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For more information on this release:
E-mail: gfs@cso.ie Tom.Fitzgerald@cso.ie Derek.Stynes@cso.ie
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COVID-19 Release Information

This release has been compiled during the COVID-19 crisis. The results contained in this release reflect some of the economic impacts of the COVID-19 situation. For further information see Background notes.

CSO statistical release, , 11am

Government Finance Statistics - Annual

2015 to 2020 (October 2021 Results)

End of yearGeneral Government     GDP
        Balance      Gross Debt      Net Debt 
 €bn% GDP€bn% GDP€bn% GDP€bn
2015-5.4-2.0201.776.7172.865.7262.8
2016-2.1-0.8200.674.3176.665.4270.1
2017-0.9-0.3201.367.8175.058.9296.9
20180.50.1205.963.1177.254.3326.0
20191.80.5204.057.2174.649.0356.5
2020-18.4-4.9217.958.4185.949.9372.9

General government deficit of 4.9% of GDP in 2020

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

Direct COVID-19 expenditure by Government of €14.8bn in 2020

During the pandemic the Irish Government has implemented a range of fiscal support measures to expand the capacity of the healthcare sector, support household incomes and provide supports to businesses during the periods of public health restrictions, see release Infographic.

Table A below (click to expand), presents an updated estimate of the impact of COVID-19 on government expenditure in 2020. It shows the additional direct costs associated with the range of COVID-19 measures introduced by the Government since March 2020. In total this amounted to €14.8 billion, approximately 4.0% of GDP / 7.2% of GNI* in 2020.

The COVID-19 Pandemic Unemployment Payment (PUP) is a social welfare payment for those who lost their employment as a result of the pandemic.  Both employees and self-employed persons were eligible for the payment, which was introduced in March 2020. The Temporary Wage Subsidy Scheme and its replacement, the Employment Wage Subsidy Scheme, provide a subsidy to the employee via the employer. Together the PUP and wage subsidy schemes account for over 60% of COVID-19 expenditure. Additional funding to the health sector in respect of personal protective equipment, testing and tracing, etc. amounted to a further 17% of the COVID-19 costs.

Funding to business was provided mainly as grants. The Restart Grant and Restart Grant Plus schemes provided €640 million and an additional €100 million was distributed to businesses under a number of different grant and voucher schemes. In addition approximately €220 million of funding was provided via the Covid Restrictions Support Scheme. Further support to businesses was provided with the waiving of commercial rates for much of the year. Additional Exchequer funding was provided to the local authorities to make up for the shortfall in order to ensure that service provision to the public would be unaffected.  This is not shown here as general government expenditure is a consolidated measure. In general government terms the impact materialises as a loss of revenue (commercial rates are recorded as D.29 taxes on production).

Table A: COVID-19 measures included in general government expenditure, €bn
ESA 2010 CodeMeasure2020
D.62Pandemic Unemployment Payment5.1
D.39Temporary Wage Subsidy Scheme / Employee Wage Subsidy Scheme4.2
P.2Health expenditure2.5
P.51gCapital expenditure0.8
D.7Restart Grant / Restart Grant Plus0.6
D.6Other0.4
D.7Other0.4
P.2Other0.3
D.3Other0.2
D.7Covid Restrictions Support Scheme0.2
D.99Standardised guarantees0.1
Total Expenditure 14.8
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table A (XLS 10KB)
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Other measures include the Pandemic Stabilisation and Recovery Fund, within the Irish Strategic Investment Fund (ISIF), which was established to provide capital to medium and large enterprises. As this made use of existing ISIF capital there is no general government impact. Finally an option to ‘warehouse’ tax liabilities interest free was available to businesses. Under the accrual principle for government accounts (i.e. receipts in later periods that relate to a 2020 liability are recorded in 2020) this has no impact, although it had an Exchequer cost in 2020. However at this stage the full amount has not yet been accrued and this will be updated as more information becomes available.

General government deficit of 4.9% of GDP in 2020

The general government deficit was €18.4bn in 2020, this is mainly due to the impact of COVID-19 on both general government revenue and expenditure, especially the targeted government supports and public health measures. General government revenue was €83.6bn in 2020, down 5.1% on 2019. This includes a decrease in indirect taxes of €3.3bn (12%), reflecting lower VAT receipts and the impact of the commerical rates waiver. Expenditure in 2020 stood at €102bn, up significantly (18.3%) on 2019. The net effect is a deterioration of €20.2bn compared with the surplus of €1.8bn in 2019 and clearly highlights the effect COVID-19 measures had on government finances in 2020.

Financing the deficit - general government debt 58.4% of GDP at end 2020

General government gross debt (the level of government borrowing) rose by almost €14bn to €217.9bn (Table 2). However the debt to GDP ratio remained below the Stability and Growth Pact threshold of 60% due to the performance of GDP in the year. Not all of the increase in government spending was funded by borrowing - cash balances were available to Government in 2020. These included a €2.0bn transfer from NAMA and €1.5bn from the National Surplus (Exceptional Contingencies) Reserve Fund. (The Fund was established in 2019 and capitalised with €1.5bn from the Ireland Strategic Investment Fund).

The market value of total liabilities rose by €21.5bn at the end of 2020 compared with one year earlier, and this was largely due to the issuance of bonds in order to fund COVID-19 related expenditure (Table 6). In contrast, loan liabilities decreased, mainly as a result of the repayment of four tranches (€1.9bn) of the UK bilateral loan in 2020, with the final payment occurring in the first quarter of 2021.

General government net debt rose by €11.3bn to €185.9bn (49.9% of GDP) at the end of 2020. Net debt takes account of the assets corresponding to Excessive Deficit Procedure (EDP) debt instruments, i.e. currency and deposits, securities other than shares, and loans (Tables 2 and 7).

New presentation of social security funds in S.1314

This release includes the presentation of social security funds separately in subsector S.1314 from 2017 onwards. This change has been implemented in the current reporting round of ESA/EDP tables in line with Eurostat recommendations, and facilitates comparison across member states. This is a presentational change with no net impact on General Government, S.13, rather the central government balance (S.1311) has reduced for 2017 – 2020 as the social security fund subsector has been implemented.

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 October 2021 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 21 October, 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 National Income and Expenditure and related publications, such as the Institutional Sector Accounts. 

The results today include an update to D.3 and D.6 expenditures compared to the provisional results. This has no impact on the level of expenditure or the general government balance.

