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E-mail: gfs@cso.ie Rod O'Mahony (+353) 1 498 4304 Máire O'Mahony (+353) 1 498 4308

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information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-6178

CSO statistical release, 14 October 2014, 11am

Government Finance Statistics Quarterly Results

Quarter 2 2014

	General Government Deficit, Gross Debt and Net Debt Q2 2014
	General Government Surplus/Deficit		General Government Gross Debt		General Government Net Debt
	€m	% quarterly GDP	€m	% annualised GDP	€m	% annualised GDP
2013 Q1	-3,289	-7.8	218,358	125.7	154,500	88.9
2013 Q2	-1,876	-4.4	218,678	125.2	157,669	90.3
2013 Q3	-2,854	-6.4	218,543	124.2	157,706	89.6
2013 Q4	-1,947	-4.4	215,550	123.3	160,962	92.1
2014 Q1	-3,082	-7.0	215,077	121.9	161,114	91.4
2014 Q2	-1,776	-3.8	209,702	116.7	162,937	90.7

Government Deficit of 3.8% of quarterly GDP in Q2 2014

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Government Deficit of 3.8% of quarterly GDP in Q2 2014

Ireland’s General Government Deficit (GG Deficit) amounted to €1,776 million in the second quarter of 2014 representing 3.8% of quarterly GDP. In the corresponding quarter of 2013, the deficit amounted to €1,876 million or 4.4% of quarterly GDP.

Ireland’s GG Deficit showed substantial variation during the quarters of 2010 and 2011, ranging from more than 42% of Q4 2010 GDP to 6.8% of Q4 2011 GDP, its lowest point in the period (see Figure 1 and Table 1). Since Q2 2012, the quarterly GG Deficit series has stabilised and shows reducing deficits.

Government revenue for Q2 2014 at €16,049 million was higher by €760 million than Q2 2013 revenue of €15,289 million, mainly due to increased revenue from taxes and social contributions. Government expenditure of €17,825 million in Q2 2014 reflected an increase of €660 million compared to Q2 2013 expenditure of €17,165, with reduced pay costs and depreciation offsetting increases in other expenditure categories (Table 1).

Ireland’s General Government Deficit amounted to €4,858 million for the first half of 2014, representing 5.4% of half-year GDP. The 2013 half-year deficit position was €5,165 million, or 6.1% of half-year GDP.

Government Debt at 116.7% of GDP at end Q2 2014

Ireland’s General Government Gross Debt (GG Debt) stood at €209,702 million or 116.7% of annualised GDP at the end of Q2 2014, compared to a level of €215,077 million or 121.9% of GDP at the end of Q1 2014.

General Government Net Debt amounted to €162,937 billion in Q2 2014, or 90.7% of GDP compared to €161,114 billion or 91.4% of GDP in Q1 2014 (Table 2).

The results in this release are presented under the new ESA 2010 standards. See box below and Background Notes for further information.

National accounts are compiled in the EU according to the European System of National and Regional Accounts (ESA) framework. In 2014, the new ESA 2010 framework replaced the previous ESA 95 version and all EU member states were required to adopt ESA 2010 by September 2014. Quarterly Government Finance Statistics were published for the first time according to the new standard in July of this year. Details of the main changes to government deficit and debt and their components due to the new standards are set out in the background notes to this release. The revised GDP figures under ESA 2010 also have an effect on the deficit and debt to GDP ratios when compared with the equivalent measures under ESA 95.

This release is subject to the normal verification process of the Excessive Deficit Procedure by Eurostat until October 21^st 2014, and should therefore be regarded as provisional.

	GG Gross Debt	GG Net Debt
Q2 2010	74.8	52.1
Q3 2010	83.8	59.8
Q4 2010	87.4	67.5
Q1 2011	94.4	68.3
Q2 2011	95.3	70.7
Q3 2011	112	77.4
Q4 2011	111.1	79.1
Q1 2012	113.4	81
Q2 2012	117.5	85.4
Q3 2012	123.6	86.4
Q4 2012	121.7	87.9
Q1 2013	125.7	88.9
Q2 2013	125.2	90.3
Q3 2013	124.2	89.6
Q4 2013	123.3	92.1
Q1 2014	121.9	91.4
Q2 2014	116.7	90.7

Show Table 1 General Government Transactions: Revenue, Expenditure, Financing and Deficit Q1 2010 to Q2 2014

Table 1 General Government transactions: revenue, expenditure, financing and deficit
																						€million
Description				ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2

General Government transactions

	Revenue			TR	12,716	13,315	13,015	16,440	13,115	13,515	14,139	16,550	13,528	14,486	14,582	16,487	13,857	15,289	14,806	16,884	14,660	16,049
		Taxes and social contributions		D2 + D5 + D91 + D61	11,211	11,124	11,496	13,741	11,520	11,034	12,317	14,101	11,892	11,668	12,650	14,506	12,298	12,300	13,223	14,969	13,211	13,280
			Taxes	D2 + D5 + D91	8,721	8,769	9,364	11,235	8,885	8,598	9,945	11,572	9,599	9,269	10,322	11,874	9,757	9,786	10,738	12,208	10,445	10,651
			Social contributions	D61	2,491	2,356	2,132	2,507	2,635	2,437	2,372	2,528	2,293	2,399	2,327	2,632	2,542	2,514	2,485	2,761	2,766	2,628
		Sales of goods and services		P1O	1,097	936	1,061	2,190	1,136	1,260	1,252	1,515	1,051	1,141	1,237	1,497	1,012	1,167	1,101	1,181	858	1,008
		Investment income		D4	270	1,115	337	389	263	1,134	489	559	461	1,587	594	381	458	1,746	405	533	505	1,686
		Current transfer revenue (excluding taxes)		D7	79	37	36	36	44	27	22	33	37	26	22	42	37	31	27	47	37	31
		Capital transfer revenue (excluding taxes)		D9N	59	102	86	84	152	60	59	343	88	63	79	60	51	45	51	154	49	43

	Expenditure			TE	29,265	19,507	26,736	33,446	17,389	16,942	25,082	19,496	17,989	18,181	17,768	19,046	17,147	17,165	17,661	18,832	17,742	17,825
		Expense		Expense	28,851	19,296	26,368	32,068	17,369	17,049	24,968	18,494	17,723	18,004	18,347	18,637	17,455	17,518	18,116	18,391	17,357	17,561
			Compensation of employees	D1	4,829	4,636	4,764	5,064	4,876	4,682	4,749	4,868	4,920	4,647	4,683	4,656	4,848	4,747	4,559	4,498	4,698	4,601
			Use of goods and services plus taxes payable	P2 + D5 + D29	2,128	1,950	1,890	3,114	1,933	2,243	2,205	2,322	1,853	2,044	2,185	2,342	1,723	2,005	2,143	2,401	1,690	2,121
			Depreciation (Consumption of fixed capital)	P51c	769	769	769	769	752	752	801	801	788	788	788	788	768	768	768	768	729	729
			Interest (excluding FISIM)	D41	1,163	1,090	1,588	1,079	1,191	1,267	1,822	1,608	1,637	1,735	1,899	1,886	1,957	1,885	1,925	1,891	1,864	1,909
			Subsidies	D3	431	386	420	552	363	358	385	478	327	346	368	506	321	339	361	487	312	329
			Social benefits	D62 + D631	6,932	7,253	7,229	7,359	6,979	7,093	7,341	7,382	7,045	7,282	7,540	7,539	6,806	7,017	7,334	7,446	6,962	7,054
			Other current transfers	D7	890	546	570	514	771	418	562	678	853	543	561	494	768	552	781	616	818	568
			Capital transfers	D9	11,708	2,666	9,138	13,617	505	237	7,103	357	300	617	323	426	265	205	246	284	283	251

	Net operating balance			NOB	-16,135	-5,982	-13,353	-15,628	-4,254	-3,534	-10,829	-1,944	-4,194	-3,518	-3,766	-2,150	-3,598	-2,229	-3,309	-1,507	-2,697	-1,512

		Net acquisition of non-financial assets		P5 + NP - P51c	413	210	368	1,378	20	-108	114	1,002	267	177	-580	408	-309	-353	-455	441	385	264

