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

Government Finance Statistics Quarterly Results

Quarter 2 2013

 General Government Deficit, Debt and Net Worth Q2 2013
 General Government Surplus/Deficit General Government Gross Debt General Government Net Worth
 €m% quarterly GDP €m% annualised GDP €m% annualised GDP
2012 Q2-3,507-8.3 180,231110.2 -63,359-38.7
2013 Q2-2,487-6.0 204,495125.7 -84,448-51.9

Government Deficit at 6.0% of quarterly GDP in Q2 2013

FIG1 Government Finance Statistics Quarter 2 release 2013
go to full release

Ireland’s General Government Deficit (GGDeficit) amounted to €2,487 million in the second quarter of 2013 representing 6.0 per cent of quarterly GDP.  This shows an improved position on the corresponding quarter of 2012, when the deficit amounted to €3,507 million or 8.3% of quarterly GDP.

Government revenue for the period at €14,515 million was higher than the Q2 2012 revenue of €13,751 (mainly due to increased revenue from taxes and social contributions).  Government expenditure reduced from €17,204 million in Q2 2012 to €16,930 million in Q2 2013 (Table 1).  

Increase in Government Debt

Ireland’s General Government Gross Debt (GGDebt) stood at €204.5 billion or 125.7 per cent of annualised GDP at the end of Q2 2013, compared to a level of €180.2 billion or 110.2% of GDP at end Q2 2012 (Table 2). The Q2 2013 debt level represents an increase of €0.4 billion on the previous quarter.

General Government Net Debt for Q2 2013 amounted to €157.6 billion or 96.9 per cent of annualised GDP. This net debt figure is obtained by deducting the value of the financial assets corresponding to those categories of financial liabilities which comprise General Government Debt from the gross debt figure.

Fall in Government Net Worth

Net Worth (non-financial assets plus financial assets less liabilities) of General Government continued to decline in Q2 2013, falling to -€84.4 billion from -€81.8 billion at the end of the previous quarter (Table 2).  In Q2 2012 Government Net Worth was -€63.3 billion.

 

 

A full description of the concepts and definitions used in the production of these figures is provided in the Background Notes. These notes also include a section detailing specific issues relevant to the data for the current release.The quarterly data in this release are consistent with the annual General Government Deficit and Debt levels for 2009 to 2012 reported to Eurostat at end-September under the EU regulation governing the Excessive Deficit Procedure. Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

 

GG Gross DebtGG Net Worth
Q2 20095918.6
Q3 200961.713.4
Q4 200964.412.4
Q1 201077.42.1
Q2 201077.5-0.3
Q3 201087.2-6.7
Q4 201091.2-9
Q1 201198.5-9.8
Q2 201199.6-11.8
Q3 2011101.3-29.5
Q4 2011104.1-28.9
Q1 2012106.8-34.9
Q2 2012110.2-38.7
Q3 2012117.1-43.5
Q4 2012117.4-47.2
Q1 2013125-50.1
Q2 2013125.7-51.9
Table 1 General Government transactions: revenue, expenditure, financing and deficit                  
                      €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q2
General Government transactions                   
RevenueTR12,91212,90613,58916,55712,46913,45412,70816,51812,61013,06213,63816,02112,89813,75113,96215,91213,22214,515
Taxes and social contributions11,40510,97211,86013,61510,57410,66211,22313,85411,14710,65512,10213,85811,43711,21012,31514,14212,01911,912
TaxesD2 + D5 + D918,6118,2978,69510,2517,8057,9598,58610,4808,4768,2739,62911,2479,1388,8609,93911,5169,4549,344
Social contributions D612,7942,6753,1653,3652,7692,7032,6383,3742,6712,3822,4732,6112,2992,3502,3752,6262,5652,569
Sales of goods and servicesP1O9109691,1041,5611,0879261,0502,1791,1071,2321,2421,5051,0361,1271,2221,483833905
Investment incomeD43907404144372701,1153373882621,1332573452781,3743902072941,637
Current transfer revenue (excluding taxes)D7712826277230292937211626301915353024
Capital transfer revenue (excluding taxes)D9N13619718591746672169675622222871172120454536
                  
ExpenditureTE17,72321,04620,03719,32228,35119,00526,29729,89516,65516,49424,46018,94817,20017,20416,95818,45017,58016,930
Expense17,27520,30819,01718,11228,03218,62125,95228,28016,56116,54624,25917,80916,78217,00117,39217,92017,86916,728
Compensation of employeesD15,1815,0235,0465,4554,8274,6344,7625,0624,8744,6804,7204,8394,8894,6174,6534,6254,7914,690
Use of goods and services plus taxes payableP2 + D5 + D292,6932,3382,4472,7442,1711,9921,9333,1571,9502,2602,2222,3391,8472,0392,1792,3641,6841,699
Depreciation (Consumption of fixed capital)K1664664664664662662662662656656656656606606606606560560
Interest (excluding FISIM)D418098198028591,1391,1771,4561,2111,2231,2891,4471,2311,2981,4331,6461,5341,9071,773
SubsidiesD3403411412464378333367499304300326419325344366504318336
Social benefitsD62 + D6316,5426,9847,6527,2936,5917,0567,1817,5816,7117,0267,5467,6696,9367,1077,3677,5496,8596,756
Other current transfersD7758539406388651404409409587275401522657389405348599457
Capital transfersD92253,5291,58724411,6132,3629,1829,700257616,9411342244661703901,151458
                  
 Net operating balance -4,364-7,401-5,428-1,555-15,563-5,167-13,244-11,762-3,952-3,484-10,620-1,788-3,884-3,249-3,430-2,009-4,647-2,214
                  
Net acquisition of non-financial assetsP5 + NP - K14487391,0201,2103193843451,61594-522011,139418203-434530-289202
                       
 Net lending (+) / net borrowing (-)B9-4,811-8,140-6,449-2,765-15,882-5,551-13,589-13,376-4,046-3,432-10,822-2,927-4,302-3,452-2,996-2,538-4,358-2,416
equals                  
Net acquisition of financial assets5,5662,888-3,643-1,8964,575-7,1553,063-8,2368,523-1,833-6,2043,0422,2631,2449,413-2,7468,080-2,938
Debt instrumentsF2 + F33 + F46,2583,303-2,472-1,9354,632-9,4002,310-6,46811,212-1,645-12,7132,7532,2043999,961-3,7908,904-2,487
Shares and other equityF571-349-859-1,2206042,129698-2,001-3,7917887,440-854-501,38844732815
Other financial assetsF34 + F61 + F62 + F7-763-66-3121,259-661116552331,102-976-9311,143109-543-552571-852-466
less000000000000000000
Net incurrence of liabilities10,37711,0282,80686920,457-1,60416,6525,14012,5691,5994,6185,9696,5654,69612,409-20812,438-522
Debt instrumentsF2 + F33 + F410,60310,9162,7381,62220,011-1,39916,6585,62711,2391,8334,8226,7905,2575,01912,688-10512,960-451
Other liabilitiesF34 + F5 + F61 + F62 + F7-22611268-753446-205-6-4871,330-234-204-8211,308-323-279-103-522-71
                  
