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Eurostat EDP Notification Tables
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For more information on this release:
E-mail: gfs@cso.ie Jason Sibley (+353) 1 498 4219 Derek Stynes (+353) 1 498 4303
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-616X
CSO statistical release, , 11am

Government Finance Statistics - Annual

2013 to 2018 (April 2019 Results)

 General Government and GDP
       GG Balance     GG Gross Debt     GG Net Debt    GDP
End of year€bn% GDP€bn% GDP€bn% GDP€bn
2013-11.09-6.17215.3119.7162.190.1179.9
2014-7.12-3.64203.4104.1168.086.0195.3
2015-5.09-1.94201.676.8173.366.0262.5
2016-1.81-0.66200.773.5177.164.8273.2
2017-0.83-0.28201.468.5175.859.8294.1
20180.050.01206.264.8177.655.8318.5

Government surplus of 0.01% of GDP in 2018

Figure 1 General Government Balance, Gross Debt and Net Debt
go to full release

For 2018 the government surplus was €0.05 billion (0.01% of GDP), an improvement on the 2017 deficit of €0.83 billion (-0.3% of GDP).  This is the first surplus since 2007.

2018 saw increases in both government revenues (+7.2%) and expenditures (+6.0%) (Table 1).  At the end of 2018 government revenues were €82.0 billion.  The upward trend in tax and social contribution revenue continued with increases of €4.7 billion (+8.4%) in Taxes and €0.7 billion (+5.8%) in Social contributions (Tables 1 and 3).

The main drivers behind the increase in government expenditure in 2018 to €82.0 billion were Compensation of employees/Pay (+7.5%), Social benefits (+2.5%) and Gross fixed capital formation (+21.7%).  Debt service costs, or Interest, continued to decrease in 2018 (-9.9%) (Tables 1 and 4).

Around €365m was spent on interventions to support financial institutions with associated interest costs partly offset by dividends and income.  Investment income fell over the period 2014-2018 as the State reduced its holdings in financial institutions (Table 1).

Government debt falls to 64.8% of GDP in 2018

The general government gross debt (GG Debt) stood at €206.2 billion at the end of 2018 (64.8% of GDP), up from the 2017 figure of €201.4 billion (68.5% of GDP).  However, the increase in GDP in 2018 was the primary driver in the decrease of the debt to GDP ratio as the nominal debt level increased by €4.8 billion in the period (Table 2).

On the assets side of the State’s balance-sheet, financial assets rose by €13.2 billion during 2018. This increase was principally caused by a €15.7 billion rise in Other accounts receivable, with a lesser rise of €4.3 billion in Currency and deposits which was mostly caused by the issuance of new debt in the year. These rises in asset values were offset mainly by a fall of €5.6 billion in Equity and Investment Fund Shares.  This drop was mostly as a result of a loss in value of the State’s investment in Irish banks.  On the liability side of the balance-sheet, Total liabilities at market value grew by €15.9 billion, largely caused by an increase in Other accounts payable of €14.8 billion in the year to end-2018 (Table 6). 

At the end of 2018 general government net debt increased by €1.7 billion to €177.6 billion (55.8% of GDP).  GG Debt increased by €4.8 billion, composed of rises in Debt Securities (€4.1 billion) and Loans (€0.7 billion) (Tables 2 and 7).

 

Government accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.

This release contains annual Government Finance Statistics (GFS) and are aligned with the April 2019 Excessive Deficit Procedure (EDP) notification. This release contains the first look at annual 2018 GFS.  Any revisions to previous years reflect updated data sources or changes in methodology - see Background notes.

Tables included in the release show a reconciliation of the Exchequer Balance to the General Government Deficit (Table 8).

The main EDP notification tables for Ireland, details of government guarantees, PPPs and concessions and tables showing the impact of government interventions in the financial sector on government accounts will be published on 23 April, the same day as the Eurostat release of EDP statistics.

As annual GFS are benchmarked to the most recent EDP notification, they may not always be fully aligned with the National Income and Expenditure 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.  Note that GNI* for 2018 is not available until mid-2019, hence no 2018 GNI* comparisions are shown in this release.  However, Table 1 shows GNI* for the years 2013-2017.

Total RevenueTotal Expenditure
201334.188663890780940.3545728023129
201433.809270774640637.4540520837894
201527.018285582066228.9559132711515
201626.91596687743227.578106491297
201726.022008241827426.3040823396821
201825.757924056694825.7434910861209
Table 1 General Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201320142015201620172018
General Government transactions       
RevenueTR61,51366,02770,91473,54576,53382,029
Taxes and social contributionsD2 + D5 + D91 + D6152,93857,45562,24365,04768,56573,989
TaxesD2 + D5 + D9142,51646,45950,84352,99355,91260,597
Social contributions D6110,42110,99611,40012,05412,65313,392
Sales of goods and servicesP1O4,8684,8295,3525,4335,5265,851
Investment incomeD43,2723,0712,7141,8211,7681,294
Current transfer revenue (excluding taxes)D7150266294244247342
Capital transfer revenue (excluding taxes)D9N286406310999428553
           
ExpenditureTE72,60773,14575,99975,35477,36381,983
ExpenseExpense72,07672,12374,73173,74475,99479,346
Compensation of employeesD118,59418,36618,95219,44220,68122,228
Use of goods and services plus taxes payableP2 + D5 + D298,1968,9379,2439,5259,87310,864
Depreciation (Consumption of fixed capital)P51c3,1663,3173,5153,7223,9473,947
Interest (excluding FISIM)D417,7607,5896,8506,1665,8035,231
SubsidiesD31,9091,8671,7901,7741,8231,685
Social benefitsD62 + D63228,60328,15528,50428,52229,08529,822
Other current transfersD72,9152,7592,5283,0053,1703,705
Capital transfersD99331,1323,3501,5871,6131,864
           
 Net operating balanceNOB-10,563-6,095-3,818-1995392,683
           
Net acquisition of non-financial assetsP5 + NP - P51c5311,0231,2681,6101,3692,637
           
 General Government Surplus/DeficitB9-11,094-7,118-5,086-1,809-83046
equals       
Net acquisition of financial assetsΔFA-6,036-18,902-8,753-4,587-1,85717,012
Debt instrumentsF2 + F3 + F4-4,158-19,666-7,016-4,8721,9482,714
Equity and Investment Fund SharesF5-1,307-87242-379-4,491-1,235
Other financial assetsF6 + F7 + F8 -571851-1,97966468615,533
less       
Net incurrence of liabilitiesΔL5,058-11,784-3,667-2,778-1,02716,966
Debt instrumentsF2 + F3 + F45,210-12,559-3,964-2,472-1,1392,168
Other liabilitiesF5 + F6 + F7 + F8 -152775297-30611214,798
      