	General Government Surplus/Deficit			B9	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,289	-1,876	-2,854	-1,947	-3,082	-1,776
	equals
		Net acquisition of financial assets		ΔFA	4,598	-7,122	3,028	-12,003	8,345	-1,882	-341	-2,046	1,406	348	7,915	-3,959	6,051	-2,627	-1,391	-7,083	-2,236	-6,614
			Debt instruments	F2 + F3 + F4	4,584	-9,352	2,310	-6,477	11,212	-1,644	-6,883	-2,407	1,462	-502	8,498	-5,058	6,654	-2,639	-348	-7,600	-506	-6,756
			Equity and Investment Fund Shares	F5	604	2,129	698	-5,819	-3,791	788	7,441	-737	-50	1,389	5	483	27	476	-1,297	-543	-1,194	313
			Other financial assets	F6 + F7 + F8	-590	101	20	293	924	-1,026	-899	1,098	-6	-539	-588	616	-630	-464	254	1,060	-536	-171
	less
		Net incurrence of liabilities		ΔL	21,146	-930	16,749	5,003	12,619	1,544	10,602	899	5,867	4,043	11,101	-1,400	9,340	-751	1,463	-5,136	846	-4,838
			Debt instruments	F2 + F3 + F4	20,142	-1,456	16,793	5,373	11,404	1,801	10,742	1,801	4,761	4,411	11,436	-1,311	10,025	-652	1,102	-4,768	347	-4,565
			Other liabilities	F5 + F6 + F7 + F8	1,004	526	-44	-370	1,215	-257	-140	-902	1,106	-368	-335	-89	-685	-99	361	-368	499	-273

		Memo: Net derivative flows on debt interest swap contracts			3	3	3	3	-33	-33	-33	-33	-49	-54	-55	-63	-80	-58	-58	-77	-69	-68

General Government Surplus/Deficit (% of quarterly GDP)					-40.3	-14.8	-32.7	-42.4	-10.5	-7.9	-25.3	-6.8	-10.8	-8.8	-7.3	-5.6	-7.8	-4.4	-6.4	-4.4	-7.0	-3.8

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Show Table 2 General Government: Net Worth, Gross and Net Debt Q1 2010 to Q2 2014

Table 2 General Government Net Worth, Gross and Net Debt
																							€million
Description					ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2
General Government net worth
	Net worth at market value, excluding pension liabilities				NW	28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,069	-44,336	-50,344	-53,459	-55,955	-59,738	-57,601	-60,795	-67,173
	equals
		Non-financial assets at market value			NFA	87,205	85,832	84,617	84,412	84,332	84,126	84,141	85,043	85,745	86,358	86,214	87,058	87,297	87,492	87,586	88,575	88,960	89,224
	plus
		Financial net worth at market value, excluding pension liabilities			FNW	-58,497	-62,120	-71,303	-78,826	-75,835	-76,306	-102,429	-104,681	-115,886	-123,427	-130,550	-137,402	-140,756	-143,447	-147,324	-146,176	-149,755	-156,397
		equals
			Financial assets at market value		FA	78,977	70,279	73,203	61,676	72,600	69,614	92,555	88,138	89,085	87,882	96,162	92,078	98,490	95,269	93,690	93,731	94,039	86,198
				EDP debt instruments	F2 + F3 + F4	46,821	37,538	39,870	32,874	42,890	40,987	58,058	54,874	55,619	54,572	63,167	58,445	63,859	61,009	60,837	54,603	53,961	46,766
				Equity and Investment Fund Shares	F5	23,394	24,207	25,020	20,130	20,106	20,010	24,689	22,975	23,465	23,714	23,906	24,601	26,498	26,685	24,810	29,865	31,454	31,416
				Other financial assets	F6 + F7 + F8	8,762	8,534	8,313	8,672	9,604	8,617	9,808	10,289	10,001	9,596	9,089	9,032	8,133	7,575	8,043	9,263	8,624	8,016
		less
			Liabilities at market value		L	137,474	132,399	144,506	140,502	148,435	145,920	194,984	192,819	204,971	211,309	226,712	229,480	239,246	238,716	241,014	239,907	243,794	242,595
				EDP debt instruments	F2 + F3 + F4	130,042	124,446	136,509	132,934	139,635	137,374	183,530	182,260	193,798	200,711	216,247	218,855	230,611	230,573	232,430	231,798	234,995	233,834
				Other liabilities	F5 + F6 + F7 + F8	7,432	7,953	7,997	7,568	8,800	8,546	11,454	10,559	11,173	10,598	10,465	10,625	8,635	8,143	8,584	8,109	8,799	8,761

	Memo: Estimated pension liabilities of government					116,000	116,000	116,000	116,000	116,000	116,000	116,000	116,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000

	Memo: Net worth, including pension liabilities					-87,292	-92,288	-102,686	-110,414	-107,503	-108,180	-134,288	-135,638	-128,141	-135,069	-142,336	-148,344	-151,459	-153,955	-157,738	-155,601	-158,795	-165,173

		Contingent liabilities				163,376	163,376	163,376	163,376	148,537	148,537	148,537	148,537	120,606	120,606	120,606	120,606	61,427	61,427	61,427	61,427	61,709	61,709

	Memo: Net worth, including pension liabilities and contingent liabilities					-250,668	-255,664	-266,062	-273,791	-256,039	-256,717	-282,825	-284,174	-248,747	-255,675	-262,942	-268,950	-212,885	-215,381	-219,165	-217,028	-220,503	-226,882
General Government: changes in net worth
	Opening net worth					46,298	28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,069	-44,336	-50,344	-53,459	-55,955	-59,738	-57,601	-60,795

	Change in net worth due to transactions					-16,135	-5,982	-13,353	-15,628	-4,254	-3,534	-10,829	-1,944	-4,194	-3,518	-3,766	-2,150	-3,598	-2,229	-3,309	-1,507	-2,697	-1,512
		Net acquisition of non-financial assets			P5 + NP - P51c	413	210	368	1,378	20	-108	114	1,002	267	177	-580	408	-309	-353	-455	441	385	264
		Net lending/net borrowing			B9	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,289	-1,876	-2,854	-1,947	-3,082	-1,776

	Change in net worth due to other economic flows				Kx	-1,455	986	2,955	7,900	7,166	2,856	-15,279	594	-6,308	-3,410	-3,502	-3,858	484	-267	-474	3,644	-497	-4,866
		Other changes in non-financial assets				-1,583	-1,583	-1,583	-1,583	-99	-99	-99	-99	435	435	435	435	548	548	548	548	0	0
		Other changes in financial assets				1,690	-1,576	-104	476	2,579	-1,104	23,282	-2,371	-459	-1,551	365	-125	361	-594	-188	7,124	2,544	-1,227
		Other changes in liabilities				-1,562	4,145	4,642	9,007	4,686	4,059	-38,462	3,064	-6,285	-2,295	-4,302	-4,168	-426	-221	-835	-4,029	-3,041	-3,639

Closing net worth						28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,069	-44,336	-50,344	-53,459	-55,955	-59,738	-57,601	-60,795	-67,173

General Government Debt (GGDebt)
		Debt instrument liabilities at market value			F2 + F3 + F4	130,042	124,446	136,509	132,934	139,635	137,374	183,530	182,260	193,798	200,711	216,247	218,855	230,611	230,573	232,430	231,798	234,995	233,834
		+ Difference between EDP face value and market value				-5,886	-794	2,534	11,229	15,842	21,287	4,354	7,851	686	-884	-5,912	-8,629	-12,253	-11,895	-13,887	-16,248	-19,918	-24,132

	Gross General Government Debt (EDP face value)				GGDebt	124,156	123,652	139,043	144,163	155,477	158,661	187,884	190,111	194,484	199,827	210,335	210,226	218,358	218,678	218,543	215,550	215,077	209,702

		less EDP debt instrument assets			F2 + F3 + F4	-46,821	-37,538	-39,870	-32,874	-42,891	-40,987	-58,058	-54,876	-55,618	-54,573	-63,167	-58,445	-63,858	-61,009	-60,837	-54,588	-53,963	-46,765
	Net General Government Debt				GGNetDebt	77,335	86,114	99,173	111,289	112,586	117,674	129,826	135,235	138,866	145,254	147,168	151,781	154,500	157,669	157,706	160,962	161,114	162,937

Closing Net Worth (% of annualised GDP)						17.3	14.3	8	3.4	5.2	4.7	-10.9	-11.5	-17.6	-21.8	-26	-29.1	-30.8	-32	-34.0	-33.0	-34.5	-37.4
Gross General Government Debt (% of annualised GDP)						74.6	74.8	83.8	87.4	94.4	95.3	112	111.1	113.4	117.5	123.6	121.7	125.7	125.2	124.2	123.3	121.9	116.7
Net General Government Debt (% of annualised GDP)						46.5	52.1	59.8	67.5	68.3	70.7	77.4	79.1	81	85.4	86.4	87.9	88.9	90.3	89.6	92.1	91.4	90.7

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Show Table 3 General Government: Detailed classification of revenue Q1 2010 to Q2 2014

Table 3 General Government: detailed classification of revenue and output
																							€million
Description					ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2