General Government Deficit                   
                  
Net lending / net borrowing-4,811-8,140-6,449-2,765-15,882-5,551-13,589-13,376-4,046-3,432-10,822-2,927-4,302-3,452-2,996-2,538-4,358-2,416
Adjustment for swaps-2-2-2-22322-33-33-33-33-50-54-56-63-80-71
                  
General Government Surplus/Deficit  -4,813-8,142-6,450-2,767-15,880-5,548-13,587-13,374-4,079-3,465-10,855-2,960-4,351-3,507-3,052-2,601-4,438-2,487
                       
 General Government Surplus/Deficit (% of quarterly GDP) -11.7-19.7-16.0-7.0-40.3-13.7-33.8-35.2-10.3-8.3-26.4-7.3-10.9-8.3-7.4-6.4-11.3-6.0
Open in Excel: Government Finance Statistics Quarter 2 2013 Table 1 (XLS 19KB)
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Table 2 General Government Net Worth, Gross and Net Debt                   
                        €million
Description ESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q2
General Government net worth                   
Net worth at market value, excluding pension liabilitiesNW41,94931,96522,42420,0703,355-532-10,698-14,217-15,509-18,825-47,256-46,912-56,866-63,359-71,261-77,352-81,764-84,448
equals                  
Non-financial assets at market valueNFA66,82164,63762,73361,02060,02559,09558,12558,42557,85557,13856,67457,14857,56657,76957,33557,86557,57657,778
plus                  
Financial net worth at market value, excluding pension liabilitiesFNW-24,872-32,672-40,309-40,950-56,670-59,627-68,823-72,642-73,364-75,963-103,930-104,060-114,432-121,128-128,596-135,217-139,340-142,226
equals                  
Financial assets at market valueFA71,30074,87272,81472,48978,74469,99372,95365,18272,29167,21359,67663,00965,88966,61776,32373,69683,53280,436
EDP debt instrumentsAF2 + AF33 + AF442,81946,19243,79541,86846,75637,42539,75732,77042,78740,88128,18230,95033,30333,77343,75940,47949,38246,879
Shares and other equityAF520,58420,95921,61221,79423,39124,18424,99823,91619,89717,66323,41422,87023,36423,61623,81024,52426,42326,330
Other financial assetsAF34 + AF61 + AF62 + AF77,8977,7217,4078,8278,5978,3848,1988,4969,6078,6698,0809,1899,2229,2288,7548,6937,7277,227
less                  
Liabilities at market value96,172107,544113,123113,439135,414129,620141,776137,824145,655143,176163,606167,069180,321187,745204,919208,913222,872222,662
EDP debt instrumentsAF2 + AF33 + AF490,157101,271106,609108,031129,563123,978136,053132,647139,131136,882157,097161,048173,008180,526197,778201,529216,377216,468
Other liabilitiesAF34 + AF61 + AF62 + AF76,0156,2736,5145,4085,8515,6425,7235,1776,5246,2946,5096,0217,3137,2197,1417,3846,4956,194
                  
Memo: Estimated pension liabilities of government116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000
                  
Memo: Net worth, including pension liabilities-74,051-84,035-93,576-95,930-112,645-116,532-126,698-130,217-131,509-134,825-163,256-162,912-172,866-179,359-187,261-193,352-197,764-200,448
                  
Contingent liabilities287,666287,666287,666287,666163,376163,376163,376163,376153,258153,258153,258153,258125,327125,327125,327125,327125,327125,327
                  
 Memo: Net worth, including pension liabilities and contingent liabilities -361,717-371,702-381,242-383,596-276,021-279,909-290,074-293,593-284,767-288,083-316,513-316,170-298,193-304,686-312,588-318,679-323,091-325,775
General Government: changes in net worth                   
Opening net worth46,97941,94931,96522,42420,0703,355-532-10,698-14,217-15,509-18,825-47,256-46,912-56,866-63,359-71,261-77,352-81,764
                  
Change in net worth due to transactions-4,364-7,401-5,428-1,555-15,563-5,167-13,244-11,762-3,952-3,484-10,620-1,788-3,884-3,249-3,430-2,009-4,647-2,214
Net acquisition of non-financial assets P5 + NP - K14487391,0201,2103193843451,61594-522011,139418203-434530-289202
Net lending/net borrowingB9-4,811-8,140-6,449-2,765-15,882-5,551-13,589-13,376-4,046-3,432-10,822-2,927-4,302-3,452-2,996-2,538-4,358-2,416
                  
Change in net worth due to other economic flowsKx-666-2,583-4,112-800-1,1521,2793,0798,2432,659168-17,8102,132-6,070-3,244-4,472-4,083235-470
Other changes in non-financial assets-2,923-2,923-2,923-2,923-1,314-1,314-1,314-1,314-665-665-665-665000000
Other changes in financial assets-7616841,5851,5711,680-1,596-103465-1,414-3,245-1,333291617-5162931191,756-158
Other changes in liabilities3,018-344-2,773553-1,5184,1904,4969,0924,7384,078-15,8122,506-6,687-2,728-4,765-4,202-1,521-312
                         
Closing net worth 41,94931,96522,42420,0703,355-532-10,698-14,217-15,509-18,825-47,256-46,912-56,866-63,359-71,261-77,352-81,764-84,448
                         
General Government Debt (GGDebt)                   
Debt instrument liabilities at market value90,157101,271106,609108,031129,563123,978136,053132,647139,131136,882157,097161,048173,008180,526197,778201,529216,377216,468
+ Difference between EDP face value and market value-669-35-3,635-3,487-5,407-3262,99011,51716,67321,7815,1088,1781,132-295-5,994-9,071-12,321-11,973
                         
 Gross General Government Debt (EDP face value) 89,488101,236102,974104,544124,156123,652139,043144,164155,804158,663162,205169,226174,140180,231191,784192,458204,056204,495
                  
less EDP debt instrument assets-42,819-46,192-43,795-41,868-46,756-37,425-39,757-32,770-42,787-40,881-28,182-30,950-33,303-33,773-43,759-40,479-49,382-46,879
 Net General Government Debt  46,66955,04459,17962,67677,40086,22799,286111,394113,017117,782134,023138,276140,837146,458148,025151,979154,674157,616
                   
Closing Net Worth (% of annualised GDP) 23.9018.613.412.42.1-0.3-6.7-9-9.8-11.8-29.5-28.9-34.9-38.7-43.5-47.2-50.1-51.9
Gross General Government Debt (% of annualised GDP)515961.7064.477.477.587.291.298.599.6101.3104.1106.8110.2117.1117.4125125.7
Net General Government Debt (% of annualised GDP) 26.632.135.438.648.35462.370.571.573.983.78586.489.590.492.794.896.9
Open in Excel: Government Finance Statistics Quarter 2 2013 Table 2 (XLS 20KB)
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Table 3 General Government: detailed classification of revenue and output                   
                       €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q2
                        