The concepts and definitions used in this release are described in the background notes.
Total RevenueTotal Expenditure
20152729.1
201627.328.1
201725.926.2
201825.525.3
201924.724.2
202022.427.4

 

21 October 2021 11:00am - A correction has been made to the 2015 figures in Table 1 for 'Government interventions to support financial institutions' since the initial release of 19 October 2021.
Table 1 General Government transactions: revenue, expenditure, financing and deficit
          €million
DescriptionESA2010 code201520162017201820192020
General Government transactions       
RevenueTR70,97273,70876,92583,07488,10983,616
Taxes and social contributionsD2 + D5 + D91 + D6162,88465,75169,40575,17480,51277,259
TaxesD2 + D5 + D9150,75052,81455,71460,54964,67762,289
Social contributions D6112,13412,93813,69114,62515,83414,970
Sales of goods and servicesP1O4,6064,6174,6374,9284,9104,007
Investment incomeD42,7211,8261,7791,5331,5791,119
Current transfer revenue (excluding taxes)D7451512660865647695
Capital transfer revenue (excluding taxes)D9N3101,001444573461536
           
ExpenditureTE76,35675,79177,80282,58786,286102,033
ExpenseExpense75,32574,25376,40379,95182,64498,217
Compensation of employeesD119,39419,94521,11222,12423,43524,510
Use of goods and services plus taxes payableP2 + D5 + D299,56010,08310,44811,21612,63914,908
Depreciation (Consumption of fixed capital)P51c3,6183,8634,1044,3744,7375,030
Interest (excluding FISIM)D416,9396,2645,9065,3154,6233,829
SubsidiesD31,7881,7681,8141,9481,7336,085
Social benefitsD62 + D63227,93327,93328,62229,39730,62038,097
Other current transfersD72,5962,9522,9023,6643,3074,039
Capital transfersD93,4961,4451,4941,9121,5511,720
           
 Net operating balanceNOB-4,353-5455223,1235,465-14,602
           
Net acquisition of non-financial assetsP5 + NP - P51c1,0311,5381,3992,6363,6423,815
           
 General Government Surplus/DeficitB9-5,384-2,084-8774871,823-18,417
equals, in principle       
Net acquisition of financial assetsΔFA-8,838-4,893-2,51615,864-684-1,703
Debt instrumentsF2 + F3 + F4-7,096-5,1512,2972,532670-587
Equity and Investment Fund SharesF5241-382-4,496-1,238-2,351-1,279
Other financial assetsF6 + F7 + F8 -1,983640-31714,570997163
less       
Net incurrence of liabilitiesΔL-3,454-2,808-86317,210-92415,700
Debt instrumentsF2 + F3 + F4-3,782-2,485-1,2342,602-1,27614,431
Other liabilitiesF5 + F6 + F7 + F8 328-32337114,6083521,269
      
Memo: Net derivative flows on debt interest swap contracts -240-275-223-200-137-82
General Government Surplus/Deficit (% of GDP) -2.0-0.8-0.30.10.5-4.9
General Government Surplus/Deficit (% of GNI*) -3.3-1.2-0.50.20.8-8.8
GDP at current market prices 262,800270,058296,925326,043356,526372,869
GNI* 162,605174,776185,125197,820215,555208,178
Government interventions to support financial institutions¹       
Revenue (a+b+c+d)2,2921,7151,2971,1229201,218
Guarantee fees receivable (a)P131(part)53455000
Interest receivable (b)D4(part)50513549714939
Dividends receivable (c) D4(part)962749558382380394
Other (d) P131(part)771785685669491785
Expenditure (e+f+g+h)4,1551,7291,6201,7901,4711,402
Interest payable (e)D4(part)1,2071,047897783687630
Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)2,11100000
Calls on guarantees (g)D9(part)000000
Other (h)various8366827231,007784772
Impact of the above interventions on General Government Surplus/Deficit-1,863-14-322-668-550-184
  General Government Surplus/Deficit excluding interventions to support financial institutions -3,521-2,070-5551,1552,374-18,233
¹ 2015 Government interventions to support financial institutions data revised on 21/10/2021
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 1 (XLS 15KB)
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Table 2 General Government Net Worth, Gross and Net Debt
      €million
Description ESA2010 code201520162017201820192020
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-44,861-39,515-29,257-24,817-12,304-25,271
equals      
Non-financial assets at market valueNFA105,625112,595120,012128,816141,350150,036
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-150,486-152,110-149,269-153,633-153,654-175,307
equals      
 Financial assets at market valueFA83,31479,10579,02590,03591,93691,744
EDP debt instrumentsF2 + F3 + F428,89924,00026,24128,69029,37232,005
Equity and Investment Fund SharesF544,94745,55742,75336,62737,41734,009
Other financial assetsF6 + F7 + F8 9,4689,54810,03124,71825,14725,730
less      
Liabilities at market valueL233,800231,215228,294243,668245,590267,051
EDP debt instrumentsF2 + F3 + F4223,231221,046218,238219,161221,240241,531
Other liabilitiesF5 + F6 + F7 + F810,56910,16910,05624,50724,35025,520
      
Memo: Estimated pension liabilities of government 114,500114,500114,500149,600149,600149,600
Memo: Net worth, including pension liabilities-159,361-154,015-143,757-174,417-161,904-174,871
Contingent liabilities15,9559,7515,3155,0665,3146,182
Memo: Net worth, including pension liabilities and contingent liabilities -175,316-163,765-149,072-179,483-167,218-181,053
      
General Government: changes in net worth      
Opening net worth-54,220-44,861-39,515-29,257-24,817-12,304
Change in net worth due to transactions-4,353-547-2531,2903,881-13,588
Net acquisition of non-financial assets P5 + NP - P51c1,0311,5381,3992,6363,6423,815
Net lending/net borrowingB9-5,384-2,085-1,653-1,346240-17,403
Change in net worth due to other economic flowsKx13,7125,89310,5113,1508,632620
Other changes in non-financial assets4,6215,4326,0176,1688,8934,870
Other changes in financial assets8,9326842,436-4,8542,5851,511
Other changes in liabilities158-2232,0581,836-2,846-5,761
Closing net worth -44,861-39,515-29,257-24,817-12,304-25,271
            
General Government Debt (GGDebt)      
Debt instrument liabilities at market valueF2 + F3 + F4223,231221,046218,238219,161221,240241,531
+ Difference between EDP face value and market value-21,552-20,409-16,967-13,310-17,254-23,650
Gross General Government Debt (EDP face value)GGDebt201,679200,637201,271205,851203,986217,881
less EDP debt instrument assetsF2 + F3 + F4-28,898-24,000-26,242-28,690-29,371-32,004
Net General Government Debt GGNetDebt172,781176,637175,029177,161174,615185,877
             
