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For more information on this release:
E-mail: gfs@cso.ie Derek Stynes (+353) 1 498 4303 Jason Sibley (+353) 1 498 4219 Ciara O'Shea (+353) 1 498 4312
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 1 2018

 General Government Finances
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €mGDP€m GDP€m GDP
2016 Q1-1,796-2.7207,21978.5173,92765.9
2016 Q23680.6200,42175.5173,24165.2
2016 Q3-1,508-2.2202,49476.0174,24465.4
2016 Q41,5232.0200,67873.4175,98764.4
2017 Q1-1,267-1.9208,56975.8176,80464.3
2017 Q2-125-0.2211,28075.5172,61961.7
2017 Q3-1,812-2.3210,97972.9173,15059.8
2017 Q42,1702.7201,30268.4174,45459.3
2018 Q1-1,516-2.0210,22169.3176,08658.1

Government deficit of €1.5 billion in Q1 2018

Figure 1 General Government Deficit
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The government recorded a deficit of €1.5 billion (-2.0% of quarterly GDP) in the first quarter of 2018 (Table 1).

Government revenue amounted to €17.8 billion, up from €17.4 billion in quarter 1 2017.  This increase was mainly due to increases in Taxes and Social contributions (+3.7%).  Investment income fell by €224 million.

Government expenditure for quarter 1 2018 was €19.3 billion, an increase of €657 million (+3.5%) on the same period last year.  This increase is mainly due to Compensation of employees/Pay (+5.6%) and Use of goods and services (+4.5%) (Tables 1 and 4).

Government Gross Debt at 69.3% of GDP at end Q1 2018

General Government Gross Debt (GG Debt) was €210.2 billion (69.3% of GDP) at the end of quarter 1 2018 (Tables 2 and 7). This compares with a debt level of 68.4% of GDP at the end of quarter 4 2017. The rise in the debt ratio is due mainly to increased net issuance of bonds (Debt securities, F.3) of approximately €8.2 billion.

At the end of March 2018, General Government Net Debt was €176.1 billion (58.1% of GDP).  This represents an improvement on the net debt level of a year earlier which stood at €176.8 billion (64.3% of GDP).  While nominal debt rose by €1.7 billion during this period, assets increased by €2.4 billion in the same period, driven primarily by the receipt into the Exchequer in quarters 2 and 3 of 2017 of the proceeds from the sale of AIB shares (Equity and investment fund shares, F.5) held by the State (Tables 2 and 6).

These quarterly data are aligned with the Quarterly National Accounts published on 19 July 2018. The changes to the tables reflect updated data sources.

National accounts are compiled in the EU according to the European System of National Accounts (ESA) framework - ESA 2010. The calculation methods for quarterly government finance accounts are similar to those used in deriving the annual government finance statistics accounts. As some of the available sources are of lesser reliability than those used for the annual government finance statistics accounts, the quarterly estimates are subject to a greater margin of error than the annual figures.

A full description of the concepts and definitions used in the production of these figures is provided in the Background notes.

 

GG Gross DebtGG Net Debt
Q1 201595.478.6
Q2 201589.673.2
Q3 201583.367.8
Q4 201576.865.8
Q1 201678.565.9
Q2 201675.565.2
Q3 20167665.4
Q4 201673.464.4
Q1 201775.864.3
Q2 201775.561.7
Q3 201772.959.8
Q4 201768.459.3
Q1 201869.358.1
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                    €million
DescriptionESA2010 code2014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q1
General Government transactions                  
RevenueTR14,98316,35315,95018,72516,06217,49716,67220,66716,44918,38517,10221,71517,38218,70417,64222,81117,790
Taxes and social contributionsD2 + D5 + D91 + D6113,23613,33114,15816,71814,25114,34414,89118,74614,93815,49214,93919,77115,65116,08515,97920,85516,235
TaxesD2 + D5 + D9110,46210,69511,53313,77011,37311,61012,19015,67211,92712,61212,07316,48512,47213,03612,95617,46412,903
Social contributions D612,7742,6362,6252,9482,8782,7342,7013,0753,0112,8802,8663,2863,1793,0493,0233,3913,332
Sales of goods and servicesP1O1,0711,1951,2001,3601,1851,3241,3311,5101,2101,3481,3551,5341,2421,3681,3811,5341,257
Investment incomeD45391,7254453604161,6813282861081,3391172583271,090112242103
Current transfer revenue (excluding taxes)D760606085113725555746944585755597757
Capital transfer revenue (excluding taxes)D9N7742872019776686911913864894105106110104139
 