Total RevenueTR12,91212,90613,58916,55712,46913,45412,70816,51812,61013,06213,63816,02112,89813,75113,96215,91213,22214,515
 Taxes and social contributions 11,40510,97211,86013,61510,57410,66211,22313,85411,14710,65512,10213,85811,43711,21012,31514,14212,01911,912
  TaxesD2 + D5 + D918,6118,2978,69510,2517,8057,9598,58610,4808,4768,2739,62911,2479,1388,8609,93911,5169,4549,344
   Indirect taxes (taxes on production and imports)D24,7483,9215,2804,2474,6683,7705,3494,2134,7493,6215,0194,2174,7653,7015,3584,1735,0093,788
    Taxes on productsD214,2353,4094,7683,7324,1023,1944,7653,6254,1343,0384,4383,6364,1593,1074,7693,5734,3883,062
    of which Value-Added TaxD2112,8861,9333,1852,1582,8571,8393,1002,0782,8941,7182,8832,0662,9691,8223,1082,1292,9781,763
    Other taxes on production D29513513513515566576583589615583580581606594589600622726
   Direct taxesD53,7964,3163,3435,9453,0844,1133,2056,1943,7044,6274,0626,9224,3515,1334,0627,1454,4255,530
    Taxes on income, profits and capital gainsD513,6024,1213,1495,7502,8953,9253,0176,0053,5204,4433,8796,7384,1614,9423,8726,9554,2355,339
    Other current direct taxesD59194194194194189189189189184184184184190190190190190190
   Capital taxesD916760715954763274232554710821265191992026
  Social contributions D612,7942,6753,1653,3652,7692,7032,6383,3742,6712,3822,4732,6112,2992,3502,3752,6262,5652,569
   Actual social contributionsD6112,2152,0432,4102,6632,2122,1351,9722,7642,1161,8701,8282,0041,6751,7821,7351,9941,8901,863
   Imputed social contributionsD612579632755702557569666610555512645607625569640632675706
 Sales of goods and servicesP1O9109691,1041,5611,0879261,0502,1791,1071,2321,2421,5051,0361,1271,2221,483833905
  Sales of market establishments (= market output)P11227227227227219219219219226226226226237237237237197197
  Imputed sales related to production of own-use capital assets (= output for own final use)P12161616161414141414141414141414141414
  Incidental sales and fees of non-market establishmentsP1316677268611,3188536928161,9458679911,0011,2647848759711,231621693
 Investment incomeD43907404144372701,1153373882621,1332573452781,3743902072941,637
  Interest (excluding FISIM)D41211248254266214193217226250270231166187242206184237211
  DividendsD42179493161172569221201621286326180911,13218522581,426
 Current transfer revenueD39 + D7712826277230292937211626301915353024
  SubsidiesD39000000000000000000
  Other current transfersD7712826277230292937211626301915353024
   Non-life insurance claimsD72444444443333333333
   OtherD7N672422236927262634171323271612322721
 Capital transfer revenueD9N13619718591746672169675622222871172120454536
                        
Output P18,6048,0918,2248,9297,7237,3517,4198,9447,5497,6657,6687,9057,4247,3437,5197,6777,0766,991
 Market output (sales of market establishments)P11227227227227219219219219226226226226237237237237197197
 Output for own final useP12161616161414141414141414141414141414
 Non-market outputP138,3617,8487,9818,6877,4897,1177,1868,7107,3087,4257,4277,6647,1737,0917,2687,4256,8646,779
  = Non-market compensation of employeesD1_nonmarket5,1645,0075,0305,4394,8134,6194,7475,0474,8594,6654,7064,8254,8754,6024,6384,6114,7764,675
   = Total compensation of employeesD15,1815,0235,0465,4554,8274,6344,7625,0624,8744,6804,7204,8394,8894,6174,6534,6254,7914,690
   - Compensation of employees of market establishmentsD1_market                  
   - Compensation related to production of own-use capital assetsD1_own-use-16-16-16-16-14-14-14-14-14-14-14-14-14-14-14-14-14-14
  + Non-market intermediate consumptionP2_nonmarket2,6372,2822,3912,6882,1151,9361,8763,1001,8932,2032,1652,2821,7901,9822,1222,3071,6271,643
   = Total intermediate consumptionP22,6932,3382,4472,7442,1711,9921,9323,1561,9502,2602,2222,3391,8472,0382,1792,3641,6841,699
   - Intermediate consumption of market establishmentsP2_market-56-56-56-56-56-56-56-56-57-57-57-57-57-57-57-57-57-57
   - Intermediate consumption related to production of own-use capital assetsP2_own-use                  
  + Non-market consumption of fixed capitalK1_nonmarket560560560560562562562562556556556556507507507507461461
   = Total consumption of fixed capitalK1664664664664662662662662656656656656606606606606560560
   - Consumption of fixed capital by market establishmentsK1_market-105-105-105-105-100-100-100-100-99-99-99-99-99-99-99-99-99-99
   - Consumption of fixed capital related to production of own-use capital assetsK1_own-use                  
  + Other taxes on production, payable D29_pay000000000000000000
  - Other subsidies on production, receivable (D.39 R)D39_rec000000000000000000
Open in Excel: Government Finance Statistics Quarter 2 2013 Table 3 (XLS 20KB)
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Table 4 General Government: detailed classification of expenditure and consumption                   
                       €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q2
                        
Total ExpenditureTE17,72321,04620,03719,32228,35119,00526,29729,89516,65516,49424,46018,94817,20017,20416,95818,45017,58016,930
                        
