,419230,615231,377219,621
     Currency and depositsF220,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,59721,61821,58621,60721,636
     Debt securitiesF3153,702147,008149,326146,321152,465145,538148,944143,057148,028150,630151,267146,555153,961157,633158,480147,088
      Short-termF315,8604,8773,7491,3864,6883,7415,4132,4014,7395,6044,6132,9326,1466,7486,2453,093
      Long-termF32147,842142,131145,577144,935147,777141,797143,531140,656143,289145,026146,654143,622147,815150,886152,235143,995
     LoansF456,40456,17655,81656,16056,03556,12956,17356,75356,45355,78255,91250,18850,84051,39651,29050,897
      Short-term loansF411,5381,3901,0751,0356536515176918464236275149271,327948652
      Long-term loansF4254,86654,78654,74155,12555,38255,47955,65656,06255,60755,35855,28449,67449,91350,06950,34250,245
    Other liabilitiesF5 + F6 + F7 + F810,32410,44510,49310,32210,70510,5459,9909,9179,7769,5379,5489,5439,51614,35923,96924,194
     Equity and Investment Fund SharesF50000000000000000
     Insurance, Pensions and Standardised GuaranteesF60000000000000000
     Financial derivatives and Employee Stock OptionsF71,3081,1941,1691,1381,4741,3221,0571,039927621637558515579489406
     Other accounts receivable/payableF89,0169,2519,3249,1849,2319,2238,9338,8788,8498,9168,9118,9859,00113,78023,48023,788
                        
Memo: Estimated pension liabilities of government 109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -168,672-165,488-165,514-167,087-167,265-166,194-166,753-162,191-160,583-156,210-155,455-151,792-151,949-153,127-154,079-151,885
Contingent liabilities 15,95515,95515,95515,9559,0069,0069,0069,0065,3155,3155,3155,3155,0545,0545,0545,054
Guarantees 11,30411,30411,30411,3043,9733,9733,9733,9732822822822827777
Off-balance sheet PPPs and concessions 4,6514,6514,6514,6515,0325,0325,0325,0325,0325,0325,0325,0325,0485,0485,0485,048
Memo: Net worth, including pension liabilities and contingent liabilities -184,627-181,443-181,469-183,042-176,271-175,200-175,759-171,197-165,897-161,524-160,770-157,107-157,003-158,181-159,133-156,939
Change in net worth of government                 
 Opening net worth -61,583-58,872-55,688-55,714-52,587-52,765-51,694-52,253-47,691-46,083-41,710-40,955-37,292-37,449-38,627-39,579
                        
 Change in net worth due to transactions -1,932-190-1,187-508-1,542696-1,3071,953-852166-1,3432,568-1,15649-1,0274,817
  Net acquisition of non-financial assets P5 + NP - P51c36631720238436941428953949932447175651721491773
  Net lending/net borrowingB9-2,298-507-1,389-892-1,910282-1,5961,414-1,351-158-1,8142,493-1,807-672-1,5184,043
   = Net acquisition of financial assets -2,689427-95-6,3963,984-7,9071,299-1,9636,0122,553-822-9,6006,9328,65110,485-9,056
   - Net incurrence of liabilities 391-934-1,2945,504-5,8948,189-2,8953,377-7,363-2,711-99212,093-8,739-9,323-12,00313,099
                        
 Change in net worth due to other economic flowsKx4,6433,3751,1613,6351,3633757482,6092,4604,2072,0981,095999-1,22775-2,622
  Other changes in non-financial assets 9839839839831,1851,1851,1851,1851,3641,3641,3641,3640000
  Other changes in financial net worth 3,6602,3911782,652178-810-4371,4241,0962,843733-269999-1,22775-2,622
   = Other changes in financial assets 7,793-5,2619815,385915576-314-519-1,6131,8975351,452312-1,511-1,556-1,054
     EDP debt instruments -20848079-395-153497416-72-3610-119447477
     Equity and Investment Fund Shares 5,500-5,4321,0575,6531,585484-419-613-1,6601,5853851,230457-1,630-1,586-1,601
     Other financial assets 2,501-309-155127-66939562031384186212-26752370
   - Other changes in liabilities -4,1337,652-803-2,733-737-1,386-1231,9432,709946198-1,7216872841,631-1,568
     EDP debt instruments -3,2837,538-828-2,763-401-1,538-3881,9252,597640214-1,8056493491,540-1,651
     Other liabilities -8501142530-33615226518112306-168438-659183
                        