ExpenditureTE17,84517,80217,98219,42718,32517,96917,99021,56118,24618,01818,61020,19318,64918,82919,45420,64119,306
ExpenseExpense17,57917,52018,06818,87617,98017,66917,84121,15717,89017,60418,32119,69018,14418,49918,97820,34318,775
Compensation of employeesD14,7754,6754,4894,4274,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,670
Use of goods and services plus taxes payableP2 + D5 + D291,8942,2762,3552,4112,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,261
Depreciation (Consumption of fixed capital)P51c829829829829879879879879931931931931986986986986986
Interest (excluding FISIM)D411,8881,9211,9101,8701,7321,6951,7011,7211,6411,5611,5221,4401,5181,4301,5081,3531,370
SubsidiesD3401418439608384399418589381397417577391408428592399
Social benefitsD62 + D6326,5876,6757,2027,6136,6576,7547,3037,7086,6436,7487,3687,6786,7576,8997,5117,9016,834
Other current transfersD78924855897929076642327258424556421,067670894681928954
Capital transfersD93122402553254082303132,398290315210623288318223774300
 
 Net operating balanceNOB-2,596-1,167-2,118-152-1,917-173-1,169-490-1,440782-1,2192,025-762204-1,3362,468-984
 
Net acquisition of non-financial assetsP5 + NP - P51c266282-87550345299149403356414289503505330477299532
 
 General Government Surplus/DeficitB9-2,862-1,449-2,032-702-2,262-472-1,318-894-1,796368-1,5081,523-1,267-125-1,8122,170-1,516
equals
Net acquisition of financial assetsΔFA-2,664-7,379-2,316-6,405-1,25126318-6,5524,276-7,8791,346-1,7256,1442,592-764-9,3626,981
Debt instrumentsF2 + F3 + F4-666-8,246-2,354-8,345-991,160183-8,4744,293-6,1491,032-3,6887,0586,969-790-11,0147,335
Equity and Investment Fund SharesF5-1,194569282252477-830-36630631-1,509554-5618-4,419-14-92241
Other financial assetsF6 + F7 + F8 -804298-2441,688-1,629-67-1291,292-648-221-2402,019-93242401,744-595
less                    
Net incurrence of liabilitiesΔL198-5,930-284-5,7031,0117351,336-5,6586,072-8,2472,854-3,2487,4112,7171,048-11,5328,497
Debt instrumentsF2 + F3 + F496-5,948-246-6,4068885071,269-5,5106,036-8,2283,154-3,1837,4362,6461,051-11,5548,479
Other liabilitiesF5 + F6 + F7 + F8 10218-3870312322867-14836-19-300-65-2571-32218
         
Memo: Net derivative flows on debt interest swap contracts -69-68-74-53-22-74-73-71-71-70-69-65-62-57-56-49-55
General Government Surplus/Deficit (% of quarterly GDP) -6.1-3.0-4.0-1.4-3.5-0.8-2.0-1.3-2.70.6-2.22.0-1.9-0.2-2.32.7-2.0
Quarterly GDP at current market prices 46,58348,26050,65949,79064,77962,48167,35367,85466,31064,03968,22774,66168,15168,91777,77879,26477,305
Open in Excel: Government Finance Statistics Quarter 1 2018 Table 1 (XLS 16KB)
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Table 2 General Government Net Worth, Gross and Net Debt
     €million
Description ESA2010 code2014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q1
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-58,156-62,544-66,682-60,274-57,384-54,157-54,227-51,114-51,061-50,015-50,593-45,778-44,175-39,877-39,195-35,112-36,663
equals                 
Non-financial assets at market valueNFA89,39990,64891,52893,04594,39295,69296,84298,24799,800101,411102,898104,597106,390108,007109,772111,359111,890
plus                 
Financial net worth at market value, excluding pension liabilitiesFNW-147,555-153,192-158,210-153,319-151,776-149,849-151,069-149,361-150,861-151,426-153,491-150,375-150,565-147,884-148,967-146,471-148,553
equals                 
 Financial assets at market valueFA93,75485,73984,53183,84189,09684,24885,12084,05389,16881,77982,73180,50584,97489,42389,13181,21989,010
EDP debt instrumentsF2 + F3 + F453,23245,54742,97136,05935,68537,54137,73629,00533,29227,18128,25024,69231,76538,66137,82926,84734,135
Equity and Investment Fund SharesF531,64731,47333,31737,87743,85537,59138,61544,89747,11346,08846,22345,56143,91941,10441,47542,61543,794
Other financial assetsF6 + F7 + F8 8,8758,7198,2439,9059,5569,1168,76910,1518,7638,5108,25810,2529,2909,6589,82711,75711,081
less                 
Liabilities at market valueL241,309238,931242,741237,160240,872234,097236,189233,414240,029233,205236,222230,880235,539237,307238,098227,690237,563
EDP debt instrumentsF2 + F3 + F4231,998229,375232,406227,808230,569223,731225,780223,180229,423222,769226,350221,087225,880227,878228,655218,302228,201
Other liabilitiesF5 + F6 + F7 + F89,3119,55610,3359,35210,30310,36610,40910,23410,60610,4369,8729,7939,6599,4299,4439,3889,362
                 