 Expense 17,27520,30819,01718,11228,03218,62125,95228,28016,56116,54624,25917,80916,78217,00117,39217,92017,86916,728
  Compensation of employeesD15,1815,0235,0465,4554,8274,6344,7625,0624,8744,6804,7204,8394,8894,6174,6534,6254,7914,690
   Of which: Related to production of own-use capital assets 161616161414141414141414141414141414
  Use of goods and services plus taxes payableP2 + D5 + D292,6932,3382,4472,7442,1711,9921,9333,1571,9502,2602,2222,3391,8472,0392,1792,3641,6841,699
   Use of goods and services [Intermediate consumption]P22,6932,3382,4472,7442,1711,9921,9323,1561,9502,2602,2222,3391,8472,0382,1792,3641,6841,699
    Of which: Intermediate consumption of market establishments 565656565656565657575757575757575757
   Taxes, payableD5000000000000000000
  Depreciation (Consumption of fixed capital)K1664664664664662662662662656656656656606606606606560560
    Of which: Depreciation by market establishments 10510510510510010010010099999999999999999999
  Interest (excluding FISIM)D418098198028591,1391,1771,4561,2111,2231,2891,4471,2311,2981,4331,6461,5341,9071,773
  SubsidiesD3403411412464378333367499304300326419325344366504318336
   Product subsidiesD31201223250245199149215238172179208235207228248237209228
   Other subsidies on productionD39202187161218179184152261132121119184118117118267109108
  Social benefitsD62 + D6316,5426,9847,6527,2936,5917,0567,1817,5816,7117,0267,5467,6696,9367,1077,3677,5496,8596,756
   Social benefits in cashD625,8075,9766,3196,4035,8305,9925,7506,6295,9545,9776,1186,7116,1486,0015,8216,6546,0805,684
   Social benefits in kind (via market producers)D6317351,0081,3348897611,0641,4319527571,0501,4289587871,1071,5478967791,072
  Other current transfersD7758539406388651404409409587275401522657389405348599457
   Net non-life insurance premiumsD71161616161818181818181818232323232323
   Current international cooperationD74190136106125154139140961306511821696131181114100171
   Miscellaneous current transfersD75553387285247479247251295438191265287537235201211477263
    GNI-based EU own resourcesD75_GNI382346196223389163249173382160221194402198194205457253
    Other miscellaneous current transfersD75_other171428825908431225732449413637762010
  Capital transfersD92253,5291,58724411,6132,3629,1829,700257616,9411342244661703901,151458
   Investment grantsD9219135038416833031014841414755115109202108109195181142
   Other capital transfersD99343,1801,2037611,2822,0529,0349,28611056,826252235860195970316
                        
 Net acquisition of non-financial assetsP5 + NP - K14487391,0201,2103193843451,61594-522011,139418203-434530-289202
  = Gross investment in non-financial assetsP5 + NP1,1121,4031,6851,8749811,0461,0062,2767506048571,7941,0248091721,135270762
   Gross fixed capital formationP511,1121,4031,6851,8751,0011,0661,0262,2967225768291,7671,0037881511,115973741
   Net acquisition of stocksP520000-20-20-20-2028282828212121212121
   Net acquisition of unproduced assetsK20000000000000000-7230
  - Consumption of fixed capitalK1-664-664-664-664-662-662-662-662-656-656-656-656-606-606-606-606-560-560
                        
Net expenditure on current goods and servicesP3 - D6327,6947,1227,1207,3696,6376,4266,3706,7656,4426,4346,4266,4006,3886,2166,2976,1946,2436,086
 = OutputP18,6048,0918,2248,9297,7237,3517,4198,9447,5497,6657,6687,9057,4247,3437,5197,6777,0766,991
 - Sales of goods and services P11+P12+P131-910-969-1,104-1,561-1,087-926-1,050-2,179-1,107-1,232-1,242-1,505-1,036-1,127-1,222-1,483-833-905
   Market output (sales of market establishments)P11-227-227-227-227-219-219-219-219-226-226-226-226-237-237-237-237-197-197
   Output for own final useP12-16-16-16-16-14-14-14-14-14-14-14-14-14-14-14-14-14-14
   Incidental sales and fees of non-market establishmentsP131-667-726-861-1,318-853-692-816-1,945-867-991-1,001-1,264-784-875-971-1,231-621-693
                        
Final consumption expenditureP38,4298,1298,4548,2587,3977,4907,8017,7177,1997,4847,8547,3587,1757,3237,8447,0907,0227,157
 = Net expenditure on current goods and servicesP3 - D6317,6947,1227,1207,3696,6376,4266,3706,7656,4426,4346,4266,4006,3886,2166,2976,1946,2436,086
 + Social transfers in kind via market producers D6317351,0081,3348897611,0641,4319527571,0501,4289587871,1071,5478967791,072
made up of                    
 Individual consumption (= social transfers in kind)P31 (= D63)5,7325,4985,8305,3705,1855,2465,5965,2915,0685,2735,6805,0015,0755,1825,7124,9064,9755,162
  Social transfers in kind (via market producers)D6317351,0081,3348897611,0641,4319527571,0501,4289587871,1071,5478967791,072
  Social transfers in kind (provided directly by government)D6324,9964,4914,4964,4804,4244,1814,1654,3394,3114,2234,2524,0434,2874,0754,1654,0104,1964,090
 Collective consumption (= actual final consumption of government)P322,6972,6312,6242,8892,2122,2442,2052,4252,1312,2102,1742,3572,1012,1412,1322,1842,0471,995
                        
Total social transfersD62 + D6311,53911,47412,14911,77311,01511,23811,34611,92011,02211,25011,79811,71211,22311,18311,53311,56011,05510,846
 Social benefits in cashD62 5,8075,9766,3196,4035,8305,9925,7506,6295,9545,9776,1186,7116,1486,0015,8216,6546,0805,684
 Social transfers in kind (= individual consumption)D635,7325,4985,8305,3705,1855,2465,5965,2915,0685,2735,6805,0015,0755,1825,7124,9064,9755,162
Open in Excel: Government Finance Statistics Quarter 2 2013 Table 4 (XLS 22KB)
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Table 5 General Government financial transactions
 €million
 2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q2
DescriptionESA code                  
 Net lending (+) / net borrowing (-)B.9-4,811-8,140-6,449-2,765-15,882-5,551-13,589-13,376-4,046-3,432-10,822-2,927-4,302-3,452-2,996-2,538-4,358-2,416
equals                    
Net acquisition of financial assets ΔA5,5662,888-3,643-1,8964,575-7,1553,063-8,2368,523-1,833-6,2043,0422,2631,2449,413-2,7468,080-2,938
EDP debt instruments F2 + F33 + F46,2583,303-2,472-1,9354,632-9,4002,310-6,46811,212-1,645-12,7132,7532,2043999,961-3,7908,904-2,487
 Currency and deposits F24,935-285-2,456-1,2854,599-7,6302,198-10,38811,6151,872-15,9472,0601,8524709,687-6,2746,451-5,945
Securities other than shares, excluding financial derivatives F331,2043,520-169-432-121-1,7851173,646-632-3,6572,78716634-13-1031,251-140-108
Short-term F331-3626-356-46-2-9200-1-8-27-94711,0469441
Long-term F3321,2403,494-166-488-75-1,7831263,626-632-3,6562,79519343-60-104205-1,084-109
Loans F411968153-21815415-5274229140447527318-583771,2332,5933,566
Short-term loans F41000000000158459268231-304147932,2373,316
Long-term loans F4211968153-21815415-5274229-18-1225987-28-37440356250
Shares and other equity F571-349-859-1,2206042,129698-2,001-3,7917887,440-854-501,38844732815
Other financial assets F34 + F61 + F62 + F7-763-66-3121,259-661116552331,102-976-9311,143109-543-552571-852-466
Financial derivatives F34-490065099195-40-40-232010000340
Insurance: reserves and premium prepayments F61 + F62000100000000000-100
Net equity of households in life insurance reserves and in pension funds reserves F61000000000000000000
Prepay. of ins. premiums and reserves for outstanding claims F62000100000000000-100
Other accounts receivable/payableF7-714-66-3121,193-66117-1402731,142-744-9311,142109-543-552572-886-466
less                    
Net incurrence of liabilities ΔL10,37711,0282,80686920,457-1,60416,6525,14012,5691,5994,6185,9696,5654,69612,409-20812,438-522
EDP debt instruments F2 + F33 + F410,60310,9162,7381,62220,011-1,39916,6585,62711,2391,8334,8226,7905,2575,01912,688-10512,960-451
Currency and deposits F2325354364421721866954861761318220208428394472959639622
Securities other than shares, excluding financial derivatives F3310,12510,5292,5731,2148,803-4,2907,305-5,712-4,470-3,0541,078-2,602-5,4652,2617,512-3,91236,293-5,059
Short-term F331-2,0547,209-2,142-7,900-2,005-7,4571,683-5,330-5,084-1,347-123,060-2795011,008-2,4652,405605
Long-term F33212,1793,3204,7159,11410,8083,1675,622-382614-1,7071,090-5,662-5,1861,7606,504-1,44733,888-5,664
Loans F415333-199-1310,4872,0258,39910,47814,9484,5693,5249,18410,2942,3644,7042,848-23,9723,986
Short-term loans F4117886-1118471-278-147412-63-175-80154-121,255391-345-41-390
Long-term loans F42-25-53-88-9710,4162,3038,54610,06615,0114,7443,6049,03010,3061,1094,3133,193-23,9314,376
Other liabilities F34 + F5 + F61 + F62 + F7-22611268-753446-205-6-4871,330-234-204-8211,308-323-279-103-522-71
Financial derivatives F34000000000003000000
Shares and other equity F5000000000000000000
Insurance: reserves and premium prepayments F61 + F62000000000000000100
Net equity of households in life insurance reserves and in pension funds reserves F61000000000000000100
Prepay. of ins. premiums and reserves for outstanding claims F62000000000000000000
   Other accounts receivable/payableF7-22611268-753446-205-6-4871,330-234-204-8241,308-323-279-104-522-71
Open in Excel: Government Finance Statistics Quarter 2 2013 Table 5 (XLS 19KB)
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Table 6 General Government: detailed breakdown of net worth                  
                         €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q2
                         
