Total general government revenue increased to €34.8 billion in Quarter 4 (Q4) 2022, €2.8 billion higher than Q4 2021.
Total general government expenditure rose to €30.0 billion in Q4 2022, €2.5 billion higher than Q4 2021.
The resulting general government surplus of €4.8 billion in Q4 2022 is the highest in the series.
| Table 1.1 General Government Finances | |||||||||
| 2021 Q1 | 2021 Q2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | ||
| Deficit/Surplus | € billion | -6.2 | -2.4 | -2.7 | 4.5 | -0.5 | 1.5 | 2.2 | 4.8 |
| % of quarterly GDP | -6.2 | -2.3 | -2.4 | 4.2 | -0.4 | 1.2 | 1.7 | 3.7 | |
| seasonally adjusted (€ billion) | -4.5 | -2.0 | -1.6 | 1.3 | 1.4 | 1.9 | 3.1 | 1.6 | |
| Gross debt | € billion | 230.4 | 234.6 | 236.4 | 236.1 | 235.3 | 236.7 | 236.3 | 224.8 |
| % of annualised GDP | 60.5 | 59.0 | 57.4 | 55.4 | 53.1 | 51.2 | 49.1 | 44.7 | |
| Net debt | € billion | 191.8 | 193.9 | 194.3 | 192.8 | 194.1 | 190.0 | 187.0 | 185.4 |
| % of annualised GDP | 50.3 | 48.7 | 47.2 | 45.2 | 43.8 | 41.1 | 38.8 | 36.9 | |
With revenue of €34.8 billion and expenditure of €30.0 billion, Q4 2022 saw a surplus of €4.8 billion. This compares with a €4.5 billion surplus in the same quarter in 2021. On the revenue side the main drivers are an increase in tax revenues of €1.9 billion and additions of €0.6 billion in social contributions.
Expenditure was €2.5 billion higher than the same quarter in 2021 mainly due to increases in compensation of employees of €0.9 billion and social benefits of €1.4 billion (see Table 1.2).
This release includes seasonally adjusted figures for general government total revenue, total expenditure, and the deficit/surplus (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 2020 | -3.6 | -2 |
| Q2 2020 | -6.4 | -6.3 |
| Q3 2020 | -6.7 | -5.4 |
| Q4 2020 | -1.9 | -5.2 |
| Q1 2021 | -6.2 | -4.5 |
| Q2 2021 | -2.4 | -2 |
| Q3 2021 | -2.7 | -1.6 |
| Q4 2021 | 4.5 | 1.3 |
| Q1 2022 | -0.5 | 1.4 |
| Q2 2022 | 1.5 | 1.9 |
| Q3 2022 | 2.2 | 3.1 |
| Q4 2022 | 4.8 | 1.6 |
The general government gross debt to GDP ratio was 44.7% at the end of Q4, a decrease of 4.4 percentage points from the end of Q3 2022. In contrast with previous quarters when the reduction in the ratio was driven almost entirely by the increase in Gross Domestic Product (GDP), this quarter’s data shows the reduction is approximately equally driven by a fall in nominal debt and a rise in GDP. Over that same time frame, the general government net debt to GDP ratio moved from 38.9% to 36.9%.
| GG Gross Debt | GG Net Debt | |
| Q1 2021 | 60.5 | 50.3 |
| Q2 2021 | 59 | 48.7 |
| Q3 2021 | 57.4 | 47.2 |
| Q4 2021 | 55.4 | 45.2 |
| Q1 2022 | 53.1 | 43.8 |
| Q2 2022 | 51.2 | 41.1 |
| Q3 2022 | 49.1 | 38.8 |
| Q4 2022 | 44.7 | 36.9 |
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 (GFS) and is consistent with General Government Deficit and Debt levels reported at end March 2023 under the EU regulation governing the Excessive Deficit Procedure and the annual Government Finance Statistics (April 2023 results).
A full description of the concepts and definitions used in the production of these statistics is provided in the Background Notes.
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Statistician's Comment
The Central Statistics Office (CSO) has today (21 April 2023) released Government Finance Statistics quarterly results for Quarter 4 2022.
Commenting on the release, Jason Sibley, Statistician in the Government Accounts Compilation & Outputs Division, said:
"Today’s results for Quarter 4 (Q4) 2022 show total government revenue increased to €34.8 billion, which is €2.8 billion higher than in Q4 2021. This was driven mainly by increased tax revenue, which was €1.9 billion higher than Q4 2021.
Total government expenditure also rose to €30.0 billion in Q4 2022, €2.5 billion higher than Q4 2021. This was due to increased compensation of employees and social benefits.
This resulted in an overall government surplus of €4.8 billion in Q4 2022."