Memo: Estimated pension liabilities of government98,00098,00098,000109,800109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-156,156-160,544-164,682-170,074-167,184-163,957-164,027-165,614-165,561-164,515-165,093-160,278-158,675-154,377-153,695-149,612-151,163
Contingent liabilities29,41229,41229,41229,41217,25517,25517,25517,25510,30610,30610,30610,3066,6156,6156,6156,6155,032
Memo: Net worth, including pension liabilities and contingent liabilities -185,567-189,956-194,094-199,485-184,439-181,212-181,282-182,869-175,866-174,820-175,399-170,583-165,290-160,991-160,310-156,227-156,195
                 
General Government: changes in net worth                 
Opening net worth-55,327-58,156-62,544-66,682-60,274-57,384-54,157-54,227-51,114-51,061-50,015-50,593-45,778-44,175-39,877-39,195-35,112
Change in net worth due to transactions-2,596-1,167-2,118-152-1,917-173-1,169-490-1,440782-1,2192,025-762204-1,3362,468-984
Net acquisition of non-financial assets P5 + NP - P51c266282-87550345299149403356414289503505330477299532
Net lending/net borrowingB9-2,862-1,449-2,032-702-2,262-472-1,318-894-1,796368-1,5081,523-1,267-125-1,8122,170-1,516
Change in net worth due to other economic flowsKx-233-3,221-2,0206,5604,8063,4001,0993,6031,4942656412,7912,3644,0942,0171,614-566
Other changes in non-financial assets9679679679671,0011,0011,0011,0011,1971,1971,1971,1971,2881,2881,2881,2880
Other changes in financial assets1,969-6361,1085,7156,506-5,1118545,485839490-394-501-1,6751,8574721,450810
Other changes in liabilities-3,169-3,552-4,094-122-2,7017,510-756-2,883-543-1,423-1632,0942,752949257-1,124-1,376
Closing net worth -58,156-62,544-66,682-60,274-57,384-54,157-54,227-51,114-51,061-50,015-50,593-45,778-44,175-39,877-39,195-35,112-36,663
                       
General Government Debt (GGDebt)                 
Debt instrument liabilities at market valueF2 + F3 + F4231,998229,375232,406227,808230,569223,731225,780223,180229,423222,769226,350221,087225,880227,878228,655218,302228,201
+ Difference between EDP face value and market value-16,947-19,849-24,098-24,453-27,008-19,615-22,236-21,556-22,204-22,348-23,856-20,409-17,311-16,598-17,676-17,000-17,980
Gross General Government Debt (EDP face value)GGDebt215,051209,526208,308203,355203,561204,116203,544201,624207,219200,421202,494200,678208,569211,280210,979201,302210,221
less EDP debt instrument assetsF2 + F3 + F4-53,234-45,546-42,970-36,059-35,685-37,540-37,735-29,004-33,292-27,180-28,250-24,691-31,765-38,661-37,829-26,848-34,135
Net General Government Debt GGNetDebt161,817163,980165,338167,296167,876166,576165,809172,620173,927173,241174,244175,987176,804172,619173,150174,454176,086
                 