Total Revenue					TR	12,716	13,315	13,015	16,440	13,115	13,515	14,139	16,550	13,528	14,486	14,582	16,487	13,857	15,289	14,806	16,884	14,660	16,049
	Taxes and social contributions					11,211	11,124	11,496	13,741	11,520	11,034	12,317	14,101	11,892	11,668	12,650	14,506	12,298	12,300	13,223	14,969	13,211	13,280
		Taxes			D2 + D5 + D91	8,721	8,769	9,364	11,235	8,885	8,598	9,945	11,572	9,599	9,269	10,322	11,874	9,757	9,786	10,738	12,208	10,445	10,651
			Indirect taxes (taxes on production and imports)		D2	4,701	3,748	5,327	4,183	4,771	3,613	5,017	4,197	4,858	3,748	5,393	4,188	5,031	3,951	5,580	4,457	5,449	4,499
				Taxes on products	D21	4,223	3,273	4,857	3,723	4,290	3,135	4,544	3,730	4,328	3,222	4,871	3,671	4,533	3,330	5,010	3,848	4,695	3,874
				of which Value-Added Tax	D211	2,933	1,868	3,147	2,120	2,966	1,748	2,931	2,110	3,050	1,860	3,149	2,161	3,025	1,812	3,434	2,100	3,201	2,165
				Other taxes on production	D29	478	475	471	460	482	478	473	467	530	526	522	518	497	621	571	609	754	626
			Direct taxes		D5	3,966	4,944	4,005	6,978	4,092	4,960	4,838	7,271	4,720	5,495	4,887	7,493	4,705	5,809	5,121	7,557	4,966	6,116
				Taxes on income, profits and capital gains	D51	3,703	4,690	3,764	6,770	3,835	4,715	4,148	7,055	4,457	5,244	4,172	7,259	4,443	5,546	4,339	7,286	4,682	5,842
				Other current direct taxes	D59	263	255	240	208	257	245	689	216	263	251	715	234	262	264	781	271	285	274
			Capital taxes		D91	54	76	32	74	23	25	90	105	21	26	42	193	21	26	37	195	29	36
		Social contributions			D61	2,491	2,356	2,132	2,507	2,635	2,437	2,372	2,528	2,293	2,399	2,327	2,632	2,542	2,514	2,485	2,761	2,766	2,628
			Actual social contributions		D611 + D613	1,890	1,755	1,532	1,906	2,055	1,857	1,792	1,948	1,676	1,783	1,711	2,016	1,888	1,860	1,831	2,107	2,112	1,975
			Employers' imputed social contributions		D612	600	600	600	600	580	580	580	580	616	616	616	616	654	654	654	654	654	654
	Sales of goods and services				P1O	1,097	936	1,061	2,190	1,136	1,260	1,252	1,515	1,051	1,141	1,237	1,497	1,012	1,167	1,101	1,181	858	1,008
		Sales of market establishments (= market output)			P11	219	219	219	219	226	226	226	226	242	242	242	242	258	258	258	258	258	258
		Imputed sales related to production of own-use capital assets (= output for own final use)			P12	14	14	14	14	14	14	14	14	9	9	9	9	8	8	8	8	8	8
		Incidental sales and fees of non-market establishments			P131	864	703	827	1,956	895	1,019	1,011	1,274	799	890	985	1,246	746	901	834	915	592	742
	Investment income				D4	270	1,115	337	389	263	1,134	489	559	461	1,587	594	381	458	1,746	405	533	505	1,686
		Interest (excluding FISIM)			D41	214	193	217	226	250	270	462	378	369	454	408	358	400	318	327	320	313	279
		Dividends			D42	56	922	120	162	12	863	26	180	91	1,132	185	22	58	1,426	76	212	191	1,407
	Current transfer revenue				D39 + D7	79	37	36	36	44	27	22	33	37	26	22	42	37	31	27	47	37	31
		Subsidies			D39	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
		Other current transfers			D7	79	37	36	36	44	27	22	33	37	26	22	42	37	31	27	47	37	31
			Non-life insurance claims		D72	4	4	4	4	3	3	3	3	4	4	4	4	3	3	3	3	3	3
			Other Domestic - Current		D7N_S1	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18
			From Rest of World - Current		D7N_S2	57	15	14	14	22	6	1	11	16	5	1	21	16	10	6	26	16	10
	Capital transfer revenue				D9N	59	102	86	84	152	60	59	343	88	63	79	60	51	45	51	154	49	43

Output					P1	7,794	7,422	7,490	9,015	7,633	7,750	7,827	8,064	7,652	7,571	7,747	7,878	7,444	7,626	7,575	7,772	7,223	7,556
	Market output (sales of market establishments)				P11	219	219	219	219	226	226	226	226	242	242	242	242	258	258	258	258	258	258
	Output for own final use				P12	14	14	14	14	14	14	14	14	9	9	9	9	8	8	8	8	8	8
	Non-market output				P13	7,560	7,188	7,257	8,781	7,392	7,509	7,586	7,823	7,401	7,319	7,496	7,626	7,178	7,359	7,309	7,506	6,957	7,290
		= Non-market compensation of employees			D1_nonmarket	4,815	4,621	4,749	5,049	4,861	4,667	4,734	4,854	4,911	4,638	4,674	4,647	4,839	4,739	4,551	4,490	4,690	4,592
			= Total compensation of employees		D1	4,829	4,636	4,764	5,064	4,876	4,682	4,749	4,868	4,920	4,647	4,683	4,656	4,848	4,747	4,559	4,498	4,698	4,601
			- Compensation of employees of market establishments		D1_market
			- Compensation related to production of own-use capital assets		D1_own-use	-14	-14	-14	-14	-14	-14	-14	-14	-9	-9	-9	-9	-8	-8	-8	-8	-8	-8
		+ Non-market intermediate consumption			P2_nonmarket	2,072	1,894	1,834	3,058	1,876	2,186	2,148	2,265	1,800	1,991	2,131	2,289	1,670	1,952	2,090	2,348	1,637	2,068
			= Total intermediate consumption		P2	2,128	1,949	1,890	3,114	1,932	2,242	2,204	2,322	1,853	2,044	2,185	2,342	1,723	2,005	2,143	2,401	1,690	2,121
			- Intermediate consumption of market establishments		P2_market	-56	-56	-56	-56	-57	-57	-57	-57	-53	-53	-53	-53	-53	-53	-53	-53	-53	-53
			- Intermediate consumption related to production of own-use capital assets		P2_own-use
		+ Non-market consumption of fixed capital			P51c_nonmarket	673	673	673	673	656	656	704	704	690	690	690	690	668	668	668	668	630	630
			= Total consumption of fixed capital		P51c_nonmarket	769	769	769	769	752	752	801	801	788	788	788	788	768	768	768	768	729	729
			- Consumption of fixed capital by market establishments		P51c_market	-96	-96	-96	-96	-96	-96	-96	-96	-97	-97	-97	-97	-99	-99	-99	-99	-99	-99
			- Consumption of fixed capital related to production of own-use capital assets		P51c_own-use
		+ Other taxes on production, payable			D29_pay	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
		- Other subsidies on production, receivable			D39_rec	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

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Show Table 4 General Government: Detailed classification of expenditure Q1 2010 to Q2 2014

Table 4 General Government: detailed classification of expenditure and consumption
																							€million
Description					ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2

Total Expenditure					TE	29,265	19,507	26,736	33,446	17,389	16,942	25,082	19,496	17,989	18,181	17,768	19,046	17,147	17,165	17,661	18,832	17,742	17,825