Closing Net Worth (% of GDP)-17.1-14.6-9.9-7.6-3.5-6.8
Gross General Government Debt (% of GDP)76.774.367.863.157.258.4
Net General Government Debt (% of GDP) 65.765.458.954.349.049.9
Gross General Government Debt (% of GNI*)124.0114.8108.7104.194.6104.7
Net General Government Debt (% of GNI*) 106.3101.194.589.681.089.3
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 2 (XLS 15KB)
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Table 3 General Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201520162017201820192020
Total RevenueTR70,97273,70876,92583,07488,10983,616
 Taxes and social contributions62,88465,75169,40575,17480,51277,259
  TaxesD2 + D5 + D9150,75052,81455,71460,54964,67762,289
   Indirect taxes (taxes on production and imports)D222,48723,47124,64925,74427,52024,217
    Taxes on productsD2119,32620,57521,39222,15023,91321,355
    of which Value-Added TaxD21111,83112,60313,06014,17515,28112,630
    Other taxes on production D293,1612,8963,2573,5933,6072,862
   Direct taxesD527,86328,93230,61634,28736,62637,567
    Taxes on income, profits and capital gainsD5126,59927,89329,60133,29135,64636,602
    Other current direct taxesD591,2631,0391,016996980966
   Capital taxesD91401411448518531505
  Social contributions D6112,13412,93813,69114,62515,83414,970
   Actual social contributionsD611 + D6139,99210,48011,08612,08513,14112,117
    PRSI receipts D611 + D613(pt)8,5279,2489,83410,64911,70310,630
    Government employees' pension contributionsD613(pt)1,4651,2311,2511,4351,4371,487
   Employers' imputed social contributionsD6122,1422,4582,6052,5412,6942,853
 Sales of goods and servicesP1O4,6064,6174,6374,9284,9104,007
  Sales of market establishments (= market output)P11000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P12212122222323
Incidental sales and fees of non-market establishmentsP1314,5864,5974,6164,9064,8883,984
Investment incomeD42,7211,8261,7791,5331,5791,119
Interest (excluding FISIM)D4168225114216811143
Dividends / Other investment incomeD42 + D441,9321,4681,5321,2521,3961,006
Rent of land and subsoil assetsD451061071051137170
Current transfer revenueD39 + D7451512660865647695
SubsidiesD39000000
Other current transfersD7451512660865647695
Non-life insurance claimsD7281717171717
Other Domestic - Current D7N_S1261306353409468623
From Rest of World - CurrentD7N_S218218929043916256
Capital transfer revenueD9N3101,001444573461536
            
Output P132,57233,89135,66437,71540,81044,448
Market output (sales of market establishments)P11000000
Output for own final useP12212122222323
Non-market outputP1332,55233,87035,64337,69340,78844,426
= Non-market compensation of employeesD1_nonmarket19,37419,92421,09022,10323,41224,487
= Total compensation of employeesD119,39419,94521,11222,12423,43524,510
- Compensation of employees of market establishmentsD1_market      
- Compensation related to production of own-use capital assetsD1_own-use-21-21-22-22-23-23
+ Non-market intermediate consumptionP2_nonmarket9,56010,08310,44811,21612,63914,908
= Total intermediate consumptionP29,56010,08310,44811,21612,63914,908
- Intermediate consumption of market establishmentsP2_market000000
- Intermediate consumption related to production of own-use capital assetsP2_own-use      
+ Non-market consumption of fixed capitalP51c_nonmarket3,6183,8634,1044,3744,7375,030
= Total consumption of fixed capitalP51c3,6183,8634,1044,3744,7375,030
- Consumption of fixed capital by market establishmentsP51c_market000000
- 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
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 3 (XLS 15KB)
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Table 4 General Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201520162017201820192020
Total ExpenditureTE76,35675,79177,80282,58786,286102,033
Expense75,32574,25376,40379,95182,64498,217
Compensation of employeesD119,39419,94521,11222,12423,43524,510
Of which: Related to production of own-use capital assets212122222323
Use of goods and services plus taxes payableP2 + D5 + D299,56010,08310,44811,21612,63914,908
Use of goods and services [Intermediate consumption]P29,56010,08310,44811,21612,63914,908
Of which: Intermediate consumption of market establishments 000000
Taxes, payableD5000000
Depreciation (Consumption of fixed capital)P51c3,6183,8634,1044,3744,7375,030
Of which: Depreciation by market establishments 000000
Interest (excluding FISIM)D416,9396,2645,9065,3154,6233,829
Other domestic interest payableD41_S12,5422,3562,2081,9201,6211,815
Interest payable to rest of worldD41_S24,3973,9083,6983,3953,0032,015
SubsidiesD31,7881,7681,8141,9481,7336,085
Product subsidiesD318649099309939881,186
Other subsidies on productionD399248588849547454,898
Social benefitsD62 + D63227,93327,93328,62229,39730,62038,097
Social benefits in cashD6223,09522,82923,07423,37124,15330,965
Social benefits in kind (via market producers)D6324,8385,1055,5486,0266,4677,132
Other current transfersD72,5962,9522,9023,6643,3074,039
Net non-life insurance premiumsD71555252525252
Current international cooperationD74473451509541500486
Miscellaneous current transfersD755615986106977591,166
VAT and GNI based EU budget contributionD761,5071,8511,7312,3741,9962,335
VAT-based EU own resourcesD761215219262245278275
GNI-based EU own resourcesD7621,2921,6321,4702,1291,7182,059
Capital transfersD93,4961,4451,4941,9121,5511,720
Investment grantsD921,3051,4431,4571,6701,5301,624
Other capital transfersD992,1912372422196
Net acquisition of non-financial assetsP5 + NP - P51c1,0311,5381,3992,6363,6423,815
= Gross investment in non-financial assetsP5 + NP4,6495,4015,5047,0108,3798,845
Gross fixed capital formationP514,5895,3415,5486,9508,4598,785
Net acquisition of stocksP52606060606060
Net acquisition of unproduced assetsNP00-1050-1400
- Consumption of fixed capitalP51c-3,618-3,863-4,104-4,374-4,737-5,030
Net expenditure on current goods and servicesP3 excl. D63227,96629,27331,02732,78735,90040,442
= OutputP132,57233,89135,66437,71540,81044,448
- Sales of goods and services P11+P12+P131-4,606-4,617-4,637-4,928-4,910-4,007
Market output (sales of market establishments)P11000000
Output for own final useP12-21-21-22-22-23-23
Incidental sales and fees of non-market establishmentsP131-4,586-4,597-4,616-4,906-4,888-3,984
Final consumption expenditureP332,80334,37836,57538,81342,36747,573
= Net expenditure on current goods and servicesP3 excl. D63227,96629,27331,02732,78735,90040,442
+ Social transfers in kind via market producers D6324,8385,1055,5486,0266,4677,132
made up of      
Individual consumption (= social transfers in kind)P31 (= D63)21,79122,83524,50225,99128,45231,949
Social transfers in kind (via market producers)D6324,8385,1055,5486,0266,4677,132
Social transfers in kind (provided directly by government)D63116,95317,73018,95519,96521,98524,817
Collective consumption (= actual final consumption of government)P3211,01311,54312,07212,82213,91515,625
Total social transfersD62 + D6344,88645,66447,57649,36252,60562,913
Social benefits in cashD62 23,09522,82923,07423,37124,15330,965
 Social transfers in kind (= individual consumption)D6321,79122,83524,50225,99128,45231,949
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 4 (XLS 16KB)
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Table 5 General Government financial transactions
      €million
Description 201520162017201820192020
Net lending (+) / net borrowing (-)B.9-5,384-2,085-1,653-1,346240-17,403
equals        
Net acquisition of financial assets ΔA-8,838-4,893-2,51615,864-684-1,703
EDP debt instruments F2 + F3 + F4-7,096-5,1512,2972,532670-587
 Currency and deposits F2-346-3,3703,1273,8632,801-15
Debt securities F3-5,662-1,417-51-135-153-119
Short-term F31-1,184-1,033170-95-108-173
Long-term F32-4,478-384-221-40-4554
Loans F4-1,088-364-779-1,196-1,978-453
Short-term loans F41-529-46-33-226-516101
Long-term loans F42-559-318-746-970-1,462-554
Equity and Investment Fund Shares F5241-382-4,496-1,238-2,351-1,279
Other financial assets F6 + F7 + F8 -1,983640-31714,570997163
Insurance, Pensions and Standardised Guarantees F6-100011
Financial derivatives and Employee Stock Options F7-1,737-278-426-165-127-304
Other accounts receivable/payableF8-24591810914,7351,123466
less        
Net incurrence of liabilities ΔL-3,454-2,808-86317,210-92415,700
EDP debt instruments F2 + F3 + F4-3,782-2,485-1,2342,602-1,27614,431
Currency and deposits F2-247611281485721,514
Debt securities F36,404-3,2384,6052,077-25414,590
Short-term F31-2,4091,048635922916,339
Long-term F328,813-4,2863,9701,985-5458,251
Loans F4-9,939142-6,120477-1,594-1,673
Short-term loans F41-234-346-200174-343114
Long-term loans F42-9,705488-5,920303-1,251-1,787
Other liabilities F5 + F6 + F7 + F8 328-32337114,6083521,269
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F61111192
Financial derivatives and Employee Stock Options F711-2523-7
   Other accounts receivable/payable F8316-32236514,6053481,184
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 5 (XLS 14KB)
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Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201520162017201820192020
General Government balance sheet       
 Net worth at market value, excluding pension liabilitiesNW-44,861-39,515-29,257-24,817-12,304-25,271
 equals       
  Non-financial assets at market valueNFA105,625112,595120,012128,816141,350150,036
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-150,486-152,110-149,269-153,633-153,654-175,307
  equals       
   Financial assets at market valueFA83,31479,10579,02590,03591,93691,744
    EDP debt instrumentsF2 + F3 + F428,89924,00026,24128,69029,37232,005
     Currency and depositsF218,05114,71817,83821,73124,53626,737
     Debt securitiesF33,2891,8911,7681,5251,4311,327
      Short-termF311,18414342831819638
      Long-termF322,1041,7481,3411,2071,2341,289
     LoansF47,5597,3916,6355,4343,4053,941
      Short-term loansF41989942910684168269
      Long-term loansF426,5706,4495,7254,7503,2373,671
    Equity and Investment Fund SharesF544,94745,55742,75336,62737,41734,009
    Other financial assetsF6 + F7 + F8 9,4689,54810,03124,71825,14725,730
     Insurance, Pensions and Standardised GuaranteesF6000012
     Financial derivatives and Employee Stock OptionsF781104093876200
     Other accounts receivable/payableF88,6579,5489,62224,33125,14025,528
  less       
   Liabilities at market valueL233,800231,215228,294243,668245,590267,051
    EDP debt instrumentsF2 + F3 + F4223,231221,046218,238219,161221,240241,531
     Currency and depositsF220,71321,31721,60021,64822,22023,733
     Debt securitiesF3146,320143,056146,545146,997149,903170,347
      Short-termF311,3862,4002,9233,0923,3489,305
      Long-termF32144,934140,655143,623143,904146,555161,042
     LoansF456,19856,67350,09350,51649,11747,451
      Short-term loansF411,052700524681334496
      Long-term loansF4255,14555,97349,56949,83548,78246,954
    Other liabilitiesF5 + F6 + F7 + F810,56910,16910,05624,50724,35025,520
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF61344597
     Financial derivatives and Employee Stock OptionsF71,1381,03955840517869
     Other accounts receivable/payableF89,4309,1279,49424,09824,16725,354
              