Memo: Net derivative flows on debt interest swap contracts -274-264-240-275-223-200
General Government Surplus/Deficit (% of GDP) -6.2-3.6-1.9-0.7-0.30.0
General Government Surplus/Deficit (% of GNI*) -8.1-4.8-3.2-1.0-0.5"
GDP at current market prices 179,922195,293262,466273,238294,110318,460
GNI* 136,906148,628161,382175,827181,182"
Government interventions to support financial institutions       
Revenue (a+b+c+d)2,8092,2952,1741,7151,2971,121
Guarantee fees receivable (a)P131(part)420155534550
Interest receivable (b)D4(part)1,0907125051354971
Dividends receivable (c) D4(part)760761962749558382
Other (d) P131(part)539668653785685668
Expenditure (e+f+g+h)2,3702,2814,0081,7321,6141,487
Interest payable (e)D4(part)1,8641,5281,2111,050895771
Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)002,111000
Calls on guarantees (g)D9(part)000000
Other (h)various506753686682720716
Impact of the above interventions on General Government Surplus/Deficit43915-1,834-17-317-365
  General Government Surplus/Deficit excluding interventions to support financial institutions -11,532-7,133-3,252-1,792-513411
" Data currently not available
Table 2 General Government Net Worth, Gross and Net Debt
      €million
Description ESA2010 code201320142015201620172018
General Government net worth 
Net worth at market value, excluding pension liabilitiesNW-56,575-61,583-52,587-47,691-37,292-37,385
equals      
Non-financial assets at market valueNFA88,16793,04698,247104,598111,424114,060
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-144,742-154,629-150,834-152,289-148,716-151,445
equals      
 Financial assets at market valueFA93,20382,53782,68278,75379,16792,370
EDP debt instrumentsF2 + F3 + F453,27035,41428,35423,65725,52328,646
Equity and Investment Fund SharesF530,74937,87944,89945,55742,60637,011
Other financial assetsF6 + F7 + F8 9,1849,2449,4299,53911,03826,713
less      
Liabilities at market valueL237,945237,166233,516231,042227,883243,815
EDP debt instrumentsF2 + F3 + F4228,902227,822223,194221,125218,340219,621
Other liabilitiesF5 + F6 + F7 + F89,0439,34410,3229,9179,54324,194
      
Memo: Estimated pension liabilities of government98,000109,800114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-154,575-171,383-167,087-162,191-151,792-151,885
Contingent liabilities59,52229,41215,9559,0065,3155,054
Memo: Net worth, including pension liabilities and contingent liabilities -214,097-200,795-183,042-171,197-157,107-156,939
      
General Government: changes in net worth      
Opening net worth-52,191-56,575-61,583-52,587-47,691-37,292
Change in net worth due to transactions-10,563-6,095-3,818-1995392,683
Net acquisition of non-financial assets P5 + NP - P51c5311,0231,2681,6101,3692,637
Net lending/net borrowingB9-11,094-7,118-5,086-1,809-83046
Change in net worth due to other economic flowsKx6,1791,08712,8145,0949,860-2,775
Other changes in non-financial assets2,2493,8563,9334,7405,4570
Other changes in financial assets7,3608,2368,8986582,271-3,809
Other changes in liabilities-3,430-11,005-17-3042,1321,034
Closing net worth -56,575-61,583-52,587-47,691-37,292-37,385
            
General Government Debt (GGDebt)      
Debt instrument liabilities at market valueF2 + F3 + F4228,902227,822223,194221,125218,340219,621
+ Difference between EDP face value and market value-13,564-24,457-21,559-20,415-16,972-13,407
Gross General Government Debt (EDP face value)GGDebt215,338203,365201,635200,710201,368206,214
less EDP debt instrument assetsF2 + F3 + F4-53,270-35,414-28,353-23,657-25,524-28,646
Net General Government Debt GGNetDebt162,068167,951173,282177,053175,844177,568
             
Closing Net Worth (% of GDP)-31.4-31.5-20.0-17.5-12.7-11.7
Gross General Government Debt (% of GDP)119.7104.176.873.568.564.8
Net General Government Debt (% of GDP) 90.186.066.064.859.855.8
Gross General Government Debt (% of GNI*)157.3136.8124.9114.2111.1"
Net General Government Debt (% of GNI*) 118.4113.0107.4100.797.1"
" Data currently not available
Table 3 General Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code201320142015201620172018
Total RevenueTR61,51366,02770,91473,54576,53382,029
 Taxes and social contributions52,93857,45562,24365,04768,56573,989
  TaxesD2 + D5 + D9142,51646,45950,84352,99355,91260,597
   Indirect taxes (taxes on production and imports)D219,30921,21222,58023,65024,84725,518
    Taxes on productsD2116,74818,23419,43620,78421,59522,371
    of which Value-Added TaxD21110,37211,52111,95512,82613,27814,388
    Other taxes on production D292,5622,9783,1442,8663,2523,147
   Direct taxesD522,92924,88927,86328,93230,61634,561
    Taxes on income, profits and capital gainsD5121,29823,01626,59927,89329,60133,575
    Other current direct taxesD591,6301,8731,2631,0391,016986
   Capital taxesD91278359401411448518
  Social contributions D6110,42110,99611,40012,05412,65313,392
   Actual social contributionsD611 + D6139,0199,61010,21810,71711,43912,264
    PRSI receipts D611 + D613(pt)7,3107,9608,5249,2389,83610,643
    Government employees' social contributionsD613(pt)1,7091,6491,6941,4791,6031,621
   Employers' imputed social contributionsD6121,4021,3871,1821,3371,2141,128
 Sales of goods and servicesP1O4,8684,8295,3525,4335,5265,851
  Sales of market establishments (= market output)P119911,0391,1171,2211,3261,432
  Imputed sales related to production of own-use capital assets (= output for own final use)P12333321212222
Incidental sales and fees of non-market establishmentsP1313,8443,7574,2144,1924,1794,398
Investment incomeD43,2723,0712,7141,8211,7681,294
Interest (excluding FISIM)D411,3981,044675246131160
Dividends / Other investment incomeD42 + D441,7711,9221,9321,4681,5321,020
Rent of land and subsoil assetsD45103105106107105113
Current transfer revenueD39 + D7150266294244247342
SubsidiesD39000000
Other current transfersD7150266294244247342
Non-life insurance claimsD72978181818
Other Domestic - Current D7N_S1131223193194195195
From Rest of World - CurrentD7N_S21136933234129
Capital transfer revenueD9N286406310999428553
            