	Expense					28,851	19,296	26,368	32,068	17,369	17,049	24,968	18,494	17,723	18,004	18,347	18,637	17,455	17,518	18,116	18,391	17,357	17,561
		Compensation of employees			D1	4,829	4,636	4,764	5,064	4,876	4,682	4,749	4,868	4,920	4,647	4,683	4,656	4,848	4,747	4,559	4,498	4,698	4,601
			Of which: Related to production of own-use capital assets			14	14	14	14	14	14	14	14	9	9	9	9	8	8	8	8	8	8
		Use of goods and services plus taxes payable			P2 + D5 + D29	2,128	1,950	1,890	3,114	1,933	2,243	2,205	2,322	1,853	2,044	2,185	2,342	1,723	2,005	2,143	2,401	1,690	2,121
			Use of goods and services [Intermediate consumption]		P2	2,128	1,949	1,890	3,114	1,932	2,242	2,204	2,322	1,853	2,044	2,185	2,342	1,723	2,005	2,143	2,401	1,690	2,121
				Of which: Intermediate consumption of market establishments		56	56	56	56	57	57	57	57	53	53	53	53	53	53	53	53	53	53
			Taxes, payable		D5	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
		Depreciation (Consumption of fixed capital)			P51c	769	769	769	769	752	752	801	801	788	788	788	788	768	768	768	768	729	729
				Of which: Depreciation by market establishments		96	96	96	96	96	96	96	96	97	97	97	97	99	99	99	99	99	99
		Interest (excluding FISIM)			D41	1,163	1,090	1,588	1,079	1,191	1,267	1,822	1,608	1,637	1,735	1,899	1,886	1,957	1,885	1,925	1,891	1,864	1,909
		Subsidies			D3	431	386	420	552	363	358	385	478	327	346	368	506	321	339	361	487	312	329
			Product subsidies		D31	270	220	285	308	239	246	274	301	219	240	261	315	218	237	258	247	212	230
			Other subsidies on production		D39	161	166	135	244	124	113	111	176	108	107	108	192	103	102	103	241	100	99
		Social benefits			D62 + D631	6,932	7,253	7,229	7,359	6,979	7,093	7,341	7,382	7,045	7,282	7,540	7,539	6,806	7,017	7,334	7,446	6,962	7,054
			Social benefits in cash		D62	6,108	6,126	5,735	6,344	6,153	5,974	5,844	6,355	6,158	6,076	5,893	6,543	6,008	5,828	5,751	6,421	5,814	5,756
			Social benefits in kind (via market producers)		D631	824	1,127	1,494	1,015	826	1,119	1,497	1,027	887	1,207	1,647	996	797	1,189	1,583	1,025	1,148	1,298
		Other current transfers			D7	890	546	570	514	771	418	562	678	853	543	561	494	768	552	781	616	818	568
			Net non-life insurance premiums		D71	18	18	18	18	18	18	18	18	23	23	23	23	23	23	23	23	23	23
			Current international cooperation		D74	158	144	144	101	135	70	122	220	102	137	187	120	88	117	160	103	85	113
			Miscellaneous current transfers		D75	249	193	111	180	165	140	152	202	246	148	117	115	123	113	297	110	124	115
			VAT and GNI based EU budget contribution		D76	465	191	296	215	453	190	269	238	482	237	234	237	535	300	301	381	586	317
				VAT-based EU own resources	D761	76	29	47	42	71	30	48	44	81	39	40	32	78	47	47	23	82	47
				GNI-based EU own resources	D762	389	163	249	173	381	160	221	194	402	198	194	205	457	253	254	358	505	269
		Capital transfers			D9	11,708	2,666	9,138	13,617	505	237	7,103	357	300	617	323	426	265	205	246	284	283	251
			Investment grants		D92	491	99	558	154	498	124	102	357	300	337	323	426	265	205	246	284	283	251
			Other capital transfers		D99	11,217	2,567	8,580	13,463	7	113	7,001	0	0	280	0	0	0	0	0	0	0	0

	Net acquisition of non-financial assets				P5 + NP - P51c	413	210	368	1,378	20	-108	114	1,002	267	177	-580	408	-309	-353	-455	441	385	264
		= Gross investment in non-financial assets			P5 + NP	1,183	979	1,137	2,147	772	644	914	1,802	1,054	965	208	1,196	459	414	313	1,208	1,114	993
			Gross fixed capital formation		P51	1,203	999	1,157	2,167	744	616	887	1,774	1,034	944	187	1,175	1,161	394	292	1,187	1,114	993
			Net acquisition of stocks		P52	-20	-20	-20	-20	28	28	28	28	21	21	21	21	21	21	21	21	0	0
			Net acquisition of unproduced assets		NP	0	0	0	0	0	0	0	0	0	0	0	0	-723	0	0	0	0	0
		- Consumption of fixed capital			P51c	-769	-769	-769	-769	-752	-752	-801	-801	-788	-788	-788	-788	-768	-768	-768	-768	-729	-729

Net expenditure on current goods and services					P3 excl. D631	6,697	6,486	6,430	6,825	6,497	6,489	6,575	6,549	6,602	6,430	6,511	6,380	6,431	6,459	6,475	6,591	6,365	6,548
	= Output				P1	7,794	7,422	7,490	9,015	7,633	7,750	7,827	8,064	7,652	7,571	7,747	7,878	7,444	7,626	7,575	7,772	7,223	7,556
	- Sales of goods and services				P11+P12+P131	-1,097	-936	-1,061	-2,190	-1,136	-1,260	-1,252	-1,515	-1,051	-1,141	-1,237	-1,497	-1,012	-1,167	-1,101	-1,181	-858	-1,008
			Market output (sales of market establishments)		P11	-219	-219	-219	-219	-226	-226	-226	-226	-242	-242	-242	-242	-258	-258	-258	-258	-258	-258
			Output for own final use		P12	-14	-14	-14	-14	-14	-14	-14	-14	-9	-9	-9	-9	-8	-8	-8	-8	-8	-8
			Incidental sales and fees of non-market establishments		P131	-864	-703	-827	-1,956	-895	-1,019	-1,011	-1,274	-799	-890	-985	-1,246	-746	-901	-834	-915	-592	-742

Final consumption expenditure					P3	7,520	7,613	7,924	7,840	7,324	7,608	8,072	7,576	7,489	7,636	8,157	7,376	7,229	7,648	8,058	7,616	7,513	7,846
	= Net expenditure on current goods and services				P3 excl. D631	6,697	6,486	6,430	6,825	6,497	6,489	6,575	6,549	6,602	6,430	6,511	6,380	6,431	6,459	6,475	6,591	6,365	6,548
	+ Social transfers in kind via market producers				D631	824	1,127	1,494	1,015	826	1,119	1,497	1,027	887	1,207	1,647	996	797	1,189	1,583	1,025	1,148	1,298
made up of
	Individual consumption (= social transfers in kind)				P31 (= D63)	5,185	5,246	5,596	5,291	5,068	5,273	5,680	5,001	5,075	5,182	5,712	4,906	4,839	5,248	5,652	5,167	5,148	5,413
		Social transfers in kind (via market producers)			D631	824	1,127	1,494	1,015	826	1,119	1,497	1,027	887	1,207	1,647	996	797	1,189	1,583	1,025	1,148	1,298
		Social transfers in kind (provided directly by government)			D632	4,361	4,119	4,102	4,276	4,242	4,154	4,183	3,974	4,187	3,975	4,065	3,910	4,042	4,059	4,069	4,142	4,000	4,115
	Collective consumption (= actual final consumption of government)				P32	2,335	2,367	2,328	2,548	2,256	2,335	2,393	2,576	2,414	2,454	2,445	2,470	2,390	2,400	2,406	2,449	2,365	2,433

Total social transfers					D62 + D63	11,293	11,372	11,331	11,635	11,221	11,248	11,524	11,356	11,233	11,258	11,605	11,449	10,847	11,076	11,403	11,588	10,962	11,169
	Social benefits in cash				D62	6,108	6,126	5,735	6,344	6,153	5,974	5,844	6,355	6,158	6,076	5,893	6,543	6,008	5,828	5,751	6,421	5,814	5,756
	Social transfers in kind (= individual consumption)				D63	5,185	5,246	5,596	5,291	5,068	5,273	5,680	5,001	5,075	5,182	5,712	4,906	4,839	5,248	5,652	5,167	5,148	5,413

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Show Table 5 General Government financial transactions Q1 2010 to Q2 2014