Memo: Estimated pension liabilities of government  114,500114,500114,500149,600149,600149,600
Memo: Net worth, including pension liabilities -159,361-154,015-143,757-174,417-161,904-174,871
Contingent liabilities 15,9559,7515,3155,0665,3146,182
Guarantees 11,3043,97328277656
Off-balance sheet PPPs and concessions 4,6515,7775,0325,0595,3075,526
Memo: Net worth, including pension liabilities and contingent liabilities -175,316-163,765-149,072-179,483-167,218-181,053
Change in net worth of government       
 Opening net worth -54,220-44,861-39,515-29,257-24,817-12,304
              
 Change in net worth due to transactions -4,353-547-2531,2903,881-13,588
  Net acquisition of non-financial assets P5 + NP - P51c1,0311,5381,3992,6363,6423,815
  Net lending/net borrowingB9-5,384-2,085-1,653-1,346240-17,403
   = Net acquisition of financial assets -8,838-4,893-2,51615,864-684-1,703
   - Net incurrence of liabilities 3,4542,808863-17,210924-15,700
              
 Change in net worth due to other economic flowsKx13,7125,89310,5113,1508,632620
  Other changes in non-financial assets 4,6215,4326,0176,1688,8934,870
  Other changes in financial net worth 9,0904614,494-3,018-261-4,250
   = Other changes in financial assets 8,9326842,436-4,8542,5851,511
     EDP debt instruments -13252-56-83123,220
     Equity and Investment Fund Shares 6,7819921,692-4,8883,141-2,129
     Other financial assets 2,164-560800117-568420
   - Other changes in liabilities 158-2232,0581,836-2,846-5,761
     EDP debt instruments 827-3001,5741,679-3,355-5,860
     Other liabilities -6697748415750999
              
Closing net worth -44,861-39,515-29,257-24,817-12,304-25,271
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 6 (XLS 17KB)
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Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201520162017201820192020
General Government Debt       
  Debt instrument liabilities at market value223,231221,046218,238219,161221,240241,531
  + Difference between face value and market value -21,552-20,409-16,967-13,310-17,254-23,650
Gross General Government Debt (face value)GGDebt201,679200,637201,271205,851203,986217,881
By category:       
 Currency and deposits F220,71321,31721,60021,64822,22023,733
 Debt securitiesF3125,766123,879130,112134,231133,566147,425
  Short-termF311,3802,3952,9203,0843,3529,299
  Long-termF32124,386121,484127,192131,147130,214138,126
 LoansF455,20055,44049,56049,97248,20046,723
  Short-termF411,052700524681334496
  Long-termF4254,14754,74049,03649,29147,86646,227
           
less EDP debt instrument assetsF2 + F3 + F428,89824,00026,24228,69029,37132,004
 By category:       
 Currency and deposits F218,05114,71817,83821,73124,53626,737
 Debt securitiesF33,2881,8911,7691,5251,4301,327
  Short-termF311,18414342831819638
  Long-termF322,1041,7481,3411,2071,2341,289
 LoansF47,5597,3916,6355,4343,4053,940
  Short-termF41989942910684168269
  Long-termF426,5706,4495,7254,7503,2373,671
           
 Net General Government Debt (face value)GGNetDebt172,781176,637175,029177,161174,615185,877
 By category:       
 Currency and deposits F22,6626,5993,762-83-2,316-3,004
 Debt securities F3122,478121,988128,343132,706132,136146,098
  Short-termF311962,2522,4922,7663,1569,261
  Long-termF32122,282119,736125,851129,940128,980136,837
 LoansF447,64148,04942,92544,53844,79542,783
  Short-termF4163-242-386-3166227
  Long-termF4247,57748,29143,31144,54144,62942,556
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 7 (XLS 14KB)
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Table 8 Reconciliation of Exchequer Balance to General Government Deficit
       € million
Description ESA2010 code2017201820192020
Exchequer balance 1,90699647-12,316
      