Closing Net Worth (% of annualised GDP)-31.8-33.5-35-30.9-26.9-23.8-22.2-19.5-19.3-18.8-19-16.8-16.1-14.2-13.5-11.9-12.1
Gross General Government Debt (% of annualised GDP)117.5112.1109.3104.195.489.683.376.878.575.57673.475.875.572.968.469.3
Net General Government Debt (% of annualised GDP)88.487.886.885.778.673.267.865.865.965.265.464.464.361.759.859.358.1
Annualised GDP 183,058186,869190,584195,293213,488227,709244,402262,466263,998265,556266,431273,238275,079279,957289,507294,110303,264
Open in Excel: Government Finance Statistics Quarter 1 2018 Table 2 (XLS 17KB)
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Table 3 General Government: detailed classification of revenue and output
          €million
DescriptionESA2010 code2014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q1
Total RevenueTR14,98316,35315,95018,72516,06217,49716,67220,66716,44918,38517,10221,71517,38218,70417,64222,81117,790
 Taxes and social contributions13,23613,33114,15816,71814,25114,34414,89118,74614,93815,49214,93919,77115,65116,08515,97920,85516,235
  TaxesD2 + D5 + D9110,46210,69511,53313,77011,37311,61012,19015,67211,92712,61212,07316,48512,47213,03612,95617,46412,903
   Indirect taxes (taxes on production and imports)D25,5374,6115,7825,2835,9764,8976,3025,4066,2665,2586,4795,6226,7754,9756,8696,0626,816
    Taxes on productsD214,6993,8855,0794,5715,0414,1725,5764,6495,6054,5115,7604,8855,8944,2316,1635,2765,907
    of which Value-Added TaxD2113,2002,1653,4812,6753,3252,2593,7582,6143,6302,2764,0212,9004,0392,2104,2042,8264,188
    Other taxes on production D29838725703712936725725758661747719737881744706786909
   Direct taxesD54,8956,0485,7088,2385,3666,6795,8339,9855,6267,2925,53110,6125,6618,0156,01211,1116,053
    Taxes on income, profits and capital gainsD514,5835,7594,7297,9455,0576,4035,4079,7335,3357,0285,27810,3825,3707,7595,76810,8875,777
    Other current direct taxesD59312289979293309276426252291264253231291256244224275
   Capital taxesD9129364325031355628035626325137467529034
  Social contributions D612,7742,6362,6252,9482,8782,7342,7013,0753,0112,8802,8663,2863,1793,0493,0233,3913,332
   Actual social contributionsD611 + D6132,4272,2902,2792,6012,5832,4392,4062,7792,6712,5402,5262,9462,8702,7402,7143,0833,023
    PRSI receipts D611 + D613(pt)2,0151,8771,8662,1892,1592,0151,9822,3562,3072,1762,1622,5822,4742,3442,3182,6872,655
    Government employees' social contributionsD613(pt)412412412412424424424424364364364364396396396396369
   Employers' imputed social contributionsD612347347347347295295295295340340340340309309309309309
 Sales of goods and servicesP1O1,0711,1951,2001,3601,1851,3241,3311,5101,2101,3481,3551,5341,2421,3681,3811,5341,257
  Sales of market establishments (= market output)P11260260260260279279279279305305305305331331331331358
  Imputed sales related to production of own-use capital assets (= output for own final use)P1288885555555555555
Incidental sales and fees of non-market establishmentsP1318039269321,0929011,0401,0461,2268991,0381,0441,2239061,0311,0451,197894
Investment incomeD45391,7254453604161,6813282861081,3391172583271,090112242103
Interest (excluding FISIM)D41322292216213181176166153777467334823145045
Dividends / Other investment incomeD42 + D441911,4072031212091,47913610851,239241992531,0417316532
Rent of land and subsoil assetsD452626262626262626262626262626262626
Current transfer revenueD39 + D760606085113725555746944585755597757
SubsidiesD3900000000000000000
Other current transfersD760606085113725555746944585755597757
Non-life insurance claimsD7222222222444455555
Other Domestic - Current D7N_S15656565649474750494747504947475049
From Rest of World - CurrentD7N_S2333276223532017-83337223
Capital transfer revenueD9N7742872019776686911913864894105106110104139
                       