Output P130,33031,02532,17633,22635,12037,765
Market output (sales of market establishments)P119911,0391,1171,2211,3261,432
Output for own final useP12333321212222
Non-market outputP1329,30629,95331,03931,98533,77236,311
= Non-market compensation of employeesD1_nonmarket18,56118,33318,93119,42120,65922,207
= Total compensation of employeesD118,59418,36618,95219,44220,68122,228
- Compensation of employees of market establishmentsD1_market      
- Compensation related to production of own-use capital assetsD1_own-use-33-33-21-21-22-22
+ Non-market intermediate consumptionP2_nonmarket7,9768,7189,0189,2789,62110,612
= Total intermediate consumptionP28,1968,9379,2439,5259,87310,864
- Intermediate consumption of market establishmentsP2_market-219-219-225-247-252-252
- Intermediate consumption related to production of own-use capital assetsP2_own-use      
+ Non-market consumption of fixed capitalP51c_nonmarket2,7682,9023,0903,2853,4933,493
= Total consumption of fixed capitalP51c3,1663,3173,5153,7223,9473,947
- Consumption of fixed capital by market establishmentsP51c_market-397-415-425-437-454-454
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use      
+ Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 4 General Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201320142015201620172018
Total ExpenditureTE72,60773,14575,99975,35477,36381,983
Expense72,07672,12374,73173,74475,99479,346
Compensation of employeesD118,59418,36618,95219,44220,68122,228
Of which: Related to production of own-use capital assets333321212222
Use of goods and services plus taxes payableP2 + D5 + D298,1968,9379,2439,5259,87310,864
Use of goods and services [Intermediate consumption]P28,1968,9379,2439,5259,87310,864
Of which: Intermediate consumption of market establishments 219219225247252252
Taxes, payableD5000000
Depreciation (Consumption of fixed capital)P51c3,1663,3173,5153,7223,9473,947
Of which: Depreciation by market establishments 397415425437454454
Interest (excluding FISIM)D417,7607,5896,8506,1665,8035,231
Other domestic interest payableD41_S13,1222,8992,4532,2582,1061,836
Interest payable to rest of worldD41_S24,6384,6904,3973,9083,6983,395
SubsidiesD31,9091,8671,7901,7741,8231,685
Product subsidiesD311,071957864909930932
Other subsidies on productionD39838910926865893753
Social benefitsD62 + D63228,60328,15528,50428,52229,08529,822
Social benefits in cashD6223,61823,05323,09222,82623,02923,370
Social benefits in kind (via market producers)D6324,9865,1025,4125,6966,0566,452
Other current transfersD72,9152,7592,5283,0053,1703,705
Net non-life insurance premiumsD71587455105107107
Current international cooperationD74530434473438503531
Miscellaneous current transfersD75764768493611829693
VAT and GNI based EU budget contributionD761,5641,4831,5071,8511,7312,374
VAT-based EU own resourcesD761202203215219262245
GNI-based EU own resourcesD7621,3611,2801,2921,6321,4702,129
Capital transfersD99331,1323,3501,5871,6131,864
Investment grantsD928959391,2391,5871,5831,651
Other capital transfersD99381932,111030213
Net acquisition of non-financial assetsP5 + NP - P51c5311,0231,2681,6101,3692,637
= Gross investment in non-financial assetsP5 + NP3,6964,3394,7835,3335,3156,584
Gross fixed capital formationP513,6134,2794,7235,2735,3606,524
Net acquisition of stocksP52836060606060
Net acquisition of unproduced assetsNP000000
- Consumption of fixed capitalP51c-3,166-3,317-3,515-3,722-3,947-3,947
Net expenditure on current goods and servicesP3 excl. D63225,46226,19626,82427,79329,59431,914
= OutputP130,33031,02532,17633,22635,12037,765
- Sales of goods and services P11+P12+P131-4,868-4,829-5,352-5,433-5,526-5,851
Market output (sales of market establishments)P11-991-1,039-1,117-1,221-1,326-1,432
Output for own final useP12-33-33-21-21-22-22
Incidental sales and fees of non-market establishmentsP131-3,844-3,757-4,214-4,192-4,179-4,398
Final consumption expenditureP330,44731,29832,23633,48935,64938,366
= Net expenditure on current goods and servicesP3 excl. D63225,46226,19626,82427,79329,59431,914
+ Social transfers in kind via market producers D6324,9865,1025,4125,6966,0566,452
made up of      
Individual consumption (= social transfers in kind)P31 (= D63)20,54121,06321,75622,61324,17326,015
Social transfers in kind (via market producers)D6324,9865,1025,4125,6966,0566,452
Social transfers in kind (provided directly by government)D63115,55515,96116,34516,91718,11819,563
Collective consumption (= actual final consumption of government)P329,90610,23510,48010,87611,47612,351
Total social transfersD62 + D6344,15944,11644,84845,43947,20249,385
Social benefits in cashD62 23,61823,05323,09222,82623,02923,370
 Social transfers in kind (= individual consumption)D6320,54121,06321,75622,61324,17326,015
Table 5 General Government financial transactions
      €million
Description 201320142015201620172018
Net lending (+) / net borrowing (-)B.9-11,094-7,118-5,086-1,809-83046
equals        
Net acquisition of financial assets ΔA-6,036-18,902-8,753-4,587-1,85717,012
EDP debt instruments F2 + F3 + F4-4,158-19,666-7,016-4,8721,9482,714
 Currency and deposits F2-1,286-6,438-303-3,1572,4474,305
Debt securities F3-604-1,429-5,632-1,355-74-99
Short-term F312,696-1,373-1,154-971146-51
Long-term F32-3,300-56-4,478-384-220-48
Loans F4-2,268-11,799-1,081-360-425-1,492
Short-term loans F41349-788-530-46-32-228
Long-term loans F42-2,617-11,011-551-314-393-1,264
Equity and Investment Fund Shares F5-1,307-87242-379-4,491-1,235
Other financial assets F6 + F7 + F8 -571851-1,97966468615,533
Insurance, Pensions and Standardised Guarantees F601-1000
Financial derivatives and Employee Stock Options F7171143-1,737-278-426-165
Other accounts receivable/payableF8-742707-2419421,11215,698
less        
Net incurrence of liabilities ΔL5,058-11,784-3,667-2,778-1,02716,966
EDP debt instruments F2 + F3 + F45,210-12,559-3,964-2,472-1,1392,168
Currency and deposits F2-30,707-10,474-24760928139
Debt securities F325,8846,1146,269-3,2944,7201,348
Short-term F31-1721,327-2,3791,11066282
Long-term F3226,0564,7878,648-4,4044,0581,266
Loans F410,033-8,199-9,986213-6,140781
Short-term loans F41-482-137-241-338-200154
Long-term loans F4210,515-8,062-9,745551-5,940627
Other liabilities F5 + F6 + F7 + F8 -152775297-30611214,798
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F6-100000
Financial derivatives and Employee Stock Options F7-1-1-105-5
   Other accounts receivable/payable F8-150776298-30610714,803
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201320142015201620172018
General Government balance sheet       
 Net worth at market value, excluding pension liabilitiesNW-56,575-61,583-52,587-47,691-37,292-37,385
 equals       
  Non-financial assets at market valueNFA88,16793,04698,247104,598111,424114,060
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-144,742-154,629-150,834-152,289-148,716-151,445
  equals       
   Financial assets at market valueFA93,20382,53782,68278,75379,16792,370
    EDP debt instrumentsF2 + F3 + F453,27035,41428,35423,65725,52328,646
     Currency and depositsF224,16717,88517,78614,65217,09421,430
     Debt securitiesF310,2499,6463,2891,8911,7181,522
      Short-termF313,7442,3691,184143378322
      Long-termF326,5057,2772,1041,7481,3411,200
     LoansF418,8547,8837,2797,1146,7115,694
      Short-term loansF412,3031,516986939907680
      Long-term loansF4216,5516,3676,2936,1755,8045,014
    Equity and Investment Fund SharesF530,74937,87944,89945,55742,60637,011
    Other financial assetsF6 + F7 + F8 9,1849,2449,4299,53911,03826,713
     Insurance, Pensions and Standardised GuaranteesF6010000
     Financial derivatives and Employee Stock OptionsF71,1353528110409387
     Other accounts receivable/payableF88,0498,8918,6189,53910,62926,326
  less       
   Liabilities at market valueL237,945237,166233,516231,042227,883243,815
    EDP debt instrumentsF2 + F3 + F4228,902227,822223,194221,125218,340219,621
     Currency and depositsF231,35620,91820,71321,31521,59721,636
     Debt securitiesF3126,146141,988146,321143,057146,555147,088
      Short-termF312,3913,7631,3862,4012,9323,093
      Long-termF32123,755138,225144,935140,656143,622143,995
     LoansF471,40064,91656,16056,75350,18850,897
      Short-term loansF411,4421,2941,035691514652
      Long-term loansF4269,95963,62255,12556,06249,67450,245
    Other liabilitiesF5 + F6 + F7 + F89,0439,34410,3229,9179,54324,194
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6000000
     Financial derivatives and Employee Stock OptionsF79324571,1381,039558406
     Other accounts receivable/payableF88,1118,8879,1848,8788,98523,788
              