General Government balance sheet                   
                          
 Net worth at market value, excluding pension liabilities 41,94931,96522,42420,0703,355-532-10,698-14,217-15,509-18,825-47,256-46,912-56,866-63,359-71,261-77,352-81,764-84,448
 equals                   
  Non-financial assets at market value 66,82164,63762,73361,02060,02559,09558,12558,42557,85557,13856,67457,14857,56657,76957,33557,86557,57657,778
 plus                   
  Financial net worth at market value, excluding pension liabilities -24,872-32,672-40,309-40,950-56,670-59,627-68,823-72,642-73,364-75,963-103,930-104,060-114,432-121,128-128,596-135,217-139,340-142,226
  equals                   
   Financial assets at market value 71,30074,87272,81472,48978,74469,99372,95365,18272,29167,21359,67663,00965,88966,61776,32373,69683,53280,436
    EDP debt instrumentsF2 + F33 + F442,81946,19243,79541,86846,75637,42539,75732,77042,78740,88128,18230,95033,30333,77343,75940,47949,38246,879
     Currency and depositsF233,89133,60931,15329,87034,65427,02829,25618,90730,51932,39016,46318,52520,37720,84730,53324,42130,87324,925
     Securities other than shares, excluding financial derivativesF335,6429,2269,1298,7008,6466,9237,02910,1148,2904,3747,1557,3347,5177,5747,4989,0978,9568,835
      Short-termF331632298539382949494840133001,0461,9901,991
      Long-termF3325,6369,1949,1008,6158,6076,8857,00010,0658,2414,3267,1157,3217,5147,5747,4988,0516,9666,844
     LoansF43,2863,3573,5133,2983,4563,4743,4723,7493,9784,1174,5645,0915,4095,3525,7286,9619,55313,119
      Short-term loansF410000000001586178851,1161,0871,5002,2934,5307,846
      Long-term loansF423,2863,3573,5133,2983,4563,4743,4723,7493,9783,9593,9474,2064,2934,2654,2284,6685,0235,273
    Shares and other equityF520,58420,95921,61221,79423,39124,18424,99823,91619,89717,66323,41422,87023,36423,61623,81024,52426,42326,330
    Other financial assetsF34 + F61 + F62 + F77,8977,7217,4078,8278,5978,3848,1988,4969,6078,6698,0809,1899,2229,2288,7548,6937,7277,227
     Financial derivativesF342781701704108446165716065753817237046291,1801,259642561528
     Insurance: reserves and premium prepaymentsF61 + F62000111111111111000
      Net equity of households in life insurance reserves and in pension funds reservesF61000000000000000000
      Prepayment of insurance premiums and reserves for outstanding claimsF62000111111111111000
     Other accounts receivable/payableF77,6197,5517,2378,4167,7527,7677,6267,8899,0318,2877,3568,4848,5928,0477,4948,0517,1666,699
  less                   
   Liabilities at market value 96,172107,544113,123113,439135,414129,620141,776137,824145,655143,176163,606167,069180,321187,745204,919208,913222,872222,662
    EDP debt instrumentsF2 + F33 + F490,157101,271106,609108,031129,563123,978136,053132,647139,131136,882157,097161,048173,008180,526197,778201,529216,377216,468
     Currency and depositsF29,1699,5239,88710,30811,02911,89612,85013,71114,47214,79115,01015,21815,64616,04116,51317,47218,11118,734
     Securities other than shares, excluding financial derivativesF3377,57188,19793,32094,660105,03996,29398,71484,04874,74367,62884,10979,67581,35784,65996,54996,557134,628130,045
      Short-termF33123,76830,67328,00320,45618,21710,89112,4977,2312,0897417413,7963,5204,0395,0522,5724,9695,587
      Long-termF33253,80357,52465,31774,20486,82285,40286,21776,81772,65466,88783,36875,87977,83780,62091,49793,985129,659124,458
     LoansF43,4173,5513,4023,06313,49515,78924,48934,88849,91654,46357,97866,15576,00579,82684,71687,50063,63867,689
      Short-term loansF416387246147097734903427356925174385745801,8352,2411,8911,8521,454
      Long-term loansF422,7792,8272,7882,35412,72215,29924,14734,15349,22453,94657,54065,58175,42577,99182,47585,60961,78666,235
    Other liabilitiesF34 + F61 + F62 + F76,0156,2736,5145,4085,8515,6425,7235,1776,5246,2946,5096,0217,3137,2197,1417,3846,4956,194
     Financial derivativesF344919336216149973855584778137971,0261,2261,5721,205976
     Shares and other equityF5000000000000000000
     Insurance: reserves and premium prepaymentsF61 + F62000000000000000111
      Net equity of households in life insurance reserves and in pension funds reservesF61000000000000000111
     Prepay. of ins. premiums and reserves for outstanding claimsF62000000000000000000
     Other accounts receivable/payableF75,9666,0806,1525,3925,8375,6335,6265,1396,4696,2366,0325,2086,5166,1935,9155,8115,2895,217
                          