Output P17,6007,8827,7747,7698,0088,0447,9918,1338,2288,2628,2978,4398,6758,7058,7818,9509,099
Market output (sales of market establishments)P11260260260260279279279279305305305305331331331331358
Output for own final useP1288885555555555555
Non-market outputP137,3327,6147,5067,5017,7247,7607,7067,8497,9187,9527,9878,1298,3388,3688,4448,6138,735
= Non-market compensation of employeesD1_nonmarket4,7674,6674,4804,4194,9214,8194,6274,5645,0494,9444,7474,6825,3645,2525,0435,0015,664
= Total compensation of employeesD14,7754,6754,4894,4274,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,670
- Compensation of employees of market establishmentsD1_market00000000000000000
- Compensation related to production of own-use capital assetsD1_own-use-8-8-8-8-5-5-5-5-5-5-5-5-5-5-5-5-5
+ Non-market intermediate consumptionP2_nonmarket1,8392,2222,3002,3562,0302,1692,3072,5132,0472,1872,4192,6262,1012,2442,5292,7392,198
= Total intermediate consumptionP21,8942,2762,3552,4112,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,261
- Intermediate consumption of market establishmentsP2_market-55-55-55-55-56-56-56-56-62-62-62-62-63-63-63-63-63
- Intermediate consumption related to production of own-use capital assetsP2_own-use00000000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket725725725725772772772772821821821821873873873873873
= Total consumption of fixed capitalP51c829829829829879879879879931931931931986986986986986
- Consumption of fixed capital by market establishmentsP51c_market-104-104-104-104-106-106-106-106-109-109-109-109-114-114-114-114-114
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use00000000000000000
+ Other taxes on production, payable D29_pay00000000000000000
  - Other subsidies on production, receivableD39_rec00000000000000000
Open in Excel: Government Finance Statistics Quarter 1 2018 Table 3 (XLS 18KB)
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Table 4 General Government: detailed classification of expenditure and consumption
      €million
DescriptionESA2010 code2014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q1
Total ExpenditureTE17,84517,80217,98219,42718,32517,96917,99021,56118,24618,01818,61020,19318,64918,82919,45420,64119,306
Expense17,57917,52018,06818,87617,98017,66917,84121,15717,89017,60418,32119,69018,14418,49918,97820,34318,775
Compensation of employeesD14,7754,6754,4894,4274,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,670
Of which: Related to production of own-use capital assets88885555555555555
Use of goods and services plus taxes payableP2 + D5 + D291,8942,2762,3552,4112,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,261
Use of goods and services [Intermediate consumption]P21,8942,2762,3552,4112,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,261
Of which: Intermediate consumption of market establishments 5555555556565656626262626363636363
Taxes, payableD500000000000000000
Depreciation (Consumption of fixed capital)P51c829829829829879879879879931931931931986986986986986
Of which: Depreciation by market establishments 104104104104106106106106109109109109114114114114114
Interest (excluding FISIM)D411,8881,9211,9101,8701,7321,6951,7011,7211,6411,5611,5221,4401,5181,4301,5081,3531,370
Other domestic interest payableD41_S1733737730699612615597629575563563555560491576484505
Interest payable to rest of worldD41_S21,1551,1841,1801,1711,1211,0801,1041,0921,066998960885958939932868864
SubsidiesD3401418439608384399418589381397417577391408428592399
Product subsidiesD31213231251261192209227236202219238248208226245255205
Other subsidies on productionD39188187188347191190191353179178179329183182183337194
Social benefitsD62 + D6326,5876,6757,2027,6136,6576,7547,3037,7086,6436,7487,3687,6786,7576,8997,5117,9016,834
Social benefits in cashD625,7715,5645,5466,0925,7835,5735,5526,1025,7335,5115,4716,0265,7875,5785,5296,1155,823