Closing net worth -58,872-55,688-55,714-52,587-52,765-51,694-52,253-47,691-46,083-41,710-40,955-37,292-37,449-38,627-39,579-37,385
Table 7 General Government Gross and Net Debt
           €million
DescriptionESA2010 code2015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q4
General Government Debt                 
  Debt instrument liabilities at market value230,584223,745225,794223,194229,442222,799226,372221,125225,920227,924228,707218,340226,419230,615231,377219,621
  + Difference between face value and market value -27,011-19,618-22,239-21,559-22,206-22,356-23,850-20,415-17,310-16,594-17,671-16,972-16,127-15,540-15,191-13,407
Gross General Government Debt (face value)GGDebt203,573204,127203,555201,635207,236200,443202,522200,710208,610211,330211,036201,368210,292215,075216,186206,214
By category:                 
 Currency and deposits F220,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,59721,61821,58621,60721,636
 Debt securitiesF3128,539128,879128,202125,766131,436124,326126,161123,881131,665134,630134,242130,121138,281142,638143,815134,236
  Short-termF315,8494,8633,7331,3804,6803,7345,4062,3954,7365,5984,6082,9296,1426,7426,2303,085
  Long-termF32122,690124,016124,469124,387126,756120,592120,755121,485126,929129,032129,634127,192132,138135,896137,585131,151
 LoansF454,55554,68754,70155,15654,85854,98555,10755,51555,50655,18855,26649,65050,39350,85250,76550,343
  Short-termF411,5381,3901,0751,0326536515176918464236275149271,326948647
  Long-termF4253,01753,29753,62654,12454,20554,33454,58954,82454,66154,76554,63949,13649,46649,52549,81749,696
                     
less EDP debt instrument assetsF2 + F3 + F434,94536,78836,97028,35332,47326,36927,43223,65730,65337,56236,74025,52432,75938,09038,46628,646
 By category:                 
 Currency and deposits F218,78720,40021,16717,78622,30615,64617,90214,65221,73328,55627,56617,09424,74529,84430,02221,430
 Debt securitiesF38,9598,5198,3623,2882,5513,0811,8541,8911,8861,8981,9131,7191,5321,5871,8541,522
  Short-termF311,5671,8251,6891,184352149136143178221249378303237330322
  Long-termF327,3926,6946,6732,1042,1992,9321,7181,7481,7081,6771,6641,3411,2291,3501,5241,200
 LoansF47,1997,8697,4417,2797,6167,6427,6767,1147,0347,1087,2616,7116,4826,6596,5905,694
  Short-termF411,4051,3021,1929861,1801,2081,179939949983966907799683684680
  Long-termF425,7946,5676,2496,2936,4366,4346,4976,1756,0856,1256,2955,8045,6835,9765,9065,014
                     
 Net General Government Debt (face value)GGNetDebt168,628167,339166,585173,282174,763174,074175,090177,053177,957173,768174,296175,844177,533176,985177,720177,568
 By category:                 
 Currency and deposits F21,691161-5152,927-1,3645,4863,3536,663-294-7,044-6,0384,503-3,127-8,258-8,415206
 Debt securities F3119,580120,360119,840122,478128,885121,245124,307121,990129,779132,732132,329128,402136,749141,051141,961132,714
  Short-termF314,2823,0382,0441964,3283,5855,2702,2524,5585,3774,3592,5515,8396,5055,9002,763
  Long-termF32115,298117,322117,796122,283124,557117,660119,037119,737125,221127,355127,970125,851130,909134,546136,061129,951
 LoansF447,35646,81847,26047,87747,24247,34347,43148,40148,47248,08048,00542,93943,91144,19344,17544,649
  Short-termF4113388-11746-527-557-662-248-103-560-339-393128643264-33
  Long-termF4247,22346,73047,37747,83147,76947,90048,09248,64948,57648,64048,34443,33243,78343,54943,91144,682

Background Notes

Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2015 to Q4 2018.

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

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

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

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

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

Sale of mobile telephony (UMTS) licences

On 27 March 2017 Eurostat published a Guidance Note on the treatment of mobile phone licences, exploration rights and other licences on the recording of revenues arising from the sale of licences by government - click here In October 2017, CSO amended the treatment of past sales of mobile phone licences (in 2002, 2007 and 2013) to bring these in line with the March 2017 guidance note on the treatment of the sales of UMTS licences.