                          
  Memo: Estimated pension liabilities of government 116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000116,000
                          
 Memo: Net worth, including pension liabilities -74,051-84,035-93,576-95,930-112,645-116,532-126,698-130,217-131,509-134,825-163,256-162,912-172,866-179,359-187,261-193,352-197,764-200,448
                          
  Contingent liabilities 287,666287,666287,666287,666163,376163,376163,376163,376153,258153,258153,258153,258125,327125,327125,327125,327125,327125,327
   Guarantees 282,617282,617282,617282,617158,327158,327158,327158,327148,209148,209148,209148,209120,278120,278120,278120,278120,278120,278
   Off-balance sheet PPPs 5,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,049
               00000000000
 Memo: Net worth, including pension liabilities and contingent liabilities -361,717-371,702-381,242-383,596-276,021-279,909-290,074-293,593-284,767-288,083-316,513-316,170-298,193-304,686-312,588-318,679-323,091-325,775
                          
Change in net worth of government                   
                          
 Opening net worth 46,97941,94931,96522,42420,0703,355-532-10,698-14,217-15,509-18,825-47,256-46,912-56,866-63,359-71,261-77,352-81,764
                          
 Change in net worth due to transactions -4,364-7,401-5,428-1,555-15,563-5,167-13,244-11,762-3,952-3,484-10,620-1,788-3,884-3,249-3,430-2,009-4,647-2,214
  Net acquisition of non-financial assets  4487391,0201,2103193843451,61594-522011,139418203-434530-289202
  Net lending/net borrowing -4,811-8,140-6,449-2,765-15,882-5,551-13,589-13,376-4,046-3,432-10,822-2,927-4,302-3,452-2,996-2,538-4,358-2,416
   = Net acquisition of financial assets 5,5662,888-3,643-1,8964,575-7,1553,063-8,2368,523-1,833-6,2043,0422,2631,2449,413-2,7468,080-2,938
   - Net incurrence of liabilities -10,377-11,028-2,806-869-20,4571,604-16,652-5,140-12,569-1,599-4,618-5,969-6,565-4,696-12,409208-12,438522
                          
 Change in net worth due to other economic flows -666-2,583-4,112-800-1,1521,2793,0798,2432,659168-17,8102,132-6,070-3,244-4,472-4,083235-470
  Other changes in non-financial assets -2,923-2,923-2,923-2,923-1,314-1,314-1,314-1,314-665-665-665-665000000
  Other changes in financial net worth 2,257340-1,1882,1241622,5944,3939,5573,324833-17,1452,797-6,070-3,244-4,472-4,083235-470
   = Other changes in financial assets -7616841,5851,5711,680-1,596-103465-1,414-3,245-1,333291617-5162931191,756-158
     EDP debt instruments -218707582566922-519-1,195-26114151497125510-1-16
     Shares and other equity -5367241,5121,402993-1,336116919-228-3,022-1,689310544-1,1361902411,871-108
     Other financial assets -7-110-2161431-329-24165938342-34-7654978-632-114-34
   - Other changes in liabilities 3,018-344-2,773553-1,5184,1904,4969,0924,7384,078-15,8122,506-6,687-2,728-4,765-4,202-1,521-312
     EDP debt instruments 2,925-198-2,600200-1,5214,1864,5839,0334,7554,082-15,3932,839-6,703-2,499-4,564-3,856-1,888-542
     Other liabilities 93-146-17335334-8759-17-4-419-33316-229-201-346367230
                          
                          
Closing net worth 41,94931,96522,42420,0703,355-532-10,698-14,217-15,509-18,825-47,256-46,912-56,866-63,359-71,261-77,352-81,764-84,448
Open in Excel: Government Finance Statistics Quarter 2 2013 Table 6 (XLS 25KB)
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Table 7 General Government Gross and Net Debt                   
                      €million
DescriptionESA code2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q2
                       
General Government Debt                   
                       
  Debt instrument liabilities at market value 90,157101,271106,609108,031129,563123,978136,053132,647139,131136,882157,097161,048173,008180,526197,778201,529216,377216,468
  + Difference between face value and market value -669-35-3,635-3,487-5,407-3262,99011,51716,67321,7815,1088,1781,132-295-5,994-9,071-12,321-11,973
                       
Gross General Government Debt (face value) 89,488101,236102,974104,544124,156123,652139,043144,164155,804158,663162,205169,226174,140180,231191,784192,458204,056204,495
By category:                   
 Currency and deposits F29,1699,5239,88710,30711,02911,89612,85013,70714,47214,79115,01015,21615,64616,04116,51317,46518,11118,734
 Securities other than shares, exc. financial derivativesF3376,94788,20789,73091,39199,65795,991101,72996,31791,47189,73189,80988,55083,17586,67392,15589,289123,910119,842
  Short-termF33123,46730,48728,10020,44318,46610,89512,5147,2032,0617287243,7773,4974,0235,0432,5354,9595,562
  Long-termF33253,48057,72061,63070,94881,19285,09689,21589,11489,41189,00389,08584,77379,67882,65087,11286,754118,951114,279
 LoansF43,3713,5063,3562,84513,46915,76524,46434,14049,86054,14057,38665,45975,31977,51883,11585,70462,03565,920
  Short-termF416387246147077734903427356925174385745801,8352,2411,8911,8521,454
  Long-termF422,7332,7822,7432,13812,69615,27424,12233,40549,16853,62356,94864,88674,73975,68380,87483,81360,18364,465
                       
less EDP debt instrument assets 42,81946,19243,79541,86846,75637,42539,75732,77042,78740,88128,18230,95033,30333,77343,75940,47949,38246,879
 By category:                   
 Currency and deposits F233,89133,60931,15329,87034,65427,02829,25618,90730,51932,39016,46318,52520,37720,84730,53324,42130,87324,925
 Securities other than shares, exc. financial derivativesF335,6429,2269,1298,7008,6466,9237,02910,1148,2904,3747,1557,3347,5177,5747,4989,0978,9568,835
  Short-termF331632298539382949494840133001,0461,9901,991
  Long-termF3325,6369,1949,1008,6158,6076,8857,00010,0658,2414,3267,1157,3217,5147,5747,4988,0516,9666,844
 LoansF43,2863,3573,5133,2983,4563,4743,4723,7493,9784,1174,5645,0915,4095,3525,7286,9619,55313,119
  Short-termF410000000001586178851,1161,0871,5002,2934,5307,846
  Long-termF423,2863,3573,5133,2983,4563,4743,4723,7493,9783,9593,9474,2064,2934,2654,2284,6685,0235,273
                       