Memo: Estimated pension liabilities of government 98,000109,800114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -154,575-171,383-167,087-162,191-151,792-151,885
Contingent liabilities 59,52229,41215,9559,0065,3155,054
Guarantees 56,02025,14511,3043,9732827
Off-balance sheet PPPs and concessions 3,5024,2664,6515,0325,0325,048
Memo: Net worth, including pension liabilities and contingent liabilities -214,097-200,795-183,042-171,197-157,107-156,939
Change in net worth of government       
 Opening net worth -52,191-56,575-61,583-52,587-47,691-37,292
              
 Change in net worth due to transactions -10,563-6,095-3,818-1995392,683
  Net acquisition of non-financial assets P5 + NP - P51c5311,0231,2681,6101,3692,637
  Net lending/net borrowingB9-11,094-7,118-5,086-1,809-83046
   = Net acquisition of financial assets -6,036-18,902-8,753-4,587-1,85717,012
   - Net incurrence of liabilities -5,05811,7843,6672,7781,027-16,966
              
 Change in net worth due to other economic flowsKx6,1791,08712,8145,0949,860-2,775
  Other changes in non-financial assets 2,2493,8563,9334,7405,4570
  Other changes in financial net worth 3,930-2,7698,8813544,403-2,775
   = Other changes in financial assets 7,3608,2368,8986582,271-3,809
     EDP debt instruments 2001,810-44175-82409
     Equity and Investment Fund Shares 7,0427,2176,7781,0371,540-4,360
     Other financial assets 118-7912,164-554813142
   - Other changes in liabilities -3,430-11,005-17-3042,1321,034
     EDP debt instruments -5,280-11,479664-4031,646887
     Other liabilities 1,850474-68199486147
              
Closing net worth -56,575-61,583-52,587-47,691-37,292-37,385
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201320142015201620172018
General Government Debt       
  Debt instrument liabilities at market value228,902227,822223,194221,125218,340219,621
  + Difference between face value and market value -13,564-24,457-21,559-20,415-16,972-13,407
Gross General Government Debt (face value)GGDebt215,338203,365201,635200,710201,368206,214
By category:       
 Currency and deposits F231,35620,91820,71321,31521,59721,636
 Debt securitiesF3112,665119,078125,766123,881130,121134,236
  Short-termF312,3893,7601,3802,3952,9293,085
  Long-termF32110,276115,318124,387121,485127,192131,151
 LoansF471,31763,36955,15655,51549,65050,343
  Short-termF411,4421,2941,032691514647
  Long-termF4269,87662,07554,12454,82449,13649,696
           
less EDP debt instrument assetsF2 + F3 + F453,27035,41428,35323,65725,52428,646
 By category:       
 Currency and deposits F224,16717,88517,78614,65217,09421,430
 Debt securitiesF310,2499,6463,2881,8911,7191,522
  Short-termF313,7442,3691,184143378322
  Long-termF326,5057,2772,1041,7481,3411,200
 LoansF418,8547,8837,2797,1146,7115,694
  Short-termF412,3031,516986939907680
  Long-termF4216,5516,3676,2936,1755,8045,014
           
 Net General Government Debt (face value)GGNetDebt162,068167,951173,282177,053175,844177,568
 By category:       
 Currency and deposits F27,1893,0332,9276,6634,503206
 Debt securities F3102,416109,432122,478121,990128,402132,714
  Short-termF31-1,3551,3911962,2522,5512,763
  Long-termF32103,771108,041122,283119,737125,851129,951
 LoansF452,46355,48647,87748,40142,93944,649
  Short-termF41-861-22246-248-393-33
  Long-termF4253,32555,70847,83148,64943,33244,682
Table 8 Reconciliation of Exchequer Balance to General Government Deficit
       € million
Description ESA2010 code2015201620172018
Exchequer balance -64-1,0181,906106
      
Deduct cash inflows which do not increase financial net worth -9,149-4,042-4,875-1,960
Inflows from sale or redemption of financial assets -9,139-4,037-4,875-1,960
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation -10-500
Exclude cash outflows which do not reduce financial net worth 4,9111,574202272
Acquisition of financial assets 4,6761,574202272
Repayment of promissory notes notional loan principal 234000
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 0000
      
Impact on financial net worth of Exchequer cash transactions -4,302-3,487-2,767-1,583
      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) 212456242286
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 237349105275
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -13410444-89
Accrual of interest due on contingent capital assets assigned to banks 10-6900
Licence sales 987193100
Other accrued revenue 0000
Adjust for impact of non-cash expenditure (-) 237844349238
Capital transfers to financial institutions financed by promissory notes 1645900
Difference between interest paid and accrued 148516218451
Difference between Exchequer cash issues and accrued net spending of departments and offices -137-897923
Other accrued expenditure 210-4152-237
      