Table 5 General Government financial transactions
																								€million
							2010 Q1	2010 Q2	2010 Q3	2010 Q4	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2
Description						ESA2010 code
	Net lending (+) / net borrowing (-)					B.9	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,289	-1,876	-2,854	-1,947	-3,082	-1,776
	equals
		Net acquisition of financial assets				ΔA	4,598	-7,122	3,028	-12,003	8,345	-1,882	-341	-2,046	1,406	348	7,915	-3,959	6,051	-2,627	-1,391	-7,083	-2,236	-6,614
			EDP debt instruments			F2 + F3 + F4	4,584	-9,352	2,310	-6,477	11,212	-1,644	-6,883	-2,407	1,462	-502	8,498	-5,058	6,654	-2,639	-348	-7,600	-506	-6,756
				Currency and deposits		F2	4,551	-7,582	2,198	-10,388	11,615	1,873	-16,146	2,356	1,769	456	9,683	-6,041	8,571	-2,453	-455	-6,912	2,316	-873
				Debt securities		F3	-121	-1,785	117	3,646	-632	-3,657	2,819	822	-1	-116	-123	1,197	-860	-108	333	241	-123	62
					Short-term	F31	-46	-2	-9	20	0	-1	-8	-27	-9	-3	0	1,046	945	1	1	1,750	-201	126
					Long-term	F32	-75	-1,783	126	3,626	-632	-3,656	2,827	849	8	-113	-123	151	-1,805	-109	332	-1,509	78	-64
				Loans		F4	154	15	-5	265	229	140	6,444	-5,585	-306	-842	-1,062	-214	-1,057	-78	-226	-929	-2,699	-5,945
					Short-term loans	F41	0	0	0	0	0	158	459	268	231	-30	414	454	-44	-248	340	301	145	33
					Long-term loans	F42	154	15	-5	265	229	-18	5,985	-5,853	-537	-812	-1,476	-668	-1,013	170	-566	-1,230	-2,844	-5,978
			Equity and Investment Fund Shares			F5	604	2,129	698	-5,819	-3,791	788	7,441	-737	-50	1,389	5	483	27	476	-1,297	-543	-1,194	313
			Other financial assets			F6 + F7 + F8	-590	101	20	293	924	-1,026	-899	1,098	-6	-539	-588	616	-630	-464	254	1,060	-536	-171
				Insurance, Pensions and Standardised Guarantees		F6	0	0	0	0	0	0	0	0	0	0	0	-1	0	0	0	0	0	0
				Financial derivatives and Employee Stock Options		F7	0	99	195	-40	-40	-232	0	1	-75	0	0	0	164	0	0	32	17	27
				Other accounts receivable/payable		F8	-590	2	-175	333	964	-794	-899	1,097	69	-539	-588	617	-794	-464	254	1,028	-553	-198
	less
		Net incurrence of liabilities				ΔL	21,146	-930	16,749	5,003	12,619	1,544	10,602	899	5,867	4,043	11,101	-1,400	9,340	-751	1,463	-5,136	846	-4,838
			EDP debt instruments			F2 + F3 + F4	20,142	-1,456	16,793	5,373	11,404	1,801	10,742	1,801	4,761	4,411	11,436	-1,311	10,025	-652	1,102	-4,768	347	-4,565
				Currency and deposits		F2	722	926	970	804	833	374	5,590	-3,904	939	2,681	-534	716	-30,613	575	172	-841	-2,842	-6,962
				Debt securities		F3	8,816	-4,675	7,143	-5,106	-5,193	-2,883	1,813	-2,602	-6,015	-3,675	6,593	-4,549	39,379	-5,067	-1,111	-7,442	2,123	1,092
					Short-term	F31	-1,981	-7,641	1,600	-5,153	-5,243	-1,415	34	3,130	-384	483	1,031	-2,409	2,317	637	-1,432	-1,682	111	1,022
					Long-term	F32	10,797	2,966	5,543	47	50	-1,468	1,779	-5,732	-5,631	-4,158	5,562	-2,140	37,062	-5,704	321	-5,760	2,012	70
				Loans		F4	10,604	2,293	8,680	9,675	15,764	4,310	3,339	8,307	9,837	5,405	5,377	2,522	1,259	3,840	2,041	3,515	1,066	1,305
					Short-term loans	F41	65	-282	-148	393	-43	-175	-80	133	11	1,257	409	-340	-50	-397	-244	233	94	-48
					Long-term loans	F42	10,539	2,575	8,828	9,282	15,807	4,485	3,419	8,174	9,826	4,148	4,968	2,862	1,309	4,237	2,285	3,282	972	1,353
			Other liabilities			F5 + F6 + F7 + F8	1,004	526	-44	-370	1,215	-257	-140	-902	1,106	-368	-335	-89	-685	-99	361	-368	499	-273
				Equity and Investment Fund Shares		F5	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
				Insurance, Pensions and Standardised Guarantees		F6	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	-1	0	0
				Financial derivatives and Employee Stock Options		F7	0	0	0	0	0	0	0	3	0	0	0	0	0	0	0	0	0	0
				Other accounts receivable/payable		F8	1,004	526	-44	-370	1,215	-257	-140	-905	1,106	-368	-335	-90	-685	-99	361	-367	499	-273

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Show Table 6 General Government: Detailed breakdown of net worth Q1 2010 to Q2 2014

Table 6 General Government: detailed breakdown of net worth
																									€million
Description							ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2

General Government balance sheet

	Net worth at market value, excluding pension liabilities						NW	28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,069	-44,336	-50,344	-53,459	-55,955	-59,738	-57,601	-60,795	-67,173
	equals
		Non-financial assets at market value					NFA	87,205	85,832	84,617	84,412	84,332	84,126	84,141	85,043	85,745	86,358	86,214	87,058	87,297	87,492	87,586	88,575	88,960	89,224
	plus
		Financial net worth at market value, excluding pension liabilities					FNW	-58,497	-62,120	-71,303	-78,826	-75,835	-76,306	-102,429	-104,681	-115,886	-123,427	-130,550	-137,402	-140,756	-143,447	-147,324	-146,176	-149,755	-156,397
		equals
			Financial assets at market value				FA	78,977	70,279	73,203	61,676	72,600	69,614	92,555	88,138	89,085	87,882	96,162	92,078	98,490	95,269	93,690	93,731	94,039	86,198
				EDP debt instruments			F2 + F3 + F4	46,821	37,538	39,870	32,874	42,890	40,987	58,058	54,874	55,619	54,572	63,167	58,445	63,859	61,009	60,837	54,603	53,961	46,766
					Currency and deposits		F2	34,719	27,141	29,369	19,020	30,632	32,504	16,633	18,990	20,758	21,215	30,898	25,018	33,590	31,135	30,680	23,767	26,083	25,221
					Debt securities		F3	8,646	6,923	7,029	10,114	8,289	4,374	7,085	7,919	8,069	8,021	7,926	9,470	8,610	8,487	8,821	10,450	10,347	10,445
						Short-term	F31	39	38	29	49	49	48	40	13	3	0	0	1,046	1,990	1,991	1,992	3,744	3,542	3,667
						Long-term	F32	8,607	6,885	7,000	10,065	8,241	4,326	7,045	7,907	8,066	8,021	7,926	8,424	6,619	6,496	6,829	6,706	6,806	6,777
					Loans		F4	3,456	3,474	3,472	3,740	3,969	4,109	34,340	27,965	26,792	25,336	24,343	23,957	21,659	21,387	21,336	20,386	17,531	11,100
						Short-term loans	F41	0	0	0	0	0	158	617	885	1,116	1,087	1,500	1,954	1,909	1,662	2,002	2,288	2,449	2,482
						Long-term loans	F42	3,456	3,474	3,472	3,740	3,969	3,951	33,723	27,081	25,675	24,250	22,843	22,003	19,750	19,725	19,334	18,083	15,083	8,618
				Equity and Investment Fund Shares			F5	23,394	24,207	25,020	20,130	20,106	20,010	24,689	22,975	23,465	23,714	23,906	24,601	26,498	26,685	24,810	29,865	31,454	31,416
				Other financial assets			F6 + F7 + F8	8,762	8,534	8,313	8,672	9,604	8,617	9,808	10,289	10,001	9,596	9,089	9,032	8,133	7,575	8,043	9,263	8,624	8,016
					Insurance, Pensions and Standardised Guarantees		F6	1	1	1	1	1	1	1	1	1	1	1	0	0	0	0	0	0	0
					Financial derivatives and Employee Stock Options		F7	844	616	571	606	575	381	2,296	1,694	1,339	1,474	1,557	898	794	701	915	1,136	1,049	640
					Other accounts receivable/payable		F8	7,917	7,917	7,741	8,065	9,028	8,235	7,511	8,594	8,661	8,121	7,531	8,134	7,339	6,874	7,128	8,127	7,575	7,376
		less
			Liabilities at market value				L	137,474	132,399	144,506	140,502	148,435	145,920	194,984	192,819	204,971	211,309	226,712	229,480	239,246	238,716	241,014	239,907	243,794	242,595
				EDP debt instruments			F2 + F3 + F4	130,042	124,446	136,509	132,934	139,635	137,374	183,530	182,260	193,798	200,711	216,247	218,855	230,611	230,573	232,430	231,798	234,995	233,834
					Currency and deposits		F2	11,029	11,896	12,850	13,711	14,472	14,791	62,192	58,388	59,346	62,020	61,468	62,099	31,453	32,035	32,181	31,356	28,525	21,572
					Debt securities		F3	105,038	96,293	98,714	84,048	74,744	67,628	90,876	85,182	85,913	83,126	94,730	94,274	135,234	130,577	130,009	126,288	131,281	135,408
						Short-term	F31	18,217	10,891	12,497	7,231	2,089	741	717	3,796	3,520	4,039	5,052	2,572	4,969	5,587	4,128	2,423	2,513	3,508
						Long-term	F32	86,822	85,402	86,217	76,817	72,654	66,887	90,159	81,386	82,393	79,086	89,679	91,703	130,264	124,991	125,880	123,865	128,768	131,900
					Loans		F4	13,975	16,257	24,945	35,175	50,419	54,955	30,462	38,690	48,539	55,565	60,049	62,482	63,924	67,961	70,240	74,154	75,189	76,854
						Short-term loans	F41	773	490	342	735	691	516	436	569	580	1,838	2,246	1,907	1,856	1,460	1,216	1,468	1,559	1,485
						Long-term loans	F42	13,202	15,767	24,603	34,441	49,727	54,439	30,026	38,121	47,959	53,728	57,803	60,575	62,067	66,502	69,025	72,671	73,630	75,369
				Other liabilities			F5 + F6 + F7 + F8	7,432	7,953	7,997	7,568	8,800	8,546	11,454	10,559	11,173	10,598	10,465	10,625	8,635	8,143	8,584	8,109	8,799	8,761
					Equity and Investment Fund Shares		F5	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
					Insurance, Pensions and Standardised Guarantees		F6	0	0	0	0	0	0	0	0	0	0	0	1	1	1	1	0	0	0
					Financial derivatives and Employee Stock Options		F7	14	9	97	38	55	58	2,964	2,974	2,483	2,276	2,478	2,727	1,422	1,029	1,108	1,001	1,192	1,427
					Other accounts receivable/payable		F8	7,418	7,944	7,900	7,530	8,745	8,488	8,490	7,585	8,690	8,322	7,987	7,897	7,212	7,113	7,475	7,108	7,607	7,334