 Net General Government Debt (face value) 46,66955,04459,17962,67677,40086,22799,286111,394113,017117,782134,023138,276140,837146,458148,025151,979154,674157,616
 By category:                   
 Currency and deposits F2-24,722-24,086-21,266-19,563-23,625-15,132-16,406-5,200-16,047-17,599-1,453-3,309-4,731-4,806-14,020-6,956-12,762-6,191
 Securities other than shares, exc. financial derivativesF3371,30578,98180,60182,69191,01189,06894,70086,20383,18185,35782,65481,21675,65879,09984,65780,192114,954111,007
  Short-termF33123,46130,45528,07120,35818,42710,85712,4857,1542,0126806843,7643,4944,0235,0431,4892,9693,571
  Long-termF33247,84448,52652,53062,33372,58578,21182,21579,04981,17084,67781,97077,45272,16475,07679,61478,703111,985107,435
 LoansF485149-157-45310,01312,29120,99230,39145,88250,02352,82260,36869,91072,16677,38778,74352,48252,801
  Short-termF41638724614707773490342735692359-179-311-536748741-402-2,678-6,392
  Long-termF42-553-575-770-1,1609,24011,80020,65029,65645,19049,66453,00160,68070,44671,41876,64679,14555,16059,192
Open in Excel: Government Finance Statistics Quarter 2 2013 Table 7 (XLS 17KB)
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Table 8 Reconciliation of Exchequer Balance to General Government Deficit                  
                    € million
Description 2009 Q12009 Q22009 Q3 2009 Q42010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q2
                   
Exchequer balance-3,721-10,988-5,449-4,483-3,942-4,946-4,488-5,369-7,066-3,762-9,831-4,259-4,263-5,181-1,691-3,758-3,695-2,898
                   
Deduct cash inflows which do not increase financial net worth-1-1-1-1-1-1-1-380-1-1-1-59-2-2-2-4-1,016-82
Inflows from sale or redemption of financial assets-1-1-1-1-1-1-1-380-1-1-1-59-2-2-2-4-1,016-82
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation000000000000000000
                   
Exclude cash outflows which do not reduce financial net worth000310006502,51704,5302802501,5000559183354
Acquisition of financial assets0001000642004,5302802501,5000532183354
Repayment of promissory notes notional loan principal000000002,517000000000
Redemption of Exchequer liability to Central Bank for notes and coins in circulation00030000900000002700
                   
Impact on financial net worth of Exchequer cash transactions-3,722-10,989-5,449-4,453-3,942-4,947-4,489-5,099-4,550-3,763-5,302-4,038-4,014-3,683-1,692-3,203-4,528-2,626
                   
Adjust for impact of non-cash revenue and disposals of non-financial asset (+)-1,36521415931-1,012-2969792-440-2801021,337-1,007-127-164551-181-168
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts-6091661597-177-3169121233-28049553-311-20269212-123-209
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF)-755480835-83520671-67300709-7710-8714-785-10
Accrual of interest due on contingent capital assets assigned to banks000000000053757575-22575451
Licence sales000000000000000-4507230
Other accrued revenue000000000000000000
                   
Adjust for impact of non-cash expenditure (-)-433654-352206-10,994-1,785-9,540-9,505569430-1,312400247580-1,304-131-3644
Capital transfers to financial institutions financed by promissory notes0000-10,900-2,250-8,580-9,1200000000000
Difference between interest paid and accrued-514598-423110-186373-1,051-461582430-1,312262273612-1,274-57-38644
Difference between Exchequer cash issues and accrued net spending of departments and offices7471689385838268-9-9-9129-44-42-40-4700
Other accrued expenditure7-15438999-4999181010-27350
                   
EDP Net lending (+) / net borrowing (-) of Exchequer-5,520-10,121-5,786-3,316-15,948-6,761-13,961-13,812-4,421-3,613-6,513-2,301-4,774-3,230-3,161-2,783-4,712-2,151
                   
Net lending (+) / net borrowing (-) of extra-budgetary bodies, funds and accounts consolidated with Exchequer541687787503514076-127-45-273371647364-28-125
Bank Guarantee Scheme receipts - special account7697528802970-556313-223-373280-20-12-25-10-16-116
Capital Services Redemption Account442-38-93145578-57753-26-493037-18-502335
Small Savings Reserve Fund0-60-23700000000000000
Other Extra-Budgetary Funds624-1-1160-4810390909080727272-35-45
Health Service Executive373840564140394634353650-26-25-23-900
                   
EDP Net lending (+) / net borrowing (-) of Budgetary Central Government-5,466-9,953-5,709-3,229-15,898-6,409-13,920-13,736-4,548-3,658-6,786-1,930-4,710-3,157-3,155-2,779-4,740-2,276
                   
Net lending (+) / net borrowing (-) of other Central Government bodies3812,9732511,0732311,295501360154229-4,047-732188-191161208171-220
National Pensions Reserve Fund3202,9121891,0111641,228433291162235-4,042-728180-199153200112-279
Non-market State corporations and agencies5454545467676767-1-1-1-1-5-5-5-56060
Voluntary and joint board hospitals6777-1012-7-5-3-21414141400
                   
                   
EDP Net lending (+) / net borrowing (-) of Central Government (S.1311)-5,085-6,980-5,458-2,156-15,667-5,114-13,420-13,375-4,394-3,429-10,832-2,662-4,522-3,348-2,994-2,571-4,569-2,496
                   
EDP Net lending (+) / net borrowing (-) of Social Insurance Fund (S.1311)-415-684-613-771-599-267-803122243-82-19161-48-16174931
                   
EDP Net lending (+) / net borrowing (-) of Local Government (S.1313)687-478-379160386-167-87-2994-7959-107109-111-41-4782-22
                   
EDP Net lending (+) / net borrowing (-) of General Government (S.13) (=GGDeficit)-4,813-8,142-6,450-2,767-15,880-5,548-13,586-13,374-4,078-3,465-10,855-2,960-4,351-3,507-3,051-2,601-4,438-2,487
Open in Excel: Government Finance Statistics Quarter 2 2013 Table 8 (XLS 40KB)
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Background Notes

Introduction

This release contains the quarterly government finance statistics for Ireland. It provides the first set of results for Q 2 2013 .These figures are compiled in accordance with the ESA95 system of accounts, as used in all member states of the European Union.

Changes since Quarter 1 2013 release (published 18 July 2013)

In the July release Government receipts from the sales of mobile phone licences were recorded in Q4 2012, reflecting the fact that the contract was entered into in 2012. CSO subsequently obtained clarification from Eurostat, that as the date of the legal allocation of the licences (as opposed to the contract date) was in the first quarter of 2013, the correct statistical treatment is to record these receipts in 2013.  The effect of this change of treatment is a worsening of the government deficit by €723 million in Q4 2012 with a corresponding improvement to the deficit in Q1 2013. 