Deduct cash inflows which do not increase financial net worth -4,875-1,960-2,665-3,657
Inflows from sale or redemption of financial assets -4,875-1,960-2,665-3,657
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation 0000
Exclude cash outflows which do not reduce financial net worth 1992672011,245
Acquisition of financial assets 1992672011,245
Repayment of promissory notes notional loan principal 0000
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 0000
      
Impact on financial net worth of Exchequer cash transactions -2,769-1,594-1,817-14,728
      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) 302384618861
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 143316524863
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) 66-3236-81
Accrual of interest due on contingent capital assets assigned to banks 0000
Licence sales 931005878
Other accrued revenue 0000
Adjust for impact of non-cash expenditure (-) 385237419603
Capital transfers to financial institutions financed by promissory notes 0000
Difference between interest paid and accrued 218479397601
Difference between Exchequer cash issues and accrued net spending of departments and offices 7918-1836
Other accrued expenditure 88-25940-34
      
Surplus/Deficit of ExchequerB9_exchequer-2,082-973-780-13,265
      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer 7561,0942,100-3,046
Social Insurance Fund 7141,1371,658-3,634
Bank & Deposit Guarantee Schemes -12161121125
Capital Services Redemption Account 0000
Small Savings Reserve Fund 0000
Other Extra-Budgetary Funds 171-283153390
Health Service Executive -1177816873
      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-1,3261201,320-16,311
Surplus/Deficit of other Central Government bodies 352291967-1,871
National Pensions Reserve Fund 329375438-66
Non-market State corporations and agencies 46128404-1,936
Voluntary and joint board hospitals -24-92121
Other adjustments 0-203104109
Conversion of AIB Preference shares into Ordinary shares 0000
Concession asset reclassification & Court decision (consultants pay) 0-203104109
Surplus/Deficit of Central Government B9_S1311-9744112,287-18,183
Surplus/Deficit of Local Government B9_S13139776-464-234
Surplus/Deficit of General Government B9_S13-8774871,823-18,417
Open in Excel: Government Finance Statistics Annual Results 2017 to 2020 (October 2021) Table 8 (XLS 36KB)
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Table 9 Reconciliation of National Debt to General Government Debt
             € million
Description201520162017201820192020
Audited National Debt183,066185,610185,483187,682188,194200,282
 Composed of      
  Gross National Debt196,620196,729198,701205,275206,730219,482
   Medium/long term debt175,974173,620174,395178,901175,914182,459
    Irish Government Bonds125,086121,645127,581131,829130,067136,809
    EU/IMF Programme Funding and bilateral loans50,57950,49144,54844,51843,28141,359
    Other medium/long term debt1,1631,6931,8932,2382,5734,092
    Miscellaneous (including derivatives)-854-209373316-7198
   Short term debt3,9535,9157,0139,03513,01618,196
    Foreign Bills1,0463635025133454,717
    Treasury Bills01,0082,0092,0142,0103,760
    Borrowings from Funds under the control of the Minister for Finance1,5792,5182,2812,5953,0184,328
    Exchequer Bills/Notes (incl. Central Treasury Notes)1,3272,0252,2213,9137,6435,391
   State Savings Schemes16,69217,19417,29317,33917,80018,828
 Less cash and other financial assets-13,554-11,119-13,217-17,593-18,536-19,200
 Reverse deduction of cash, other financial assets and EFSF prepaid margin held by Exchequer14,08411,11913,21717,59318,53619,200
 Outstanding principal value of promissory notes000000
 Liability for coinage in circulation701707704712722713
 Accrual adjustments (State Savings)504451452280275270
 Adjustment from discounted to nominal value8-2-52-10-14
 National Loans Advance Interest242946413816
 Gross treatment of collaterals78352250686810
 Other adjustments (repurchase agreements, OPW contracts and exclusion of financial derivatives)241638201763
Unconsolidated Exchequer Debt (Maastricht definition)199,193198,452199,987206,397207,840220,541
 of which: Liabilities to other Central Government bodies3,3723,9853,9594,3567,0709,331
Exchequer contribution to Central Government debt195,821194,466196,028202,041200,770211,210
 of which: Liabilities to Social Security Funds 005002,0653,5800
Exchequer contribution to General Government debt195,821194,466195,528199,976197,190211,210
Housing Finance Agency (HFA)      
 Gross debt of HFA3,6153,6123,6173,7904,4974,989
 of which: Liabilities to other Central Government bodies2,4272,0561,7831,5871,9241,591
HFA contribution to Central Government debt1,1891,5561,8342,2032,5743,399
 of which: Liabilities to Local Authorities9651,2951,5141,8502,0062,693
HFA contribution to General Government debt224261320353567706
Other Central Government      
 IBRC Consolidated735698332198252205
 Liabilities of Post Office Savings Bank Fund to Post Office Savings Bank2,7652,9223,1213,3083,4203,919
 All other bodies1,4671,5851,4421,3531,478631
Other bodies' contribution to Central and General Government debt4,9675,2054,8964,8605,1514,755
Total Central Government debt201,977201,227202,757209,104208,494219,363
 of which: Liabilities to Local Government and Social Security Funds9651,2952,0143,9155,5862,693
Central Government contribution to General Government debt201,012199,933200,743205,189202,908216,670
Local Government - Local Authorities      
 Borrowing from Housing Finance Agency3,6843,6983,7093,8954,3864,971
 Borrowing from other Central Government bodies282219161311
 Other borrowing6667055286631,0781,211
Local Authorities' contribution to Local Government debt4,3784,4254,2564,5745,4776,193
 VECs / ETBs000000
Total Local Government debt4,3784,4254,2564,5745,4776,193
 of which: Liabilities to Central Government3,7123,7203,7283,9114,3994,982
Local Government contribution to General Government debt6667055286631,0781,211
            
General Government Debt201,678200,637201,271205,851203,986217,881
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 9 (XLS 38KB)
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Table 10 Central Government transactions: revenue, expenditure and deficit
          €million
DescriptionESA2010 code201520162017201820192020
Central Government transactions       
 RevenueTR68,19470,76464,01569,12573,10670,497
  Taxes and social contributionsD2 + D5 + D91 + D6161,16164,05557,83962,70667,00765,538
   TaxesD2 + D5 + D9149,36251,46054,33559,11263,21861,556
   Social contributions D6111,80012,5953,5053,5933,7883,982
  Sales of goods and servicesP1O3,8363,7563,7473,9483,8372,972
  Investment incomeD42,7351,8671,8151,5681,6421,184
  Current transfer revenue (excluding taxes)D7393446586782560625
  Capital transfer revenue (excluding taxes)D9N696402812261178
           
 ExpenditureTE73,94873,02765,70469,85172,47785,046
  ExpenseExpense72,32870,91063,99767,50769,72481,935
   Compensation of employeesD117,71018,22019,25520,24021,43922,421
   Use of goods and services plus taxes payableP2 + D5 + D297,7758,1868,5299,26810,50412,520
   Depreciation (Consumption of fixed capital)P51c1,8001,9592,1282,3352,5992,858
   Interest (excluding FISIM)D416,9226,2565,9015,3104,6163,821
   SubsidiesD31,7881,7681,8141,9481,7336,085
   Social benefitsD62 + D63227,33027,30818,96019,06819,60022,671
   Other current transfersD74,2204,7384,8345,9195,8348,119
   Capital transfersD94,7822,4752,5763,4203,3993,440
           
