Information Note

The Institutional Sector Accounts Non-Financial release was updated on 20 April 2023. After the first publication (6 April), data from Government Finance Statistics (GFS) was significantly revised following dialogue with Eurostat. The largest single item to be changed was capital grants. The EU agency advised that the recording of the Defective Concrete Blocks Grant Scheme should be revised from being recognised as upfront expenditure in 2022 and instead accrued at the time of approvals. This approach is consistent with other Member States. This affected capital transfers (D.9) paid by government (S.13) to households (S.1M), which were revised downward for 2022-Q2 from €3,140m to €428m (a revision of €2,711m). This increased the government net lending (B.9) and decreased household net lending. Because capital transfers are not included in the calculation of disposable income or saving, it did not have an impact on the Household Saving Ratio. 

Other smaller changes to S.13 data were also incorporated and other sectors adjusted accordingly.

The Institutional Sector Accounts remain consistent with the Quarterly National Accounts for Q4 2022, published on 03 March 2023. For this reason, no revisions have been made to transactions that affect GDP. As a result, in the Sector Accounts, Final Consumption Expenditure (P.3), Taxes on Products and Production (D.2) and Subsidies on Taxes on Production (D.3) have not included alterations made in the Government Finance Statistics. The subsequent balancing items (including the government surplus, B.9) therefore differ from GFS estimates by approximately €100m per quarter in 2022. These will be aligned at the time of the next quarterly release.

The commentary, tables and graphs have also been updated. The list of affected items is shown in Table 1.

We apologise for any inconvenience these revisions may cause.