		Memo: Estimated pension liabilities of government						116,000	116,000	116,000	116,000	116,000	116,000	116,000	116,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000	98,000

	Memo: Net worth, including pension liabilities							-87,292	-92,288	-102,686	-110,414	-107,503	-108,180	-134,288	-135,638	-128,141	-135,069	-142,336	-148,344	-151,459	-153,955	-157,738	-155,601	-158,795	-165,173

		Contingent liabilities						163,376	163,376	163,376	163,376	148,537	148,537	148,537	148,537	120,606	120,606	120,606	120,606	61,427	61,427	61,427	61,427	61,709	61,709
			Guarantees					158,327	158,327	158,327	158,327	143,488	143,488	143,488	143,488	115,557	115,557	115,557	115,557	56,182	56,182	56,182	56,182	56,182	56,182
			Off-balance sheet PPPs					5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,049	5,245	5,245	5,245	5,245	5,527	5,527

	Memo: Net worth, including pension liabilities and contingent liabilities							-250,668	-255,664	-266,062	-273,791	-256,039	-256,717	-282,825	-284,174	-248,747	-255,675	-262,942	-268,950	-212,885	-215,381	-219,165	-217,028	-220,503	-226,882

Change in net worth of government

	Opening net worth							46,298	28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,069	-44,336	-50,344	-53,459	-55,955	-59,738	-57,601	-60,795

	Change in net worth due to transactions							-16,135	-5,982	-13,353	-15,628	-4,254	-3,534	-10,829	-1,944	-4,194	-3,518	-3,766	-2,150	-3,598	-2,229	-3,309	-1,507	-2,697	-1,512
		Net acquisition of non-financial assets					P5 + NP - P51c	413	210	368	1,378	20	-108	114	1,002	267	177	-580	408	-309	-353	-455	441	385	264
		Net lending/net borrowing					B9	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,289	-1,876	-2,854	-1,947	-3,082	-1,776
			= Net acquisition of financial assets					4,598	-7,122	3,028	-12,003	8,345	-1,882	-341	-2,046	1,406	348	7,915	-3,959	6,051	-2,627	-1,391	-7,083	-2,236	-6,614
			- Net incurrence of liabilities					-21,146	930	-16,749	-5,003	-12,619	-1,544	-10,602	-899	-5,867	-4,043	-11,101	1,400	-9,340	751	-1,463	5,136	-846	4,838

	Change in net worth due to other economic flows						Kx	-1,455	986	2,955	7,900	7,166	2,856	-15,279	594	-6,308	-3,410	-3,502	-3,858	484	-267	-474	3,644	-497	-4,866
		Other changes in non-financial assets						-1,583	-1,583	-1,583	-1,583	-99	-99	-99	-99	435	435	435	435	548	548	548	548	0	0
		Other changes in financial net worth						128	2,569	4,538	9,483	7,265	2,955	-15,180	693	-6,744	-3,846	-3,937	-4,293	-65	-815	-1,023	3,095	-497	-4,866
			= Other changes in financial assets					1,690	-1,576	-104	476	2,579	-1,104	23,282	-2,371	-459	-1,551	365	-125	361	-594	-188	7,124	2,544	-1,227
					EDP debt instruments			256	69	22	-519	-1,196	-259	23,954	-777	-717	-545	97	336	-1,240	-211	176	1,366	-136	-439
					Equity and Investment Fund Shares			1,002	-1,316	115	929	3,767	-884	-2,762	-977	540	-1,140	187	212	1,870	-289	-578	5,598	2,783	-351
					Other financial assets			432	-329	-241	66	8	39	2,090	-617	-282	134	81	-673	-269	-94	214	160	-103	-437
			- Other changes in liabilities					-1,562	4,145	4,642	9,007	4,686	4,059	-38,462	3,064	-6,285	-2,295	-4,302	-4,168	-426	-221	-835	-4,029	-3,041	-3,639
					EDP debt instruments			-1,565	4,140	4,730	8,948	4,703	4,062	-35,414	3,071	-6,777	-2,502	-4,100	-3,919	-1,731	-614	-755	-4,136	-2,850	-3,404
					Other liabilities			3	5	-88	59	-17	-3	-3,048	-7	492	207	-202	-249	1,305	393	-80	107	-191	-235


Closing net worth								28,708	23,712	13,314	5,586	8,497	7,820	-18,288	-19,638	-30,141	-37,069	-44,336	-50,344	-53,459	-55,955	-59,738	-57,601	-60,795	-67,173

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Show Table 7 General Government Gross and Net Debt Q1 2010 to Q2 2014

Table 7 General Government Gross and Net Debt
																					€million
Description			ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2

General Government Debt

		Debt instrument liabilities at market value		130,042	124,446	136,509	132,934	139,635	137,374	183,530	182,260	193,798	200,711	216,247	218,855	230,611	230,573	232,430	231,798	234,995	233,834
		+ Difference between face value and market value		-5,886	-794	2,534	11,229	15,842	21,287	4,354	7,851	686	-884	-5,912	-8,629	-12,253	-11,895	-13,887	-16,248	-19,918	-24,132

Gross General Government Debt (face value)			GGDebt	124,156	123,652	139,043	144,163	155,477	158,661	187,884	190,111	194,484	199,827	210,335	210,226	218,358	218,678	218,543	215,550	215,077	209,702
By category:
	Currency and deposits		F2	11,029	11,896	12,850	13,708	14,472	14,791	62,192	58,386	59,346	62,020	61,468	62,092	31,453	32,035	32,181	31,356	28,525	21,572
	Debt securities		F3	99,657	95,991	101,729	96,317	91,471	89,731	96,241	94,001	87,676	84,928	90,408	87,285	124,566	120,426	118,269	112,660	114,472	116,105
		Short-term	F31	18,466	10,895	12,514	7,203	2,061	728	724	3,777	3,497	4,023	5,043	2,535	4,959	5,562	4,102	2,389	2,490	3,477
		Long-term	F32	81,192	85,096	89,215	89,114	89,411	89,003	95,517	90,224	84,179	80,905	85,365	84,750	119,607	114,863	114,168	110,270	111,983	112,627
	Loans		F4	13,469	15,765	24,464	34,138	49,533	54,139	29,450	37,723	47,461	52,879	58,458	60,849	62,339	66,217	68,093	71,534	72,079	72,025
		Short-term	F41	773	490	342	735	691	516	436	569	580	1,838	2,246	1,907	1,856	1,460	1,216	1,468	1,559	1,485
		Long-term	F42	12,696	15,274	24,122	33,403	48,842	53,623	29,015	37,154	46,881	51,042	56,212	58,942	60,483	64,758	66,877	70,066	70,521	70,540

less EDP debt instrument assets			F2 + F3 + F4	46,821	37,538	39,870	32,874	42,891	40,987	58,058	54,876	55,618	54,573	63,167	58,445	63,858	61,009	60,837	54,588	53,963	46,765
	By category:
	Currency and deposits		F2	34,719	27,141	29,369	19,020	30,632	32,504	16,633	18,990	20,758	21,215	30,898	25,018	33,590	31,135	30,680	23,767	26,083	25,221
	Debt securities		F3	8,646	6,923	7,029	10,114	8,290	4,374	7,085	7,920	8,069	8,021	7,926	9,470	8,609	8,487	8,821	10,450	10,348	10,444
		Short-term	F31	39	38	29	49	49	48	40	13	3	0	0	1,046	1,990	1,991	1,992	3,744	3,542	3,667
		Long-term	F32	8,607	6,885	7,000	10,065	8,241	4,326	7,045	7,907	8,066	8,021	7,926	8,424	6,619	6,496	6,829	6,706	6,806	6,777
	Loans		F4	3,456	3,474	3,472	3,740	3,969	4,109	34,340	27,966	26,791	25,337	24,343	23,957	21,659	21,387	21,336	20,371	17,532	11,100
		Short-term	F41	0	0	0	0	0	158	617	885	1,116	1,087	1,500	1,954	1,909	1,662	2,002	2,288	2,449	2,482
		Long-term	F42	3,456	3,474	3,472	3,740	3,969	3,951	33,723	27,081	25,675	24,250	22,843	22,003	19,750	19,725	19,334	18,083	15,083	8,618