 Net operating balanceNOB-4,134-146181,6183,382-11,438
           
  Net acquisition of non-financial assetsP5 + NP - P51c1,6202,1171,7062,3452,7533,110
           
 Central Government Surplus/DeficitB9-5,754-2,263-1,688-726629-14,549
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 10 (XLS 13KB)
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Table 11 Central Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201520162017201820192020
Total RevenueTR68,19470,76464,01569,12573,10670,497
 Taxes and social contributions 61,16164,05557,83962,70667,00765,538
  TaxesD2 + D5 + D9149,36251,46054,33559,11263,21861,556
   Indirect taxes (taxes on production and imports)D221,09822,11723,27024,30726,06123,484
    Taxes on productsD2119,32620,57521,39222,15023,91321,355
    of which Value-Added TaxD21111,83112,60313,06014,17515,28112,630
    Other taxes on production D291,7721,5421,8782,1572,1482,130
   Direct taxesD527,86328,93230,61634,28736,62637,567
    Taxes on income, profits and capital gainsD5126,59927,89329,60133,29135,64636,602
    Other current direct taxesD591,2631,0391,016996980966
   Capital taxesD91401411448518531505
  Social contributions D6111,80012,5953,5053,5933,7883,982
   Actual social contributionsD611 + D6139,86810,3741,1521,2871,3551,401
    PRSI receipts D611 + D613(pt)8,5279,2480000
    Government employees' pension contributionsD613(pt)1,3401,1261,1521,2871,3551,401
   Employers' imputed social contributionsD6121,9322,2222,3532,3072,4332,580
 Sales of goods and servicesP1O3,8363,7563,7473,9483,8372,972
  Sales of market establishments (= market output)P11000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P12212122222323
  Incidental sales and fees of non-market establishmentsP1313,8153,7353,7253,9263,8142,949
 Investment incomeD42,7351,8671,8151,5681,6421,184
  Interest (excluding FISIM)D41696292178202174108
   of which received from local governmentD41_LG517364597984
  DividendsD421,9321,4681,5321,2521,3961,006
  Rent of land and subsoil assetsD451061071051137170
 Current transfer revenueD39 + D7393446586782560625
  SubsidiesD39000000
  Other current transfersD7393446586782560625
   Non-life insurance claimsD7281717171717
   Grants from local governmentD73334455
   Other Domestic - Current D7N_S1201237275321376547
   From Rest of World - CurrentD7N_S218218929043916256
 Capital transfer revenueD9N696402812261178
            
OutputP127,28528,36529,91231,84234,54237,799
 Market output (sales of market establishments)P11000000
 Output for own final useP12212122222323
 Non-market outputP1327,26428,34429,89031,82134,52037,776
  = Non-market compensation of employeesD1_nonmarket17,68918,19919,23320,21821,41722,398
   = Total compensation of employeesD117,71018,22019,25520,24021,43922,421
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use-21-21-22-22-23-23
  + Non-market intermediate consumptionP2_nonmarket7,7758,1868,5299,26810,50412,520
   = Total intermediate consumptionP27,7758,1868,5299,26810,50412,520
   - Intermediate consumption of market establishmentsP2_market000000
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,8001,9592,1282,3352,5992,858
   = Total consumption of fixed capitalP51c1,8001,9592,1282,3352,5992,858
   - 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
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 11 (XLS 16KB)
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Table 12 Central Government: detailed classification of expenditure and consumption
       €million
DescriptionESA2010 code201520162017201820192020
Total ExpenditureTE73,94873,02765,70469,85172,47785,046
 Expense 72,32870,91063,99767,50769,72481,935
  Compensation of employeesD117,71018,22019,25520,24021,43922,421
   Of which: Related to production of own-use capital assets 212122222323
  Use of goods and services plus taxes payableP2 + D5 + D297,7758,1868,5299,26810,50412,520
   Use of goods and services [Intermediate consumption]P27,7758,1868,5299,26810,50412,520
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5000000
  Depreciation (Consumption of fixed capital)P51c1,8001,9592,1282,3352,5992,858
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D416,9226,2565,9015,3104,6163,821
   Other domestic interest payableD41_S12,5252,3472,2031,9151,6141,807
   Interest payable to rest of worldD41_S24,3973,9083,6983,3953,0032,015
  SubsidiesD31,7881,7681,8141,9481,7336,085
   Product subsidiesD318649099309939881,186
   Other subsidies on productionD399248588849547454,898
  Social benefitsD62 + D63227,33027,30818,96019,06819,60022,671
   Social benefits in cashD6222,73022,52714,06713,93314,18216,805
   Social benefits in kind (via market producers)D6324,6004,7824,8935,1355,4195,866
  Other current transfersD74,2204,7384,8345,9195,8348,119
   Net non-life insurance premiumsD71555252525252
   Current grants to local governmentD73 _LG1,6571,8171,9692,3152,5464,150
   Current international cooperationD74473451509541500486
   Miscellaneous current transfersD755295675736367401,096
   VAT and GNI based EU budget contributionD761,5071,8511,7312,3741,9962,335
    VAT-based EU own resourcesD761215219262245278275
    GNI-based EU own resourcesD7621,2921,6321,4702,1291,7182,059
  Capital transfersD94,7822,4752,5763,4203,3993,440
   Capital grants to local governmentD9_LG1,3001,0541,1501,6842,0082,088
   Investment grantsD921,2921,4201,3891,4941,3701,257
   Other capital transfersD992,1912372422196
            
 Net acquisition of non-financial assetsP5 + NP - P51c1,6202,1171,7062,3452,7533,110
  = Gross investment in non-financial assetsP5 + NP3,4204,0763,8344,6805,3525,968
   Gross fixed capital formationP513,4204,0163,8794,6205,4325,908
   Net acquisition of stocksP52606060606060
   Net acquisition of unproduced assetsNP-600-1050-1400
  - Consumption of fixed capitalP51c-1,800-1,959-2,128-2,335-2,599-2,858
            
Net expenditure on current goods and servicesP3 excl. D63223,44924,60926,16527,89430,70634,827
 = OutputP127,28528,36529,91231,84234,54237,799
 - Sales of goods and services P11+P12+P131-3,836-3,756-3,747-3,948-3,837-2,972
   Market output (sales of market establishments)P11000000
   Output for own final useP12-21-21-22-22-23-23
   Incidental sales and fees of non-market establishmentsP131-3,815-3,735-3,725-3,926-3,814-2,949
            
Final consumption expenditureP328,04929,39131,05833,03036,12440,692
 = Net expenditure on current goods and servicesP3 excl. D63223,44924,60926,16527,89430,70634,827
 + Social transfers in kind via market producers D6324,6004,7824,8935,1355,4195,866
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)20,31321,26322,57623,88426,14429,386
  Social transfers in kind (via market producers)D6324,6004,7824,8935,1355,4195,866
  Social transfers in kind (provided directly by government)D63115,71216,48217,68318,74920,72623,520
 Collective consumption (= actual final consumption of government)P327,7368,1278,4829,1469,98011,306
            
