The general government balance showed a surplus of €8.3 billion or 1.7% of Gross Domestic Product (GDP) in 2023, a slight decrease on the record surplus of €8.6 billion in 2022.
Total government revenue increased to €123.7 billion in 2023, €7.8 billion higher than 2022.
Total government expenditure also rose to €115.4 billion, €8.1 billion more than the previous year.
Gross general government debt fell to €220.7 billion at the end of 2023.
| Table 1.1 General Government Finances | |||||||
| End of year | General Government | GDP | |||||
| Balance | Gross Debt | Net Debt | |||||
| €bn | % GDP | €bn | % GDP | €bn | % GDP | €bn | |
| 2018 | 0.4 | 0.1 | 205.8 | 62.9 | 177.1 | 54.1 | 327.4 |
| 2019 | 1.7 | 0.5 | 203.4 | 57.1 | 174.3 | 48.9 | 356.4 |
| 2020 | -18.7 | -5.0 | 217.9 | 58.1 | 186.1 | 49.6 | 375.3 |
| 2021 | -6.6 | -1.5 | 236.1 | 54.4 | 193.1 | 44.5 | 434.1 |
| 2022 | 8.6 | 1.7 | 224.7 | 44.4 | 188.2 | 37.2 | 506.3 |
| 2023 | 8.3 | 1.7 | 220.7 | 43.7 | 180.7 | 35.8 | 504.6 |
| X-axis label | GG gross debt (LHS) | GG net debt (LHS) | GG balance (RHS) |
|---|---|---|---|
| 2018 | 62.9 | 54.1 | 0.1 |
| 2019 | 57.1 | 48.9 | 0.5 |
| 2020 | 58.1 | 49.6 | -5 |
| 2021 | 54.4 | 44.5 | -1.5 |
| 2022 | 44.4 | 37.2 | 1.7 |
| 2023 | 43.7 | 35.8 | 1.7 |
The continued strong performance of tax revenue contributed to general government surplus of €8.3 billion in 2023.
This surplus in 2023 was driven by revenues of €123.7 billion, an increase of €7.8 billion (6.7%) on 2022. The main driver behind this rise was the continued growth in tax revenues (See Table 1.2). Tax revenues rose by €4.7 billion (5.2%) on the previous year, with increases across both direct taxes and indirect taxes. Direct taxes, which includes corporation tax, reported a year-on-year increase of €3.3 billion (5.7%) while indirect taxes also showed growth in 2023 of €1.4 billion (4.4%).
Corresponding expenditure in 2023 reached €115.4 billion, up €8.1 billion (7.5%) on 2022. Increased expenditure was witnessed across most expenditure categories, reflecting the continued inflationary pressures in 2023. Increases included a €2.3 billion (8.1%) rise in compensation of employees, a growth of €1.4 billion (8.1%) on use of goods and services, and a €1.3 billion (12.3%) rise in gross fixed capital formation. Social benefits in cash rose by €1.7 billion (5.9%), while the €1.2 billion (13.3%) increase for social benefits in kind (via market producers) includes supports for Ukrainian refugees. Expenditure on subsidies continued to decrease, with a drop of €0.9 billion (25.5%) as schemes relating to COVID-19 closed in 2022.
The general government gross debt to GDP ratio was 43.7% at the end of 2023 compared with 44.4% of GDP a year earlier. The nominal value of debt fell by €4.1 billion during the year. Net debt, which includes EDP assets, was €180.7 billion at the end of 2023, down €7.5 billion.
Government accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.
The detailed tables are aligned with the April 2024 Excessive Deficit Procedure notification. Revisions to previous years reflect updated data sources or changes in methodology - see background notes.
The main EDP notification tables for Ireland will be published on 22 April the same day as the Eurostat release of EDP statistics. This will include details of government guarantees, PPPs and concessions and tables showing the impact on government accounts of government interventions in the financial sector.
Annual Government Finance Statistics are benchmarked to the most recent EDP notification and so may not be fully aligned with the Annual National Accounts and related publications, such as the Institutional Sector Accounts.
The concepts and definitions used in this release are described in the background notes.
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Statistician's Comment
The Central Statistics Office (CSO) has today (19 April 2024) released Government Finance Statistics results for 2023.
Commenting on the release, Tom Fitzgerald, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for the year 2023 shows revenue was 40% higher than pre-pandemic levels, while expenditure was 33% higher. Total government revenue of €123.7 billion, which was €7.8 billion higher than in 2022, was driven by the continued increase in tax revenue which grew by €4.7 billion in 2023.
Total government expenditure rose by €8.1 billion in 2023. This was due to increases across most expenditure items, including compensation of employees, intermediate consumption, social benefits and gross fixed capital formation. Subsidies showed a large reduction in 2023, due to the end of COVID-19 related schemes. Cost of living measures and supports for Ukrainian refugees also contributed to a growth in expenditure.
This resulted in an overall government surplus of €8.3 billion for 2023, down 4% on 2022, with rising revenue offset by a greater increase in expenditure.
Gross general government debt fell by €4.1 billion to €220.7 billion at the end of 2023. This is equivalent to 43.7% of Gross Domestic Product (GDP). "