	Net General Government Debt (face value)		GGNetDebt	77,335	86,114	99,173	111,289	112,586	117,674	129,826	135,235	138,866	145,254	147,168	151,781	154,500	157,669	157,706	160,962	161,114	162,937
	By category:
	Currency and deposits		F2	-23,690	-15,245	-16,519	-5,312	-16,160	-17,713	45,559	39,396	38,588	40,805	30,570	37,074	-2,137	900	1,501	7,589	2,442	-3,649
	Debt securities		F3	91,011	89,068	94,700	86,203	83,181	85,357	89,156	86,081	79,607	76,907	82,482	77,815	115,957	111,939	109,448	102,210	104,124	105,661
		Short-term	F31	18,427	10,857	12,485	7,154	2,012	680	684	3,764	3,494	4,023	5,043	1,489	2,969	3,571	2,110	-1,355	-1,052	-190
		Long-term	F32	72,585	78,211	82,215	79,049	81,170	84,677	88,472	82,317	76,113	72,884	77,439	76,326	112,988	108,367	107,339	103,564	105,177	105,850
	Loans		F4	10,013	12,291	20,992	30,398	45,564	50,030	-4,890	9,757	20,670	27,542	34,115	36,892	40,680	44,830	46,757	51,163	54,547	60,925
		Short-term	F41	773	490	342	735	691	358	-181	-316	-536	751	746	-47	-53	-202	-786	-820	-890	-997
		Long-term	F42	9,240	11,800	20,650	29,663	44,873	49,672	-4,708	10,073	21,206	26,792	33,369	36,939	40,733	45,033	47,543	51,983	55,438	61,922

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Show Table 8 Reconciliation of Exchequer Balance to General Government Deficit

Table 8 Reconciliation of Exchequer Balance to General Government Deficit
																			€ million
Description	ESA2010 code	2010 Q1	2010 Q2	2010 Q3	2010 Q4	2011 Q1	2011 Q2	2011 Q3	2011 Q4	2012 Q1	2012 Q2	2012 Q3	2012 Q4	2013 Q1	2013 Q2	2013 Q3	2013 Q4	2014 Q1	2014 Q2

Exchequer balance		-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	-549	-4,361	-2,316	-2,622

Deduct cash inflows which do not increase financial net worth		-1	-1	-1	-380	-1	-1	-1	-59	-2	-2	-2	-8	-1,020	-86	-1,310	-298	-1,330	-1,158
Inflows from sale or redemption of financial assets		-1	-1	-1	-380	-1	-1	-1	-59	-2	-2	-2	-8	-1,020	-86	-1,310	-293	-1,330	-1,158
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-5	0	0

Exclude cash outflows which do not reduce financial net worth		0	0	0	650	2,517	0	4,530	288	250	1,502	0	515	1,117	409	28	763	1,179	1,097
Acquisition of financial assets		0	0	0	642	0	0	4,530	288	250	1,502	0	515	1,117	396	28	763	1,179	1,084
Repayment of promissory notes notional loan principal		0	0	0	0	2,517	0	0	0	0	0	0	0	0	13	0	0	0	13
Redemption of Exchequer liability to Central Bank for notes and coins in circulation		0	0	0	9	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Impact on financial net worth of Exchequer cash transactions		-3,942	-4,947	-4,489	-5,099	-4,550	-3,763	-5,302	-4,030	-4,014	-3,681	-1,692	-3,250	-3,598	-2,575	-1,832	-3,896	-2,467	-2,683

Adjust for impact of non-cash revenue and disposals of non-financial asset (+)		-1,012	-29	69	792	-440	-280	102	1,337	-1,007	-127	-164	652	-177	-153	104	1,034	-687	180
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts		-177	-31	69	121	233	-280	49	553	-311	-202	69	259	-123	-198	249	225	3	129
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF)		-835	2	0	671	-673	0	0	709	-771	0	-8	768	-785	-10	0	755	-744	-3
Accrual of interest due on contingent capital assets assigned to banks		0	0	0	0	0	0	53	75	75	75	-225	75	4	51	-149	51	50	50
Licence sales		0	0	0	0	0	0	0	0	0	0	0	-450	727	4	4	4	4	4
Other accrued revenue		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Adjust for impact of non-cash expenditure (-)		-11,762	-2,431	-9,637	-9,339	670	521	-1,244	466	321	678	-1,272	55	44	727	-1,333	750	-277	472
Capital transfers to financial institutions financed by promissory notes		-10,900	-2,250	-8,580	-9,120	0	0	0	0	0	0	0	0	0	13	0	0	0	13
Difference between interest paid and accrued		-213	457	-1,186	-332	647	485	-1,279	293	329	676	-1,275	57	-36	669	-1,376	821	140	520
Difference between Exchequer cash issues and accrued net spending of departments and offices		85	83	82	68	-9	-9	-9	129	-44	-42	-40	-7	18	18	17	-57	-78	-78
Other accrued expenditure		-734	-722	46	45	32	45	44	44	36	44	43	6	62	27	26	-14	-340	16

Surplus/Deficit of Exchequer	B9_exchequer	-16,716	-7,407	-14,058	-13,646	-4,320	-3,523	-6,444	-2,227	-4,701	-3,130	-3,129	-2,543	-3,731	-2,002	-3,060	-2,113	-3,431	-2,031

Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer		-449	86	-77	127	-204	-56	-324	318	137	51	-46	4	48	-87	-7	-60	152	63
Social Insurance Fund		-528	-283	-115	95	-104	-22	-45	-21	50	-29	-44	22	74	-34	-28	-15	92	0
Bank Guarantee Scheme receipts - special account		0	297	0	-556	313	-223	-373	280	-20	-12	-25	-10	-16	-116	-25	-10	-11	-5
Capital Services Redemption Account		3	14	5	578	-577	53	-26	-49	30	37	-18	-50	23	35	9	-67	25	28
Small Savings Reserve Fund		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Extra-Budgetary Funds		35	18	-6	-36	130	102	84	58	104	79	63	50	-35	25	35	30	46	40
Health Service Executive		41	40	39	46	34	35	36	50	-26	-25	-23	-9	3	3	3	3	0	0

Surplus/Deficit of Budgetary Central Government	B9_bcg	-17,165	-7,321	-14,135	-13,519	-4,523	-3,579	-6,768	-1,909	-4,563	-3,078	-3,175	-2,539	-3,683	-2,089	-3,067	-2,173	-3,279	-1,969

Surplus/Deficit of other Central Government bodies		235	1,300	506	-3,453	157	233	-4,231	-925	-6	-506	32	29	311	235	201	254	228	164
National Pensions Reserve Fund		164	1,228	433	-3,527	162	235	-4,042	-728	180	-199	153	200	112	181	146	154	90	119
Non-market State corporations and agencies		72	72	72	72	0	1	-188	-197	-187	-307	-122	-163	193	46	49	93	139	44
Voluntary and joint board hospitals		-1	0	1	2	-5	-3	-1	0	1	1	0	-9	7	7	7	7	0	0


Surplus/Deficit of Central Government	B9_S1311	-16,930	-6,021	-13,629	-16,972	-4,367	-3,346	-10,999	-2,834	-4,569	-3,584	-3,144	-2,511	-3,372	-1,855	-2,866	-1,918	-3,051	-1,805

Surplus/Deficit of Local Government	B9_S1313	382	-171	-92	-34	93	-81	56	-111	109	-111	-42	-48	82	-21	12	-29	-32	29

Surplus/Deficit of General Government	B9_S13	-16,548	-6,192	-13,721	-17,006	-4,274	-3,426	-10,943	-2,945	-4,461	-3,695	-3,186	-2,559	-3,289	-1,876	-2,854	-1,947	-3,082	-1,776

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Background Notes

Introduction

The figures in this release comprise the quarterly Government Finance Statistics results under the new standards for National Accounts (ESA 2010).

The data published in this series are consistent with the General Government Deficit and Debt levels reported 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.

Impact of ESA 2010

The impact of ESA 2010 can be seen in the overall deficit and debt figures and also on the components of these two measures. Changes which impact on debt and deficit can be broken into three categories:

Sector classification changes
Changes in the treatment of the assets and liabilities of pension schemes where pension obligations are transferred to government
Changes in the treatment of interest on swaps and forward rate agreements (FRAs).