Social benefits in kind (via market producers)D6328161,1101,6561,5218731,1811,7511,6069101,2381,8961,6529701,3221,9821,7861,011
Other current transfersD78924855897929076642327258424556421,067670894681928954
Net non-life insurance premiumsD711919191914141414262626262727272727
Current international cooperationD7492721391328215893141851041041459511712316886
Miscellaneous current transfersD7523678246208210175189118487155186140149187355181
VAT and GNI based EU budget contributionD76546317186434602318108479546238357709408601344378661
VAT-based EU own resourcesD7618247284683452563793353556373636375
GNI-based EU own resourcesD76246526915838851927383416468205304655345528282315585
Capital transfersD93122402553254082303132,398290315210623288318223774300
Investment grantsD92312240244143408230313287290315210623288318223744300
Other capital transfersD9900111820002,1110000000300
Net acquisition of non-financial assetsP5 + NP - P51c266282-87550345299149403356414289503505330477299532
= Gross investment in non-financial assetsP5 + NP1,0951,1117421,3801,2241,1781,0281,2821,2871,3441,2191,4331,4911,3161,4631,2851,518
Gross fixed capital formationP511,0801,0967271,3651,2091,1631,0131,2671,2721,3291,2041,4181,4761,3011,4481,3751,503
Net acquisition of stocksP521515151515151515151515151515151515
Net acquisition of unproduced assetsNP000000000000000-1050
- Consumption of fixed capitalP51c-829-829-829-829-879-879-879-879-931-931-931-931-986-986-986-986-986
Net expenditure on current goods and servicesP3 excl. D6326,5296,6876,5746,4096,8236,7206,6606,6237,0186,9146,9426,9057,4327,3377,4007,4167,842
= OutputP17,6007,8827,7747,7698,0088,0447,9918,1338,2288,2628,2978,4398,6758,7058,7818,9509,099
- Sales of goods and services P11+P12+P131-1,071-1,195-1,200-1,360-1,185-1,324-1,331-1,510-1,210-1,348-1,355-1,534-1,242-1,368-1,381-1,534-1,257
Market output (sales of market establishments)P11-260-260-260-260-279-279-279-279-305-305-305-305-331-331-331-331-358
Output for own final useP12-8-8-8-8-5-5-5-5-5-5-5-5-5-5-5-5-5
Incidental sales and fees of non-market establishmentsP131-803-926-932-1,092-901-1,040-1,046-1,226-899-1,038-1,044-1,223-906-1,031-1,045-1,197-894
Final consumption expenditureP37,3457,7978,2307,9307,6967,9018,4118,2297,9288,1528,8398,5588,4038,6599,3829,2028,853
= Net expenditure on current goods and servicesP3 excl. D6326,5296,6876,5746,4096,8236,7206,6606,6237,0186,9146,9426,9057,4327,3377,4007,4167,842
+ Social transfers in kind via market producers D6328161,1101,6561,5218731,1811,7511,6069101,2381,8961,6529701,3221,9821,7861,011
made up of                 
Individual consumption (= social transfers in kind)P31 (= D63)4,9415,2475,5385,3395,1985,3415,6835,5685,3725,5415,9385,7765,7205,9006,3236,1505,448
Social transfers in kind (via market producers)D6328161,1101,6561,5218731,1811,7511,6069101,2381,8961,6529701,3221,9821,7861,011
Social transfers in kind (provided directly by government)D6314,1254,1373,8823,8184,3254,1603,9323,9624,4624,3034,0424,1244,7504,5784,3404,3644,437
Collective consumption (= actual final consumption of government)P322,4042,5502,6922,5912,4982,5602,7282,6622,5562,6112,9012,7812,6822,7593,0593,0523,405
Total social transfersD62 + D6310,71210,81211,08411,43010,98210,91411,23511,67011,10511,05111,40911,80211,50711,47811,85212,26511,271
Social benefits in cashD62 5,7715,5645,5466,0925,7835,5735,5526,1025,7335,5115,4716,0265,7875,5785,5296,1155,823
 Social transfers in kind (= individual consumption)D634,9415,2475,5385,3395,1985,3415,6835,5685,3725,5415,9385,7765,7205,9006,3236,1505,448
Open in Excel: Government Finance Statistics Quarter 1 2018 Table 4 (XLS 18KB)
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Table 5 General Government financial transactions
     €million
Description 2014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q1
Net lending (+) / net borrowing (-)B.9-2,862-1,449-2,032-702-2,262-472-1,318-894-1,796368-1,5081,523-1,267-125-1,8122,170-1,516
