Total general government revenue increased to €29.0 billion in Quarter 3 (Q3) 2023, €0.1 billion more than Q3 2022.
Total general government expenditure rose to €28.3 billion in Q3 2023, €1.4 billion higher than Q3 2022.
The resulting general government balance was €0.7 billion in Q3 2023.
| Table 1.1 General Government Finances | ||||||||||||||
| 2021 | 2022 | 2023 | ||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||
| Deficit/Surplus | ||||||||||||||
| Value | €bn | -6.2 | -2.5 | -2.6 | 4.7 | -0.4 | 1.6 | 2.0 | 5.3 | 1.6 | 2.4 | 0.7 | ||
| Percentage of quarterly GDP | % | -6.0 | -2.4 | -2.2 | 4.1 | -0.3 | 1.3 | 1.5 | 4.0 | 1.3 | 1.9 | 0.5 | ||
| Seasonally adjusted value | €bn | -4.6 | -2.1 | -1.2 | 1.3 | 1.3 | 2.1 | 3.3 | 1.8 | 3.2 | 2.9 | 2.0 | ||
| Gross debt | ||||||||||||||
| Value | €bn | 230.4 | 234.6 | 236.4 | 236.1 | 235.3 | 236.8 | 236.3 | 224.8 | 223.6 | 222.9 | 222.6 | ||
| Percentage of annualised GDP | % | 60.0 | 58.3 | 56.7 | 54.4 | 52.3 | 50.5 | 48.5 | 44.4 | 43.6 | 43.2 | 43.6 | ||
| Net debt | ||||||||||||||
| Value | €bn | 191.8 | 194.0 | 194.5 | 193.0 | 194.5 | 190.4 | 187.6 | 188.1 | 186.7 | 183.5 | 182.4 | ||
| Percentage of annualised GDP | % | 49.9 | 48.2 | 46.6 | 44.5 | 43.2 | 40.6 | 38.5 | 37.2 | 36.4 | 35.5 | 35.7 | ||
With revenue of €29.0 billion and expenditure of €28.3 billion, Q3 2023 saw a surplus of €0.7 billion. This compares with a €2.0 billion surplus in the same quarter in 2022. On the revenue side, the main drivers are increases in investment income of €0.3 billion and social contributions €0.2 billion, while tax revenues reduced by €0.6 billion.
Expenditure was €1.4 billion higher than the same quarter in 2022 mainly due to growth in compensation of employees of €0.7 billion and social benefits of €0.3 billion (See Table 1.2).
This release includes seasonally adjusted figures for general government total revenue, total expenditure, and the balance (see Table 1.2). A comparison between the seasonally adjusted and non-seasonally adjusted balance is shown in Figure 1.1. For details regarding the methodology used in producing the seasonally adjusted series, please see Background Notes.
| GG Balance | SA GG Balance | |
| Q1 2021 | -6.2 | -4.6 |
| Q2 2021 | -2.5 | -2.1 |
| Q3 2021 | -2.6 | -1.2 |
| Q4 2021 | 4.7 | 1.3 |
| Q1 2022 | -0.4 | 1.3 |
| Q2 2022 | 1.6 | 2.1 |
| Q3 2022 | 2 | 3.3 |
| Q4 2022 | 5.3 | 1.8 |
| Q1 2023 | 1.6 | 3.2 |
| Q2 2023 | 2.4 | 2.9 |
| Q3 2023 | 0.7 | 2 |
The general government gross debt to Gross Domestic Product (GDP) ratio was 43.6% at the end of Q3 2023, an increase of 0.4 percentage points from the end of Q2 2023. The increase in the ratio this quarter was driven by the fall in GDP as the debt actually fell slightly. Over that same time frame, the general government net debt to GDP ratio moved from 35.5% to 35.7%.
| GG Gross Debt | GG Net Debt | |
| Q1 2021 | 60 | 49.9 |
| Q2 2021 | 58.3 | 48.2 |
| Q3 2021 | 56.7 | 46.6 |
| Q4 2021 | 54.4 | 44.5 |
| Q1 2022 | 52.3 | 43.2 |
| Q2 2022 | 50.5 | 40.6 |
| Q3 2022 | 48.5 | 38.5 |
| Q4 2022 | 44.4 | 37.2 |
| Q1 2023 | 43.6 | 36.4 |
| Q2 2023 | 43.2 | 35.5 |
| Q3 2023 | 43.6 | 35.7 |
Government accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.
This release contains quarterly Government Finance Statistics and is consistent with General Government Deficit and Debt levels reported at end September 2023 under the EU regulation governing the Excessive Deficit Procedure and the annual Government Finance Statistics (October 2023 results).
Government Finance Statistics are benchmarked to the most recent EDP notification and so may not be fully aligned with the Quarterly National Accounts and related publications, such as the Institutional Sector Accounts.
A full description of the concepts and definitions used in the production of these statistics is provided in the Background Notes.
Statistician's Comment
The Central Statistics Office (CSO) has today (19 January 2024) released Government Finance Statistics Quarterly Results for Quarter 3 (Q3) 2023.
Commenting on the release, Jason Sibley, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for Quarter 3 (Q3) 2023 show total government revenue rose slightly to €29.0 billion, which was €0.1 billion higher than in Q3 2022. This small increase was driven mainly by investment income, which increased by €0.3 billion and social contributions, which rose by €0.2 billion. However these increases were offset by a reduction in taxes, which was €0.6 billion lower than Q3 2022.
Total government expenditure also grew to €28.3 billion in Q3 2023, which was €1.4 billion higher than Q3 2022. This was due to increases in pay and social benefits.
This resulted in an overall government surplus of €0.7 billion in Q3 2023."