Sector classification changes

The classification change under ESA 2010 with a material debt/deficit impact is the classification of Irish Bank Resolution Corporation (IBRC) in the General Government sector with effect from mid-2011. This results from a technical change from the ESA 95 standard where entities that were classified as Monetary Financial Institutions were by definition excluded from the General Government sector. This automatic exclusion no longer applies under ESA 2010 - see http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/IE-Classification_Irish_Bank_Resolution_Corp-ESA2010.pdf.

The reclassification applies from the date of the merger of Anglo Irish Bank and Irish Nationwide Building Society on 1 July 2011. This event took place following approval by the European Commission of a joint restructuring plan for Anglo Irish Bank and Irish Nationwide Building Society, which required the merger of the banks, the sale of their deposit books, and the orderly work-out of the merged loan book over a period not to exceed 10 years (see http://europa.eu/rapid/press-release_IP-11-801_en.htm).

Impact of reclassification on deficit

2011

2012

2013

GG Deficit impact

(% of GDP; - implies deficit is worsened in period, + implies deficit improvement)

-0.2

-0.4

0.7

Impact of reclassification on debt

	Q4 2011	Q4 2012	Q4 2013
GG Gross Debt impact (% of GDP; + implies debt increase )	12.2	10.3	7.2
GG Net Debt impact (% of GDP; + implies debt increase)	-1.8	-0.2	-0.4

IBRC’s own surplus/deficit for all periods since Q3 2011 is now included in the line“Non-market State corporations and agencies” in Table 8 of this release. In ESA 2010 the payments under the Eligible Liabilities Guarantee Scheme arising from the liquidation of IBRC are treated as intra-government transfers rather than government expenditure resulting in the improved deficit position for 2013 compared to that reported under ESA 95.

Transfer of pension obligations to government

Under ESA 95, when government assumed the pension liabilities of the pension fund of a corporation the transfer of assets of the fund at the time of the transfer to government was treated as a lump sum payment which contributed to government revenue for the period in which the transfer took place and therefore improved the deficit for the period. Under ESA 2010, in the case where the assets and liabilities of the funded pension scheme are equal, such a transfer is now treated as a financial transaction with no impact on the government deficit. In the case where the liabilities exceed the assets of the scheme, the deficit is now worsened by the difference in the assets and liabilities at the time of the transfer. An accounts payable liability is recorded in the government accounts at the time of the transfer and as cash payments are made in future periods this liability decreases accordingly. In the years following the transfer the impact on the deficit is neutral with an imputed revenue offsetting the expenditure incurred.

The impact of this on the Irish accounts can be seen in 2009 and 2010, at which time Government assumed responsibility for the pension schemes of the universities and of a number of semi-state bodies. Under ESA 95 the transfer of these assets had a positive impact on the deficit in the relevant years (as outlined above). Under ESA 2010 this impact is now reversed, and an additional deficit impact reflecting the difference between the assets and liabilities of these schemes is included in the revised deficit figures.

Treatment of lump-sum payment on transfer of assets & liabilities of pension scheme to government – impact on GG Surplus / Deficit (€bn)	2009	2010
ESA 95	+0.6	+1.1
ESA 2010	-0.4	-0.4
Change in previously recorded surplus/deficit	-1.0	-1.5

In later years the imputed revenue results in a small deficit improvement under ESA 2010 when compared with the recording under ESA 95 which reflected the expenditure incurred but no imputed revenue for those years.

Treatment of 2010 AIB capital injection

The 2010 deficit has been revised in the amount of €3,818 million, resulting from a re-examination of the treatment of an injection of €3,700 million made by the Irish Government through the NPRF in 2010. At the time this injection was recorded as a financial transaction, namely the acquisition of equity in AIB, with no impact on the GG Deficit. Subsequently, during 2011, this shareholding was devalued to zero, again with no impact on the deficit, as revaluations do not impact the deficit.

As part of the ESA 2010 transition, a review of Government transactions related to the financial crisis has been undertaken. The CSO has determined, in consultation with Eurostat, that due to the timing of the devaluation of the AIB shareholding, it would be correct to re-classify this injection (along with the reinvestment of a further €118 million of fees and other income related to this shareholding which had also been treated initially as a financial transaction) as a capital transfer, impacting the deficit in 2010. The total change to the 2010 deficit, therefore, is to worsen it by €3,818 million or 2.3% of GDP.

Changes in the treatment of interest on swaps and forward rate agreements

Under ESA 95 the government deficit data related to the EDP (EDP B.9) differed from the deficit according to ESA95 (B.9) by the inclusion in the interest calculation of flows relating to swaps and forward rate agreements. This difference is now eliminated under ESA 2010 with the EDP concept of interest being aligned with the ESA concept – i.e. no adjustment for swaps.

The item Net derivative flows on debt interest swap contracts continues to be shown in Table 1 of this release as a memorandum item.

ESA 2010 changes not affecting deficit and debt levels:

Recording of payable tax credits

Payable tax credits arise where (i) a tax credit can be awarded to non-taxpayers as well as to tax payers or (ii) where the tax relief to taxpayers exceeds their liability and the beneficiary receives the excess.

Under ESA 95 tax revenues were reported net of these amounts. Under ESA 2010 the amounts of these payable tax credits must now be recorded as part of gross tax revenues and a corresponding expenditure must also be recorded. There is consequently an increase in both total revenue and total expenditure with no impact on the GG Surplus/Deficit.

In Ireland there are currently two tax credits which fall into this category – mortgage interest relief and health insurance relief. The payment of a ‘top-up’ of 25% of the total deposit to holders of Special Incentive Savings and Investment Scheme (SSIA) accounts under the conditions set out in the scheme are also recorded as payable tax credits for the relevant period as are those relating to the interim Health Insurance Levy (age related) which applied from 2009 to 2012.

Other changes

The value of the stock of non-financial assets of General Government has been revised upwards since previous results. This has mainly resulted from the classification of Local Authority housing stock to the Government sector which had previously been allocated to the household sector (S.14). This revision has had a significant effect on the net worth figure previously reported. It should be noted that this measure is currently published by relatively few countries. The CSO introduced the concept of net worth to our GFS publication at the outset on an experimental basis and have continued to work to improve this estimate.

Institutes of Technology have been re-classified from the Local Government sub-sector to Central Government. These institutes had originally been classified within Local Government due to their historic relationship with the VECs. The reclassification is due to the direct relationship that now exists between the IoTs and the Higher Education Authority which is part of Central Government. There is no impact of the General Government debt or deficit as a result of this reclassification, the impact is seen only at sub-sector level. The IoTs are included within the line “Non-market State corporations and agencies” in Table 8 of this release.

Following a review by the CSO it has been determined that the Social Insurance Fund should not be classified as separate subsector of Government but should be included within the Central Government subsector. This change has been implemented with retrospective effect to the entire GFS data series. Details of the rational for the reclassification can be seen in the CSO Register of Public Sector Bodies at:

http://www.cso.ie/en/surveysandmethodology/nationalaccounts/

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditures and Quarterly National Accounts releases, and reflect the increased GDP levels arising from the adoption of ESA 2010.

Pension Liabilities

The estimated pension liability of government (the accrued liability in respect of Public Service occupational pensions) is a contingent liability of government and does not form part of the ESA accounts of general government. It is shown in this release as a memorandum item. The value shown for years 2009-2011 of €116 billion was calculated by the Comptroller and Auditor General. The value of this liability is reduced by €18 billion to €98 billion with effect from 2012. This follows an actuarial valuation carried out by the Department of Public Expenditure and Reform. The main reasons for the reduction were the pay and pension cuts since 2009 and the freeze in pay and pension rates until after the Haddington Road Agreement. Details on this updated estimate can be accessed at: http://www.per.gov.ie/public-service-pensions-accrued-liability/.

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 currently produced according to the legally binding accounting rules of the European System of Accounts 1995 (ESA95). The new ESA 2010 standard on which the data in this release are based came into force in September 2014. The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA95 / 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.

Detailed statistics on Government revenue and expenditure are also provided to Eurostat under the ESA transmission programme. These data are available on the Eurostat website.

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).

As part of the GFS production process the 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 (reference year 2013) of public sector bodies (including general government bodies) for Ireland are shown at:

http://www.cso.ie/en/surveysandmethodology/nationalaccounts/.

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. 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.

There is no change in the definition of GGDebt under ESA 2010.

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

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

Detailed codes and technical definitions can be seen in the ESA 2010 manual available at http://epp.eurostat.ec.europa.eu/portal/page/portal/esa_2010/introduction . A listing of some of the main items included in this release is shown below

Main Components of General Government Expenditure and Revenue

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

P.5 Gross capital formation

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

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

P.52 Changes in inventories

P.53 Acquisitions less disposals of valuables

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

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

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

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

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

D.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.

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 shares

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

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Government Finance Statistics Quarterly Results

Quarter 2 2014

Government Deficit of 3.8% of quarterly GDP in Q2 2014

Government Debt at 116.7% of GDP at end Q2 2014

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