Surplus/Deficit of ExchequerB9_exchequer-3,853-2,187-2,175-1,060
      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -8187809834
Social Insurance Fund -693786241,070
Bank & Deposit Guarantee Schemes -19-242-1224
Capital Services Redemption Account 0000
Small Savings Reserve Fund 0000
Other Extra-Budgetary Funds 16625171-286
Health Service Executive -86262626
      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-3,861-2,000-1,366-226
Surplus/Deficit of other Central Government bodies -1,78943337275
National Pensions Reserve Fund 64063329375
Non-market State corporations and agencies -338837132
Voluntary and joint board hospitals 23-28-29-28
Other adjustments -2,11300-203
Conversion of AIB Preference shares into Ordinary shares -2,111000
Concession asset reclassification & Court decision (consultants pay) -200-203
Surplus/Deficit of Central Government B9_S1311-5,650-1,957-1,02949
Surplus/Deficit of Local Government B9_S1313564148199-3
Surplus/Deficit of General Government B9_S13-5,086-1,809-83046
Table 9 Reconciliation of National Debt to General Government Debt
             € million
Description201320142015201620172018 *
Audited National Debt173,947182,310183,066185,610185,483187,675
 Composed of      
  Gross National Debt197,547197,069196,620196,729198,701205,268
   Medium/long term debt178,722176,011175,974173,620174,395178,901
    Irish Government Bonds111,007116,339125,086121,645127,581131,829
    EU/IMF Programme Funding and bilateral loans66,22059,62150,57950,49144,54844,518
    Other medium/long term debt7029221,1631,6931,8932,238
    Miscellaneous (including derivatives)792-871-854-209373316
   Short term debt3,3204,6723,9535,9157,0139,031
    Foreign Bills4822,2541,046363502513
    Treasury Bills050001,0082,0092,014
    Borrowings from Funds under the control of the Minister for Finance6765231,5792,5182,2812,591
    Exchequer Bills/Notes (incl. Central Treasury Notes)2,1631,3951,3272,0252,2213,913
   State Savings Schemes15,50516,38616,69217,19417,29317,337
 Less cash and other financial assets-23,601-14,759-13,554-11,119-13,217-17,593
 Reverse deduction of cash, other financial assets and EFSF prepaid margin held by Exchequer24,13115,28914,08411,11913,21717,593
 Outstanding principal value of promissory notes2152010000
 Liability for coinage in circulation675693701707704712
 Accrual adjustments (State Savings)604599504451452280
 Adjustment from discounted to nominal value428-2-52
 National Loans Advance Interest54924294641
 Gross treatment of collaterals9481,0047835225068
 Other adjustments (repurchase agreements, OPW contracts and exclusion of financial derivatives)483826204326
Unconsolidated Exchequer Debt (Maastricht definition)200,575200,185199,196198,455199,992206,396
 of which: Liabilities to other Central Government bodies2,3162,5293,3723,9854,4596,406
Exchequer contribution to Central Government debt198,259197,656195,824194,470195,532199,990
 of which: Liabilities to Local Government 29220000
Exchequer contribution to General Government debt198,230197,634195,824194,470195,532199,990
Housing Finance Agency (HFA)      
 Gross debt of HFA4,4234,2093,6153,6123,6173,790
 of which: Liabilities to other Central Government bodies3,7113,1522,4272,0561,7831,587
HFA contribution to Central Government debt7121,0571,1891,5561,8342,203
 of which: Liabilities to Local Authorities2866449651,2951,5141,850
HFA contribution to General Government debt427413224261320353
Other Central Government      
 IBRC Consolidated12,6601,237735698332252
 Liabilities of Post Office Savings Bank Fund to Post Office Savings Bank2,6462,6722,7652,9193,1213,298
 Health Service Executive and Voluntary Hospitals148158128134135135
 National Oil Reserves Agency166111631500
 Irish Rail820000
 Westlink buyout: imputed loan from National Toll Roads to National Roads Authority31026022117112171
 All other bodies572521,0261,2561,1861,128
Other bodies' contribution to Central and General Government debt15,9954,6934,9385,1944,8964,885
Total Central Government debt214,966203,406201,951201,219202,263207,078
 of which: Liabilities to Local Government3146669651,2951,5141,850
Central Government contribution to General Government debt214,652202,740200,986199,924200,748205,227
Local Government - Local Authorities      
 Borrowing from Housing Finance Agency4,3064,1853,6393,6453,3653,259
 Borrowing from other Central Government bodies772717028329282
 Other borrowing578625649786619987
Local Authorities' contribution to Local Government debt4,9625,0814,3594,4604,3134,528
 VECs / ETBs000000
Total Local Government debt4,9625,0814,3594,4604,3134,528
 of which: Liabilities to Central Government4,2764,4563,7103,6733,6933,540
Local Government contribution to General Government debt685625649786619987
            
General Government Debt215,338203,365201,635200,710201,367206,215
* unaudited figures
Table 10 Central Government transactions: revenue, expenditure and deficit
         €million
DescriptionESA2010 code201320142015201620172018
Central Government transactions       
 RevenueTR58,05862,68267,48069,93572,77578,048
  Taxes and social contributionsD2 + D5 + D91 + D6151,20555,78460,61063,47666,99572,374
   TaxesD2 + D5 + D9141,11045,05649,45551,63954,56359,213
   Social contributions D6110,09510,72811,15611,83712,43113,161
  Sales of goods and servicesP1O3,3173,3983,8333,7813,7533,949
  Investment incomeD43,3223,1012,7281,8511,8111,334
  Current transfer revenue (excluding taxes)D7124225253199207301
  Capital transfer revenue (excluding taxes)D9N90174566281090
           
 ExpenditureTE69,14369,95273,12971,89273,80477,999
  ExpenseExpense68,05767,95571,09469,67071,81874,860
   Compensation of employeesD116,56816,81917,43017,89918,99920,377
   Use of goods and services plus taxes payableP2 + D5 + D296,7967,2157,4917,6198,0128,835
   Depreciation (Consumption of fixed capital)P51c1,3321,6241,7571,8862,0402,040
   Interest (excluding FISIM)D417,7387,5746,8336,1585,7975,225
   SubsidiesD31,9091,8671,7901,7741,8231,685
   Social benefitsD62 + D63227,13426,91327,15927,08627,51728,235
   Other current transfersD74,6684,3304,1464,7765,2055,890
   Capital transfersD91,9131,6134,4882,4732,4252,572
           
 Net operating balanceNOB-9,999-5,273-3,6142659573,188
           
  Net acquisition of non-financial assetsP5 + NP - P51c1,0861,9972,0352,2221,9853,139
           