Total social transfersD62 + D6343,04243,79036,64337,81740,32646,191
 Social benefits in cashD62 22,73022,52714,06713,93314,18216,805
 Social transfers in kind (= individual consumption)D6320,31321,26322,57623,88426,14429,386
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 12 (XLS 13KB)
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Table 13 Local Government transactions: revenue, expenditure and deficit
          €million
DescriptionESA2010 code201520162017201820192020
Local Government transactions
RevenueTR5,8015,9026,2817,3937,9748,856
Taxes and social contributionsD2 + D5 + D91 + D611,7231,6971,7311,8191,8021,091
TaxesD2 + D5 + D911,3891,3541,3791,4371,459733
Social contributions D61334343352383343358
Sales of goods and servicesP1O7708618909801,0741,035
Investment incomeD4373229251619
Current transfer revenue (excluding taxes)D71,7171,8852,0472,4032,6384,226
Capital transfer revenue (excluding taxes)D9N1,5541,4271,5842,1672,4442,485
           
ExpenditureTE5,4315,7236,1847,3178,4389,090
ExpenseExpense6,0206,3016,4917,0267,5498,385
Compensation of employeesD11,6841,7251,7431,8131,9182,012
Use of goods and services plus taxes payableP2 + D5 + D291,7851,8971,7871,8392,0112,264
Depreciation (Consumption of fixed capital)P51c1,8181,9041,9772,0392,1382,172
Interest (excluding FISIM)D41688270648692
SubsidiesD3000000
Social benefitsD62 + D6326036257879981,1761,363
Other current transfersD7363341642475
Capital transfersD9263687208196407
           
Net operating balanceNOB-219-399-210367424471
           
Net acquisition of non-financial assetsP5 + NP - P51c-589-579-307291888705
           
 Local Government Surplus/DeficitB93701799776-464-234
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 13 (XLS 10KB)
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Table 14 Local Government: detailed classification of revenue and output
           €million
DescriptionESA2010 code201520162017201820192020
Total RevenueTR5,8015,9026,2817,3937,9748,856
 Taxes and social contributions 1,7231,6971,7311,8191,8021,091
  TaxesD2 + D5 + D911,3891,3541,3791,4371,459733
   Indirect taxes (taxes on production and imports)D21,3891,3541,3791,4371,459733
   Other taxes on production D291,3891,3541,3791,4371,459733
   Capital taxesD91000000
  Social contributions D61334343352383343358
   Actual social contributionsD611 + D613125106991498286
   Employers' imputed social contributionsD612209237252234261272
 Sales of goods and servicesP1O7708618909801,0741,035
  Sales of market establishments (= market output)P11000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P12000000
  Incidental sales and fees of non-market establishmentsP1317708618909801,0741,035
 Investment incomeD4373229251619
  Interest (excluding FISIM)D41373229251619
  of which received from Central GovernmentD41_CG000000
  DividendsD42000000
 Current transfer revenueD39 + D71,7171,8852,0472,4032,6384,226
  SubsidiesD39000000
  Other current transfersD71,7171,8852,0472,4032,6384,226
   Grants from central governmentD731,6571,8171,9692,3152,5464,150
   Other Domestic - Current D7N_S1616978879276
 Capital transfer revenueD9N1,5541,4271,5842,1672,4442,485
   Grants from central governmentD9N_CG1,3001,0541,1501,6842,0082,088
   Other capital transfers receivableD99254373434483436397
            
Output P15,2885,5265,5075,6916,0666,448
 Market output (sales of market establishments)P11000000
 Output for own final useP12000000
 Non-market outputP135,2885,5265,5075,6916,0666,448
  = Non-market compensation of employeesD1_nonmarket1,6841,7251,7431,8131,9182,012
   = Total compensation of employeesD11,6841,7251,7431,8131,9182,012
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use000000
  + Non-market intermediate consumptionP2_nonmarket1,7851,8971,7871,8392,0112,264
   = Total intermediate consumptionP21,7851,8971,7871,8392,0112,264
   - Intermediate consumption of market establishmentsP2_market000000
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,8181,9041,9772,0392,1382,172
   = Total consumption of fixed capitalP51c1,8181,9041,9772,0392,1382,172
   - 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
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 14 (XLS 15KB)
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Table 15 Local Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201520162017201820192020
Total ExpenditureTE5,4315,7236,1847,3178,4389,090
 Expense 6,0206,3016,4917,0267,5498,385
  Compensation of employeesD11,6841,7251,7431,8131,9182,012
   Of which: Related to production of own-use capital assets 000000
  Use of goods and services plus taxes payableP2 + D5 + D291,7851,8971,7871,8392,0112,264
   Use of goods and services [Intermediate consumption]P21,7851,8971,7871,8392,0112,264
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5 + D29000000
  Depreciation (Consumption of fixed capital)P51c1,8181,9041,9772,0392,1382,172
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D41688270648692
   Interest payable to central governmentD41_CG517364597984
   Other domestic interest payableD41_S11795578
  SubsidiesD3000000
  Social benefitsD62 + D6326036257879981,1761,363
   Social benefits in cashD62366302311348352362
   Social benefits in kind (via market producers)D6322373234766508241,002
  Other current transfersD7363341642475
   Grants to central governmentD73_CG334455
   Miscellaneous current transfersD75333037601970
  Capital transfersD9263687208196407
   Investment grantsD92132468176160367
            
 Net acquisition of non-financial assetsP5 + NP - P51c-589-579-307291888705
  = Gross investment in non-financial assetsP5 + NP1,2291,3251,6702,3303,0262,877
   Gross fixed capital formationP511,1691,3251,6702,3303,0262,877
   Net acquisition of stocksP52000000
   Net acquisition of unproduced assetsNP6000000
  - Consumption of fixed capitalP51c-1,818-1,904-1,977-2,039-2,138-2,172
            
Net expenditure on current goods and servicesP3 excl. D6324,5174,6644,6164,7124,9935,413
 = OutputP15,2885,5265,5075,6916,0666,448
 - Sales of goods and services P11+P12+P131-770-861-890-980-1,074-1,035
   Market output (sales of market establishments)P11000000
   Output for own final useP12000000
   Incidental sales and fees of non-market establishmentsP131-770-861-890-980-1,074-1,035
            
Final consumption expenditureP34,7544,9875,0935,3625,8176,415
 = Net expenditure on current goods and servicesP3 excl. D6324,5174,6644,6164,7124,9935,413
 + Social transfers in kind via market producers D6322373234766508241,002
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)1,4781,5711,7481,8672,0842,298
  Social transfers in kind (via market producers)D6322373234766508241,002
  Social transfers in kind (provided directly by government)D6311,2411,2491,2721,2171,2601,296
 Collective consumption (= actual final consumption of government)P323,2763,4163,3453,4953,7334,117
            