equals                   
Net acquisition of financial assets ΔA-2,664-7,379-2,316-6,405-1,25126318-6,5524,276-7,8791,346-1,7256,1442,592-764-9,3626,981
EDP debt instruments F2 + F3 + F4-666-8,246-2,354-8,345-991,160183-8,4744,293-6,1491,032-3,6887,0586,969-790-11,0147,335
 Currency and deposits F22,236-1,037-282-7,2918661,651780-3,6184,637-6,6552,268-3,2577,0946,837-981-10,4737,651
Debt securities F3-21455-686-584-714-397-153-4,570-719529-1,22528223714744-75
Short-term F31-201126-341-957-802258-135-505-832-201-1110-30483166-76
Long-term F32-13-71-34537388-655-18-4,065113730-1,214272532316-221
Loans F4-2,688-7,264-1,386-470-251-94-444-286375-23-11-713-5961144-585-241
Short-term loans F4114533-776-190-111-103-109-20719429-29-2401034-18-59-107
Long-term loans F42-2,833-7,297-610-280-1409-335-79181-5218-473-6927162-526-134
Equity and Investment Fund Shares F5-1,194569282252477-830-36630631-1,509554-5618-4,419-14-92241
Other financial assets F6 + F7 + F8 -804298-2441,688-1,629-67-1291,292-648-221-2402,019-93242401,744-595
Insurance, Pensions and Standardised Guarantees F60001000-1000000000
Financial derivatives and Employee Stock Options F717721737-3374081012-628-188-35-1-17
Other accounts receivable/payableF8-821226-2611,650-1,292-107-1371,292-648-222-2422,025-960230751,745-578
less                   
Net incurrence of liabilities ΔL198-5,930-284-5,7031,0117351,336-5,6586,072-8,2472,854-3,2487,4112,7171,048-11,5328,497
EDP debt instruments F2 + F3 + F496-5,948-246-6,4068885071,269-5,5106,036-8,2283,154-3,1837,4362,6461,051-11,5548,479
Currency and deposits F2-2,842-6,962-567-103-4467786362311931256012473156921
Debt securities F32,0801,0314252,64311,1536261,363-5,7596,470-8,5612,824-3,4757,6182,863821-5,6347,869
Short-term F31999921061301,875-780-1,084-2,4203,389-9701,670-3,0432,3601,002-1,025-1,7013,191
Long-term F321,981393192,5139,2781,4062,447-3,3393,081-7,5911,154-4325,2581,8611,846-3,9334,678
Loans F4858-17-104-8,946-9,819-196-180213-665140205232-306-290215-5,989589
Short-term loans F4150-53-18-116266-142-309-56-372-8-144165111-370185-122390
Long-term loans F4280836-86-8,830-10,085-54129269-29314834967-4178030-5,867199
Other liabilities F5 + F6 + F7 + F8 10218-3870312322867-14836-19-300-65-2571-32218
Equity and Investment Fund Shares F500000000000000000
Insurance, Pensions and Standardised Guarantees F600000000000000000
Financial derivatives and Employee Stock Options F7000-1000-1000000000
   Other accounts receivable/payable F810218-3870412322867-14736-19-300-65-2571-32218
Open in Excel: Government Finance Statistics Quarter 1 2018 Table 5 (XLS 15KB)
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Table 6 General Government: detailed breakdown of net worth
            €million
DescriptionESA2010 code2014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q1
General Government balance sheet                  
 Net worth at market value, excluding pension liabilitiesNW-58,156-62,544-66,682-60,274-57,384-54,157-54,227-51,114-51,061-50,015-50,593-45,778-44,175-39,877-39,195-35,112-36,663
 equals                  
  Non-financial assets at market valueNFA89,39990,64891,52893,04594,39295,69296,84298,24799,800101,411102,898104,597106,390108,007109,772111,359111,890
 plus                  
  Financial net worth at market value, excluding pension liabilitiesFNW-147,555-153,192-158,210-153,319-151,776-149,849-151,069-149,361-150,861-151,426-153,491-150,375-150,565-147,884-148,967-146,471-148,553
  equals                  
   Financial assets at market valueFA93,75485,73984,53183,84189,09684,24885,12084,05389,16881,77982,73180,50584,97489,42389,13181,21989,010
    EDP debt instrumentsF2 + F3 + F453,23245,54742,97136,05935,68537,54137,73629,00533,29227,18128,25024,69231,76538,66137,82926,84734,135
     Currency and depositsF225,93124,90624,64817,39418,29419,93420,71517,29421,91515,26317,53014,28621,37828,20627,22016,74924,405