 Central Government Surplus/DeficitB9-11,085-7,270-5,649-1,957-1,02949
Table 11 Central Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201320142015201620172018
Total RevenueTR58,05862,68267,48069,93572,77578,048
 Taxes and social contributions 51,20555,78460,61063,47666,99572,374
  TaxesD2 + D5 + D9141,11045,05649,45551,63954,56359,213
   Indirect taxes (taxes on production and imports)D217,90319,80921,19122,29623,49924,134
    Taxes on productsD2116,74818,23419,43620,78421,59522,371
    of which Value-Added TaxD21110,37211,52111,95512,82613,27814,388
    Other taxes on production D291,1551,5751,7551,5111,9031,763
   Direct taxesD522,92924,88927,86328,93230,61634,561
    Taxes on income, profits and capital gainsD5121,29823,01626,59927,89329,60133,575
    Other current direct taxesD591,6301,8731,2631,0391,016986
   Capital taxesD91278359401411448518
  Social contributions D6110,09510,72811,15611,83712,43113,161
   Actual social contributionsD611 + D6138,8339,48010,09210,63411,33812,146
    PRSI receipts D611 + D613(pt)7,3107,9608,5249,2389,83610,643
    Government employees' social contributionsD613(pt)1,5231,5191,5681,3971,5021,502
   Employers' imputed social contributionsD6121,2621,2481,0641,2031,0931,015
 Sales of goods and servicesP1O3,3173,3983,8333,7813,7533,949
  Sales of market establishments (= market output)P11000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P12333321212222
  Incidental sales and fees of non-market establishmentsP1313,2843,3653,8123,7603,7313,928
 Investment incomeD43,3223,1012,7281,8511,8111,334
  Interest (excluding FISIM)D411,4481,074690276174201
   of which received from local governmentD41_LG997251627572
  DividendsD421,7711,9221,9321,4681,5321,020
  Rent of land and subsoil assetsD45103105106107105113
 Current transfer revenueD39 + D7124225253199207301
  SubsidiesD39000000
  Other current transfersD7124225253199207301
   Non-life insurance claimsD72978181818
   Grants from local governmentD73333344
   Other Domestic - Current D7N_S1102179149145150149
   From Rest of World - CurrentD7N_S21136933234129
 Capital transfer revenueD9N90174566281090
            
OutputP124,69525,65826,67827,40429,05131,252
 Market output (sales of market establishments)P11000000
 Output for own final useP12333321212222
 Non-market outputP1324,66225,62526,65727,38329,02931,231
  = Non-market compensation of employeesD1_nonmarket16,53516,78617,40917,87818,97720,355
   = Total compensation of employeesD116,56816,81917,43017,89918,99920,377
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use-33-33-21-21-22-22
  + Non-market intermediate consumptionP2_nonmarket6,7967,2157,4917,6198,0128,835
   = Total intermediate consumptionP26,7967,2157,4917,6198,0128,835
   - Intermediate consumption of market establishmentsP2_market000000
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,3321,6241,7571,8862,0402,040
   = Total consumption of fixed capitalP51c1,3321,6241,7571,8862,0402,040
   - Consumption of fixed capital by market establishmentsP51c_market000000
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 12 Central Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201320142015201620172018
Total ExpenditureTE69,14369,95273,12971,89273,80477,999
 Expense 68,05767,95571,09469,67071,81874,860
  Compensation of employeesD116,56816,81917,43017,89918,99920,377
   Of which: Related to production of own-use capital assets 333321212222
  Use of goods and services plus taxes payableP2 + D5 + D296,7967,2157,4917,6198,0128,835
   Use of goods and services [Intermediate consumption]P26,7967,2157,4917,6198,0128,835
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5000000
  Depreciation (Consumption of fixed capital)P51c1,3321,6241,7571,8862,0402,040
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D417,7387,5746,8336,1585,7975,225
   Other domestic interest payableD41_S13,1002,8842,4362,2502,1001,831
   Interest payable to rest of worldD41_S24,6384,6904,3973,9083,6983,395
  SubsidiesD31,9091,8671,7901,7741,8231,685
   Product subsidiesD311,071957864909930932
   Other subsidies on productionD39838910926865893753
  Social benefitsD62 + D63227,13426,91327,15927,08627,51728,235
   Social benefits in cashD6222,96222,68722,72622,52422,72723,049
   Social benefits in kind (via market producers)D6324,1724,2264,4334,5624,7905,186
  Other current transfersD74,6684,3304,1464,7765,2055,890
   Net non-life insurance premiumsD71587455105107107
   Current grants to local governmentD73 _LG1,7981,6071,6571,8082,0822,232
   Current international cooperationD74530434473438503531
   Miscellaneous current transfersD75719731455574782647
   VAT and GNI based EU budget contributionD761,5641,4831,5071,8511,7312,374
    VAT-based EU own resourcesD761202203215219262245
    GNI-based EU own resourcesD7621,3611,2801,2921,6321,4702,129
  Capital transfersD91,9131,6134,4882,4732,4252,572
   Capital grants to local governmentD9_LG1,1326421,3001,054948848
   Investment grantsD927437781,0771,4201,4471,511
   Other capital transfersD99381932,111030213
            
 Net acquisition of non-financial assetsP5 + NP - P51c1,0861,9972,0352,2221,9853,139
  = Gross investment in non-financial assetsP5 + NP2,4183,6213,7924,1084,0255,179
   Gross fixed capital formationP512,3353,5613,7924,0484,0705,119
   Net acquisition of stocksP52836060606060
   Net acquisition of unproduced assetsNP00-600-1050
  - Consumption of fixed capitalP51c-1,332-1,624-1,757-1,886-2,040-2,040
            
Net expenditure on current goods and servicesP3 excl. D63221,37822,26022,84523,62325,29827,303
 = OutputP124,69525,65826,67827,40429,05131,252
 - Sales of goods and services P11+P12+P131-3,317-3,398-3,833-3,781-3,753-3,949
   Market output (sales of market establishments)P11000000
   Output for own final useP12-33-33-21-21-22-22
   Incidental sales and fees of non-market establishmentsP131-3,284-3,365-3,812-3,760-3,731-3,928
            
Final consumption expenditureP325,55026,48627,27828,18530,08832,489
 = Net expenditure on current goods and servicesP3 excl. D63221,37822,26022,84523,62325,29827,303
 + Social transfers in kind via market producers D6324,1724,2264,4334,5624,7905,186
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)18,09118,78619,35820,01821,45223,128
  Social transfers in kind (via market producers)D6324,1724,2264,4334,5624,7905,186
  Social transfers in kind (provided directly by government)D63113,91914,56014,92515,45616,66317,942
 Collective consumption (= actual final consumption of government)P327,4597,7017,9208,1678,6369,361
            
Total social transfersD62 + D6341,05341,47242,08442,54244,17946,177
 Social benefits in cashD62 22,96222,68722,72622,52422,72723,049
 Social transfers in kind (= individual consumption)D6318,09118,78619,35820,01821,45223,128
Table 13 Local Government transactions: revenue, expenditure and deficit
         €million
DescriptionESA2010 code201320142015201620172018
Local Government transactions 
RevenueTR6,4875,6696,4456,5366,8687,136
Taxes and social contributionsD2 + D5 + D91 + D611,7331,6711,6331,5701,5701,615
TaxesD2 + D5 + D911,4071,4031,3891,3541,3491,384
Social contributions D61326269244216222231
Sales of goods and servicesP1O1,5511,4311,5191,6531,7731,902
Investment incomeD4494237323231
Current transfer revenue (excluding taxes)D71,8271,6511,7021,8562,1262,277
Capital transfer revenue (excluding taxes)D9N1,3288741,5541,4251,3661,311
           