All other changes since the July release are the result of routine revisions and updates to data sources

Government Finance Statistics – Concepts and Definitions

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

European GFS, including EDP statistics are produced according to the legally binding accounting rules of the European System of Accounts 1995 (ESA95).  The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA95 in the context of GFS. 

The ESA95 regulation sets out both a methodology for the compilation of National Accounts and a programme of transmission of key economic aggregates which are a subset of the full set of accounts set out in ESA95.  In relation to GFS aggregates of interest include: general government revenue and expenditure, general government surplus/deficit, general government consolidated gross debt, and general government net worth as well as the main components of these measures

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

Detailed statistics on Government revenue, expenditure and financial flows and stock positions are also provided to Eurostat under the ESA95 transmission programme.  For quarterly data the main tables reported are:

Table 2500 Quarterly non-financial accounts for general government,
Table 2700 Quarterly financial accounts for general government
Table 2800 Quarterly government debt.

Total general government expenditure and revenue are defined according to Commission Regulation (EC) No 1500/2000 of 10 July 2000 on general government expenditure and revenue. They comprise specific categories of ESA95.

Definition of general government and its subsectors
The general government sector of the economy, is defined in ESA95, paragraph 2.68: 'All institutional units which are other non-market producers [institutional units whose sales do not cover more than the 50% of the production costs, see ESA95 paragraph 3.26] whose output is intended for individual and collective consumption, and mainly financed by compulsory payments made by units belonging to other sectors, and/or all institutional units principally engaged in the redistribution of national income and wealth'. General government comprises the sub-sectors central government (S.1311), state government (S.1312 - where applicable), local government (S.1313), and social security funds (S.1314).

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


General Government Deficit/Surplus (GGDeficit) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact.  It is the difference between the revenue and the expenditure of the general government sector. The government deficit data related to the EDP (EDP B.9) differs from the deficit according to ESA95 (B.9) in the treatment of interest relating to swaps and forward rate agreements.

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

General Government Debt (GGDebt) 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 GGDebt. 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 GGDebt. 
‘Debt liabilities’ are defined as the ESA categories AF.2 (Currency and deposits), AF.33 (Securities other than shares, excluding financial derivatives), and AF.4 (loans). 
This definition excludes liabilities in derivatives (AF.34), equity liabilities (AF.5), pension and insurance liabilities (AF.6) and accounts payable (AF.7). 
‘Consolidated’ means that any money owed by one entity within General Government to another is excluded from the total GGDebt. 
‘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 GGDebt. In other statistical contexts, ‘nominal value’ means face value plus any interest accrued but not paid; however, such interest is excluded from GGDebt by definition.

General Government Net Worth is calculated as the value of the non-financial assets of General Government plus financial net worth of General Government (financial net worth equals the difference between the financial assets and liabilities of the sector). The net worth figures presented in this release are shown at market value.

ESA95 codes as given in the tables of this release and an explanation of each code are shown below for the main components of Government revenue and expenditure as well as for types of financial flows. More detailed codes and technical definitions can be seen in the ESA95 manual available at http://circa.europa.eu/irc/dsis/nfaccount/info/data/esa95/en/esa95en.htm. 

Main Components of General Government Expenditure and Revenue
P.2      Intermediate consumption – value of goods and services used in the process of production, excluding
           fixed assets
P.5      Gross capital formation
           P.51 Gross fixed capital formation - acquisitions, less disposals, of fixed assets during a given period
           plus certain additions to the value of non-produced assets realised by productive activity. Fixed assets
           are tangible or intangible assets produced as outputs from processes of production that are
           themselves used repeatedly, or continuously, in processes of production for more than one year
           P.52 Changes in inventories
           P.53 Acquisitions less disposals of valuables
D.1      Compensation of employees – the total remuneration of government employees
           D.11    Wages and salaries, in cash and in kind
           D.12    Employers social contributions – actual (D.121) and imputed (D.122)
D.29    Other taxes on production (payable) all taxes that enterprises incur as a result of engaging in
           production, independently of the quantity or value of the goods and services produced or sold. These
           include taxes on use or ownership of land or buildings, taxes on use of fixed assets, taxes on total
           wage bill and payroll, taxes on international transactions related to production.
D.3      Subsidies (payable) - current unrequited payments which general government or the Institutions of
           the European Union make to resident  producers, with the objective of influencing their levels of 
           production, their prices or the remuneration of the factors of production
D.4      Property income (payable) - the income receivable by the owner of a financial asset or a tangible
           non-produced asset in return for providing funds to, or putting the tangible non-produced asset at
           the disposal of, another unit
           D.41    Interest (payable) - excludes settlements under swaps and forward rate arrangements,
           as these are treated as financial transactions in the ESA95
D.5      Current taxes on income, wealth, etc, (payable)  - all compulsory, unrequited payments, in cash or in
           kind, levied periodically by general government and by the rest of the world on the income and wealth
           of units in the economy, and some periodic taxes which are assessed neither on income nor wealth
D.6      Social contributions - transfers to households, in cash or in kind, intended to relieve them from the
           financial burden of a number of risks or needs, made through collectively organised schemes, or
           outside such schemes by government and non-profit institutions. These include payments from
           general government to producers which individually benefit households and which are made in the
           context of social risks or needs
           D.62    Social benefits in cash - social benefits and pensions paid in cash;
           D.631  Social transfers in kind, via market producers - can be subdivided into those where beneficiary
           households actually purchase the goods and services themselves and are then reimbursed, and those
           where the relevant services are provided directly to the beneficiaries
D.7      Other current transfers
D.9      Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the
           parties to the transaction.
K.1      Consumption of fixed capital - the amount of fixed assets used up, during the period under
           consideration, as a result of normal wear and tear and foreseeable obsolescence, including a provision
           for losses of fixed assets as a result of accidental damage which can be insured against.

           Categories of Financial Flows

F.1      Monetary gold and special drawing rights (SDRs)
           F.11 Monetary gold
           F.12 Special drawing rights (SDRs)
F.2      Currency and deposits
           F.21 Currency
           F.22 Transferable deposits
           F.29 Other deposits
F.3      Securities other than shares
           F.33 Securities other than shares, excluding financial derivatives 
           (F.331 - Short-term, F.332 - Long-term)
           F.34 Financial derivatives
F.4      Loans
           F.41 - Short-term, F.42 - Long-term
F.5      Shares and other equity
           F.51 Shares and other equity, excluding mutual funds shares (F.511 - Quoted shares,
           F.512 - Unquoted shares, F.513 - Other equity )
           F.52 Mutual funds shares
F.6      Insurance technical reserves

           F.61 Net equity of households in life insurance reserves and in pension funds reserves
           (F.611 - Net equity of households in life insurance reserves, F.612 - Net equity of households
           in pension funds reserves,
           F.62 - Prepayments of insurance premiums and reserves for outstanding claims

F.7      Other accounts receivable/payable
           F.71 Trade credits and advances
           F.79 Other

 

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