The latest sale of UMTS licenses in 2017 for the 3.6GHz band is included in the data published in this release. This data has been processed in the same manner as earlier sales, see Background notes of October 2017 release here for further detail on the methodology.

Reclassification of pension funds

The Eircom No. 2 and Coillte No. 2 pension funds were reclassified retroactively in the sector of general government (S.13) for this publication. This decision was verified by Eurostat at an EDP dialogue visit in February 2019.

Eircom No. 2 fund was established in 1999 by a capital transfer (D.99) of £800m/€1,015m from government (S.13) to the financial sector (S.12).  This transfer has been removed from both S.13 and S.12.  Corresponding adjustments were made to AF.2 in the financial accounts of both sectors.

Data on the value of this fund and payments from this fund are only available from 2011 and currently up to 2017.  For the years 1999 to 2010, transfer payments have been estimated based on the original asset value of the fund and the asset value at end 2011.  Transfer payments (D.62) from government (S.13) have increased and have decreased by a corresponding amount for the financial sector (S.12). The government (S.13) financial account shows corresponding F.2 flows in cash and reduction in AF.2 with the reverse reflected in the financial accounts of S.12.  For the years 2011 to 2017, more detailed data is used as the estimate of D.62 pension payments.  The financial accounts reflects these payments and imputes Other Economic Flows based on the change of the value of assets for this fund from the beginning of the year and the end of the year and the cash payments made during the year.

Data for 2018 has been estimated based on the previous year’s values and will be up-dated once updated 2018 data is available.  This fund is due to run out in 2020 or 2021 at which point the Minister for Finance will take responsibility for the payment of pensioners.

Coillte No. 2 fund was established in 1989 upon the establishment of Coillte.  Data on payments from this fund and receipts of this fund from 2008 to 2017 are available from Coillte’s annual financial reports.  This data was used to estimate transfer payments (D.62) to pensions and actual household contributions (D.6113) payments from households to the fund (i.e. re-routed to households).  The D.6113 payments also include the employer contributions to this fund.

Data for the years 1989 to 2007 have been trended based on average year-on-year change for the years for which data is available.  Thus the D.62 payments and D.6113 receipts of government (S.13) have increased with corresponding decreases in these transactions for the financial sector (S.12).  On the financial accounts, cash flows (F.2) and stock of cash (AF.2) for both the government (S.13) and financial sector (S.12) have corresponding adjustments.

This fund is due to run out in 2019 at which point the Minister for Finance will take responsibility for the payment of pensioners.

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

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

Super dividend

In 2018 Q2 the exchequer received a super dividend of €1,426 million from the Central Bank of Ireland.

IBRC payment to Exchequer

In 2013 the payment by the Exchequer of €1.1 billion to meet obligations to IBRC deposit holders under the guarantee schemes in operation was treated as the granting of a loan from the Exchequer to IBRC, on the understanding that the Exchequer would be treated as a creditor of IBRC in the liquidation process and that there was a reasonable expectation of repayment.  The 2018 re-payment of €340.7 million was made in 2018 Q4.

Consultant’s pay settlement

In June 2018 there was a settlement made following a court process with medical consultants in relation to pay arrears.  The backdated payments of €213 million were recorded as D.99 expenditure of central government in Q2 2018.

Investment Portfolio

In quarter 4 of 2018 the market value of the State's Equity and Investment Fund Shares assets stood at around €37.0 billion, down from €38.7 billion in quarter 3 (Table 6). The movement in the value of this instrument class is mainly explained by stock market losses during the quarter relating to shares held in Irish banks.

Debt Issuance and Redemption

Quarterly General Government Consolidated Gross Debt fell by approximately €10.0 billion in Q4 2018. This reduction was driven mostly by the net redemption of debt securities amounting to €9.6 billion and the repayment of loans of €0.4 billion.

Movements of note in the balance sheet

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

The repayment of debt in quarter 4 resulted in an outflow of cash from the Exchequer causing, in large part, the drop in deposit assets (see AF.2 assets, Table 6) of €8.6 billion which were used to finance this activity.

GDP figures used in publication

The GDP figures used in the current publication are consistent with those published in the latest National Income and Expenditure Accounts and the Quarterly National Accounts published on 14 March 2019.

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.

Similarly, revisions have been made to previously published Net acquisition of financial assets and Net incurrence of liabilities figures. 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. 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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