ExpenditureTE6,4965,5175,8816,3886,6687,139
ExpenseExpense7,0516,4916,6486,9997,2857,642
Compensation of employeesD12,0271,5471,5221,5441,6821,851
Use of goods and services plus taxes payableP2 + D5 + D291,4001,7221,7521,9051,8612,029
Depreciation (Consumption of fixed capital)P51c1,8331,6931,7581,8361,9071,907
Interest (excluding FISIM)D411228768718177
SubsidiesD3000000
Social benefitsD62 + D6321,4691,2421,3451,4361,5681,587
Other current transfersD7484041405151
Capital transfersD9153161162167136140
           
Net operating balanceNOB-564-822-203-464-418-506
           
Net acquisition of non-financial assetsP5 + NP - P51c-556-975-767-612-617-502
           
 Local Government Surplus/DeficitB9-9153564148199-3
Table 14 Local Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201320142015201620172018
Total RevenueTR6,4875,6696,4456,5366,8687,136
 Taxes and social contributions 1,7331,6711,6331,5701,5701,615
  TaxesD2 + D5 + D911,4071,4031,3891,3541,3491,384
   Indirect taxes (taxes on production and imports)D21,4071,4031,3891,3541,3491,384
   Other taxes on production D291,4071,4031,3891,3541,3491,384
   Capital taxesD91000000
  Social contributions D61326269244216222231
   Actual social contributionsD611 + D61318613012682100118
   Employers' imputed social contributionsD612140139118134121113
 Sales of goods and servicesP1O1,5511,4311,5191,6531,7731,902
  Sales of market establishments (= market output)P119911,0391,1171,2211,3261,432
  Imputed sales related to production of own-use capital assets (= output for own final use)P12000000
  Incidental sales and fees of non-market establishmentsP131560391402431448470
 Investment incomeD4494237323231
  Interest (excluding FISIM)D41494237323231
  of which received from Central GovernmentD41_CG000000
  DividendsD42000000
 Current transfer revenueD39 + D71,8271,6511,7021,8562,1262,277
  SubsidiesD39000000
  Other current transfersD71,8271,6511,7021,8562,1262,277
   Grants from central governmentD731,7981,6071,6571,8082,0822,232
   Other Domestic - Current D7N_S1294445494446
 Capital transfer revenueD9N1,3288741,5541,4251,3661,311
   Grants from central governmentD9N_CG1,1326421,3001,054948848
   Other capital transfers receivableD99196232254371418463
            
Output P15,6345,3675,4995,8226,0696,512
 Market output (sales of market establishments)P119911,0391,1171,2211,3261,432
 Output for own final useP12000000
 Non-market outputP134,6444,3274,3824,6014,7435,081
  = Non-market compensation of employeesD1_nonmarket2,0271,5471,5221,5441,6821,851
   = Total compensation of employeesD12,0271,5471,5221,5441,6821,851
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use000000
  + Non-market intermediate consumptionP2_nonmarket1,1811,5031,5271,6591,6091,777
   = Total intermediate consumptionP21,4001,7221,7521,9051,8612,029
   - Intermediate consumption of market establishmentsP2_market-219-219-225-247-252-252
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,4361,2781,3331,3991,4531,453
   = Total consumption of fixed capitalP51c1,8331,6931,7581,8361,9071,907
   - Consumption of fixed capital by market establishmentsP51c_market-397-415-425-437-454-454
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 15 Local Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201320142015201620172018
Total ExpenditureTE6,4965,5175,8816,3886,6687,139
 Expense 7,0516,4916,6486,9997,2857,642
  Compensation of employeesD12,0271,5471,5221,5441,6821,851
   Of which: Related to production of own-use capital assets 000000
  Use of goods and services plus taxes payableP2 + D5 + D291,4001,7221,7521,9051,8612,029
   Use of goods and services [Intermediate consumption]P21,4001,7221,7521,9051,8612,029
    Of which: Intermediate consumption of market establishments 219219225247252252
   Taxes, payableD5 + D29000000
  Depreciation (Consumption of fixed capital)P51c1,8331,6931,7581,8361,9071,907
    Of which: Depreciation by market establishments 397415425437454454
  Interest (excluding FISIM)D411228768718177
   Interest payable to central governmentD41_CG997251627572
   Other domestic interest payableD41_S1221517965
  SubsidiesD3000000
  Social benefitsD62 + D6321,4691,2421,3451,4361,5681,587
   Social benefits in cashD62656366366302302321
   Social benefits in kind (via market producers)D6328148769791,1341,2661,266
  Other current transfersD7484041405151
   Grants to central governmentD73_CG333344
   Miscellaneous current transfersD75453738374747
  Capital transfersD9153161162167136140
   Investment grantsD92153161162167136140
            
 Net acquisition of non-financial assetsP5 + NP - P51c-556-975-767-612-617-502
  = Gross investment in non-financial assetsP5 + NP1,2787189901,2251,2901,405
   Gross fixed capital formationP511,2787189311,2251,2901,405
   Net acquisition of stocksP52000000
   Net acquisition of unproduced assetsNP0060000
  - Consumption of fixed capitalP51c-1,833-1,693-1,758-1,836-1,907-1,907
            
Net expenditure on current goods and servicesP3 excl. D6324,0843,9363,9794,1704,2964,611
 = OutputP15,6345,3675,4995,8226,0696,512
 - Sales of goods and services P11+P12+P131-1,551-1,431-1,519-1,653-1,773-1,902
   Market output (sales of market establishments)P11-991-1,039-1,117-1,221-1,326-1,432
   Output for own final useP12000000
   Incidental sales and fees of non-market establishmentsP131-560-391-402-431-448-470
            
Final consumption expenditureP34,8974,8124,9585,3045,5625,877
 = Net expenditure on current goods and servicesP3 excl. D6324,0843,9363,9794,1704,2964,611
 + Social transfers in kind via market producers D6328148769791,1341,2661,266
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)2,4502,2782,3982,5952,7212,887
  Social transfers in kind (via market producers)D6328148769791,1341,2661,266
  Social transfers in kind (provided directly by government)D6311,6361,4011,4191,4611,4551,621
 Collective consumption (= actual final consumption of government)P322,4482,5342,5602,7092,8412,990
            
Total social transfersD62 + D633,1052,6442,7642,8973,0233,208
 Social benefits in cashD62 656366366302302321
 Social transfers in kind (= individual consumption)D632,4502,2782,3982,5952,7212,887

Background Notes

Introduction

This release comprises the latest official publication by CSO of annual Government Finance Statistics (GFS) results for years 2013 to 2018.  The data in this release are subject to the normal verification process by Eurostat until 22 April 2019 and are therefore provisional.

The data published are consistent with the General Government Deficit and Debt levels reported at end-March 2019 under the EU regulation governing the Excessive Deficit Procedure (EDP).  Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The official publication by Eurostat of deficit and debt levels for all EU member states is due on 23 April 2019.

The tables provide detailed revenue, expenditure and balance sheet data for general government. These data are also available on CSO Statbank here .

The full suite of GFS tables are also available on the CSO website here .