Total social transfersD62 + D631,8441,8732,0592,2152,4362,660
 Social benefits in cashD62 366302311348352362
 Social transfers in kind (= individual consumption)D631,4781,5711,7481,8672,0842,298
Open in Excel: Government Finance Statistics Annual Results 2015 to 2020 (October 2021) Table 15 (XLS 12KB)
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Table 16 Social Security funds transactions: revenue, expenditure and deficit
        €million
DescriptionESA2010 code2017201820192020
Social Security funds transactions     
RevenueTR9,83410,64911,70310,630
Taxes and social contributionsD2 + D5 + D91 + D619,83410,64911,70310,630
TaxesD2 + D5 + D910000
Social contributions D619,83410,64911,70310,630
Sales of goods and servicesP1O0000
Investment incomeD40000
Current transfer revenue (excluding taxes)D70000
Capital transfer revenue (excluding taxes)D9N0000
         
ExpenditureTE9,1219,51210,04514,264
ExpenseExpense9,1219,51210,04514,264
Compensation of employeesD1115727878
Use of goods and services plus taxes payableP2 + D5 + D29131109124124
Depreciation (Consumption of fixed capital)P51c0000
Interest (excluding FISIM)D410000
SubsidiesD30000
Social benefitsD62 + D6328,8759,3319,84314,062
Other current transfersD70000
Capital transfersD90000
         
 Net operating balanceNOB7141,1371,658-3,634
         
Net acquisition of non-financial assetsP5 + NP - P51c0000
         
 Social Security funds Surplus/DeficitB97141,1371,658-3,634
Data compiled from 2017 on
Open in Excel: Table 16 Social Security funds transactions: revenue, expenditure and deficit (XLS 12KB)
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Background Notes

Introduction

This release comprises the latest official publication by CSO of annual Government Finance Statistics (GFS) results for years 2015 to 2020. 

The data published are consistent with the General Government Deficit and Debt levels reported at end-September 2021 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.

Eurostat will publish deficit and debt levels for all EU member states on 21 October 2021.

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

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

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

Updates to general government surplus/deficit

Note that this release includes an equal and offsetting update to D.3 and D.6 expenditures as reported in the provisional estimates published on the 11 October 2021. This has no impact on the levels of total expenditure or the general government balance.

In principle net lending/borrowing in the non-financial account is equal to the balance of the financial account however in practice this is often the not the case. This can be due to a number of reasons such as timing differences between when transactions are recorded in the two accounts, differences in sources of information and statistical adjustments. Previously this identity had been preserved by a technical adjustment in the financial account. These adjustments are no longer included and therefore differences can be observed between the general government balance in Table 1 and Table 2.

Social Security Funds (S.1314)

In 2014 the sector classification of the Social Insurance Fund (SIF) was reviewed as part of ESA2010 implementation. It did not meet the institutional unit criteria and was, accordingly, reclassified from S.1314 to S.1311.

During the 2019 Excessive Deficit Procedure Dialogue Visit Eurostat requested that Ireland reflect on reporting the SIF in S.1314 in light of the fact that only one other Member State did not present the sub-sector.

The CSO is in agreement with Eurostat that presenting the S.1314 sub-sector facilitates harmonisation and comparability with other Member States.  Therefore, as of the September 2021 EDP notification the Social Security Funds (S.1314) sector is separately reported with a time series beginning in 2017. This presentation has no impact on the aggregates – the amounts now reported in S.1314 had previously been included in S.1311.

S.1314 includes the Social Insurance Fund (SIF), Eircom No.2 and Coillte No.2 pension funds.

Other

The background notes of the Government Income and Expenditure (GIE) July 2021 release includes information on other methodological updates implemented at the time. Additional updates in this release mainly reflect the availability of more up-to-date information.

Transactions of note 2020

COVID-19 

In addition to the direct expenditure measures included above earlier, other measures had an implicit impact on the GFS aggregates:

Commercial rates for businesses impacted as a result of the public health restrictions were waived for an initial 3-month period, later extended to the end of the year. D.29 tax revenue is therefore lower than otherwise. The cost to local authorities is met by the Exchequer, resulting in an intra-government transfer between central government and local government.

The Ireland Strategic Investment Fund will invest up to €2 billion of its existing portfolio, through a new sub-portfolio - pandemic stabilisation and recovery fund in medium and large enterprises.

The ECB has made a recommendation to all euro-area banks that dividends are not paid to shareholders. The State has a shareholding in both AIB and Bank of Ireland and, as a result of the recommendation, D.42 (dividend revenue) is lower than last year. Other dividend receipts were also lower.

Ireland, and other EU Member States, have provided guarantees to the temporary Support to mitigate Unemployment Risks in an Emergency (SURE) and Pan European Guarantee Fund. These are included as contingent liabilities.

Employers affected by trading restrictions can avail of an arrangement to ‘warehouse’ VAT and employer PAYE liabilities incurred during the period. The accrual concept in ESA 2010 would require that such receipts, once paid, are recorded in 2020. Using preliminary information provided from the Revenue Commissioner, €874 million has been accrued to 2020. The accrual adjustment will be kept under review as new information becomes available.

Other Transactions of note during 2020

Super dividend: 

In Q2 2020 the Central Bank of Ireland transferred surplus income to the Exchequer. Of the amount received €1,228 million was classified as a super dividend which does not benefit the general government balance, rather is treated as a financial transaction (withdrawal of equity).

Movements of note in the balance sheet

At the end of 2020 the value of the State's assets in Equity and Investment Fund Shares (AF.5, Table 6) stood at €34.0 billion, representing a year-on-year fall of €3.4 billion since Q4 2019. This drop in value was driven by the combination of a reduction in holdings in this asset class of €1.3 billion (Table 5) and a loss in value of these holdings of €2.1 billion, which related mostly to the market value of shares held by the State in Irish banks (Tables 5 and 6).

On the other side of the balance sheet the market value of the State's liabilities grew by 8.7% in 2020 to stand at €267.0 billion at year-end. Borrowing of €15.7 billion (Table 5) through the issuance of bonds to fund COVID-19 related expenditure was the primary driver of this increase in liabilities. The main offsetting movement was a reduction in loan liabilities (Table 6) that was largely due to further repayments on the UK bilateral loan.

Estimated Pension Liabilities

The memo item, ‘estimated pension liabilities of government’ (Tables 2 and 6), has been updated to reflect the data in the supplementary table on the accrued-to-date pension entitlements in social insurance (Table 29) transmitted to Eurostat in December 2020 with reference to 2018 data, see Estimates of Irish Pension Liabilities 2018 published in February 2021. These estimates are compiled every three years in line with Eurostat requirements (Regulation (EU) No 549/2013). By their nature, they are therefore point-in-time estimates. The main difference between these latest estimates and the previous estimates is the discount rate used. The discount rate used for the previous 2015 estimates was 5% in nominal terms (3% in real terms). For the 2018 data, a discount rate of 4% nominal (2% real) was used. The discount rate has a significant impact on the scale of the pension liability and for this reason the data in respect of 2018 is not directly comparable with data in the 2015 publication.

GDP figures used in publication

The GDP figures used in this publication are consistent with those published in the National Income and Expenditure accounts published on 15 July 2021 and the Quarterly National Accounts published on 2 September 2021.

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.

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 ESA2010 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 .

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).

General government balance 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.

In principle net lending/borrowing in the non-financial account is equal to the balance of the financial account however in practice this is often the not the case. This can be due to a number of reasons such as timing differences between when transactions are recorded in the two accounts, differences in sources of information and statistical adjustments.

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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