Data for all EU Member States are available on Eurostat’s database here .

Sale of mobile telephony (UMTS) licences

On 27 March 2017 Eurostat published a Guidance Note on the treatment of mobile phone licences, exploration rights and other licences on the recording of revenues arising from the sale of licences by government - click here . In October 2017, CSO amended the treatment of past sales of mobile phone licences (in 2002, 2007 and 2013) to bring these in line with the March 2017 guidance note on the treatment of the sales of UMTS licences.

The latest sale of UMTS licenses in 2017 for the 3.6GHz band is included in the data published in this release.  This data has been processed in the same manner as earlier sales, see Background notes of October 2017 release here for further detail on the methodology.

Reclassification of pension funds

The Eircom No. 2 and Coillte No. 2 pension funds were reclassified retroactively in the sector of general government (S.13) for this publication. This decision was verified by Eurostat at an EDP dialogue visit in February 2019.

Eircom No. 2 fund was established in 1999 by a capital transfer (D.99) of £800m/€1,015m from government (S.13) to the financial sector (S.12).  This transfer has been removed from both S.13 and S.12.  Corresponding adjustments were made to AF.2 in the financial accounts of both sectors. 

Data on the value of this fund and payments from this fund are only available from 2011 and currently up to 2017.  For the years 1999 to 2010, transfer payments have been estimated based on the original asset value of the fund and the asset value at end 2011.  Transfer payments (D.62) from government (S.13) have increased and have decreased by a corresponding amount for the financial sector (S.12). The government (S.13) financial account shows corresponding F.2 flows in cash and reduction in AF.2 with the reverse reflected in the financial accounts of S.12.  For the years 2011 to 2017, more detailed data is used as the estimate of D.62 pension payments.  The financial accounts reflects these payments and imputes Other Economic Flows based on the change of the value of assets for this fund from the beginning of the year and the end of the year and the cash payments made during the year. 

Data for 2018 has been estimated based on the previous year’s values and will be up-dated once updated 2018 data is available.  This fund is due to run out in 2020 or 2021 at which point the Minister for Finance will take responsibility for the payment of pensioners. 

Coillte No. 2 fund was established in 1989 upon the establishment of Coillte.  Data on payments from this fund and receipts of this fund from 2008 to 2017 are available from Coillte’s annual financial reports.  This data was used to estimate transfer payments (D.62) to pensions and actual household contributions (D.6113) payments from households to the fund (i.e. re-routed to households).  The D.6113 payments also include the employer contributions to this fund. 

Data for the years 1989 to 2007 have been trended based on average year-on-year change for the years for which data is available.  Thus the D.62 payments and D.6113 receipts of government (S.13) have increased with corresponding decreases in these transactions for the financial sector (S.12).  On the financial accounts, cash flows (F.2) and stock of cash (AF.2) for both the government (S.13) and financial sector (S.12) have corresponding adjustments.

This fund is due to run out in 2019 at which point the Minister for Finance will take responsibility for the payment of pensioners.

Reclassification of Approved Housing Bodies to local government sub-sector (S.1313)

As of March 2018, 14 Approved Housing Bodies (AHBs) have been reclassified to the local government sub-sector (S.1313) from the Non-Profit Institution Serving Households Sector (S.15). In addition the housing activities of another non-profit organisation have been re-routed to the local government sub-sector. Details on the reclassification can be found here .

Super dividend

In 2018 Q2 the exchequer received a super dividend of €1,426 million from the Central Bank of Ireland.

IBRC payment to Exchequer

In 2013 the payment by the Exchequer of €1.1 billion to meet obligations to IBRC deposit holders under the guarantee schemes in operation was treated as the granting of a loan from the Exchequer to IBRC, on the understanding that the Exchequer would be treated as a creditor of IBRC in the liquidation process and that there was a reasonable expectation of repayment.  The 2018 re-payment of €340.7 million was made in 2018 Q4.

Consultant’s pay settlement

In June 2018 there was a settlement made following a court process with medical consultants in relation to pay arrears.  The backdated payments of €213 million were recorded as D.99 expenditure of central government in Q2 2018.

Movements of note in the balance sheet

There were large transactions in F.8 assets and liabilities in Q3 2018 of +€10.2 billion and +€9.7 billion respectively. In ESA terms, F.8 corresponds to other accounts receivable or payable. These assets and liabilities are created in situations where there is a timing difference between the underlying transactions and the corresponding payments.

The most significant development in the balance-sheet during 2018 related to the value of the State’s investment portfolio. In net terms the State ran down its holdings of Equity and Investment Fund Shares by €1.2 billion (Table 5), while the value of this element of its portfolio fell by €5.6 billion (Table 6). Excluding net transactions, the change in value is predominantly explained by the losses incurred on the shares held in Irish banks. 

Revisions to General Government Deficit/Surplus (GG Deficit/Surplus)

Estimates of the general government deficit have been revised since October 2018. The changes reflect the re-classification of Eircom and Coillte pensions and UMTS sales.  Changes to recent years also reflect the availability of more up-to-date and detailed data sources.

Revisions to General Government Debt (GG Debt)

Estimates of the general government debt have been revised since October 2018. Revisions are due to improved compilation processes and, in recent years, also reflect the availability of more up-to-date and detailed data sources.

GDP figures used in publication

The GDP figures used in this publication are consistent with those published in the Quarterly National Accounts on 14 March 2019.

Modified Gross National Income (GNI*)

Modified Gross National Income (GNI*) is equal to Gross National Income at current market prices less the factor income of redomiciled companies, less depreciation on research and development related intellectual property imports and less depreciation on aircraft related to aircraft leasing.

GNI* for 2018 will not be available until mid-2019, hence no 2018 GNI* comparisons are shown in this release.  These will be shown in the annual GIE release mid-2019 and the October annual release.

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 (ESA2010). The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of 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.  For annual data the main tables reported are:

Table 0200   Revenue and expenditure of general government and sub-sectors

Tables 0900 and 0999    Taxes and national tax list

These data are available on the Eurostat website here .

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 – which does not apply in Ireland),

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 as shown in the GFS release.

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.42    Dividends receivable by the owners of share equities. Dividends exclude "super dividends" which arise where the dividend paid is large relative to the recent level of dividends and earnings. Super dividends are recorded as withdrawal of equity (F.5). This arises, for example, in the case of dividends paid by the Central Bank in 2015.

           D.45    Rent of a natural resource – income receivable by the owner of a natural resource for putting the resource at the disposal of another party.

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.

 P.1       Total output of Government is equal to market output, own account capital formation, and non-market output (i.e. the sum of D.1+P.2+P51c). The market output referred to in this publication is the imputed market value of social housing rented dwellings. See Table 3.

P.3        Final consumption expenditure of Government is equal to the total of its output (P.1) plus the expenditure on products/services supplied to households via market producers minus the sales of goods and services (at both market and non-market prices). This is made up of individual non-market services plus collective non-market services (P.31 and P.32). See Table 4.  

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 trade credits

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