     Debt securitiesF310,14610,2399,5609,6468,9598,5208,3633,2892,5523,0821,8542,1622,1662,1782,1922,2732,086
      Short-termF313,5423,6673,3262,3691,5671,8251,6891,184352149136143178221248372298
      Long-termF326,6056,5716,2337,2777,3926,6946,6732,1042,1992,9321,7182,0191,9881,9571,9441,9011,788
     LoansF417,15510,4028,7639,0198,4329,0878,6588,4228,8258,8368,8668,2448,2218,2778,4177,8257,644
      Short-term loansF412,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983966907799
      Long-term loansF4214,7077,9207,0577,5037,0277,7857,4667,4367,6467,6287,6877,3047,2727,2947,4516,9196,845
    Equity and Investment Fund SharesF531,64731,47333,31737,87743,85537,59138,61544,89747,11346,08846,22345,56143,91941,10441,47542,61543,794
    Other financial assetsF6 + F7 + F8 8,8758,7198,2439,9059,5569,1168,76910,1518,7638,5108,25810,2529,2909,6589,82711,75711,081
     Insurance, Pensions and Standardised GuaranteesF600011110000000000
     Financial derivatives and Employee Stock OptionsF71,0486393983521,2879477288117140300-2136231415318
     Other accounts receivable/payableF87,8278,0807,8459,5528,2688,1688,0409,3408,6928,4708,22810,2529,2929,5229,59611,34210,763
  less                  
   Liabilities at market valueL241,309238,931242,741237,160240,872234,097236,189233,414240,029233,205236,222230,880235,539237,307238,098227,690237,563
    EDP debt instrumentsF2 + F3 + F4231,998229,375232,406227,808230,569223,731225,780223,180229,423222,769226,350221,087225,880227,878228,655218,302228,201
     Currency and depositsF228,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,59721,618
     Debt securitiesF3131,141135,128137,789141,988153,702147,008149,326146,321152,465145,538148,944143,327148,308150,909151,546147,114156,378
      Short-termF312,4903,4793,6393,7635,8604,8763,7491,3864,6883,7415,4122,4004,7395,6034,6122,9326,146
      Long-termF32128,651131,649134,150138,225147,842142,131145,577144,935147,777141,797143,531140,927143,569145,306146,934144,182150,232
     LoansF472,33272,67573,60464,90256,38956,16255,80256,14656,01656,09956,15156,44556,13355,45755,58149,59150,205
      Short-term loansF411,4771,4021,3831,2941,5381,3901,0751,035647639501669825403608496908
      Long-term loansF4270,85471,27372,22163,60954,85154,77254,72755,11155,36955,46055,65055,77555,30855,05454,97449,09549,297
    Other liabilitiesF5 + F6 + F7 + F89,3119,55610,3359,35210,30310,36610,40910,23410,60610,4369,8729,7939,6599,4299,4439,3889,362
     Equity and Investment Fund SharesF500000000000000000
     Insurance, Pensions and Standardised GuaranteesF600000000000000000
     Financial derivatives and Employee Stock OptionsF71,1001,3272,1444571,2861,1201,0961,0671,4031,252988974865564581504460
     Other accounts receivable/payableF88,2118,2298,1918,8959,0179,2469,3139,1679,2039,1848,8848,8198,7948,8658,8628,8848,902
                         
Memo: Estimated pension liabilities of government 98,00098,00098,000109,800109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -156,156-160,544-164,682-170,074-167,184-163,957-164,027-165,614-165,561-164,515-165,093-160,278-158,675-154,377-153,695-149,612-151,163
Contingent liabilities 29,41229,41229,41229,41217,25517,25517,25517,25510,30610,30610,30610,3066,6156,6156,6156,6155,032
Guarantees 25,14525,14525,14525,14512,60412,60412,60412,6045,2735,2735,2735,2731,5821,5821,5821,5820
Off-balance sheet PPPs and concessions 4,2664,2664,2664,2664,6514,6514,6514,6515,0325,0325,0325,0325,0325,0325,0325,0325,032
Memo: Net worth, including pension liabilities and contingent liabilities -185,567-189,956-194,094-199,485-184,439-181,212-181,282-182,869-175,866-174,820-175,399-170,583-165,290-160,991-160,310-156,227-156,195
Change in net worth of government                  
 Opening net worth -55,327-58,156-62,544-66,682-60,274-57,384-54,157-54,227-51,114-51,061-50,015-50,593-45,778-44,175-39,877-39,195-35,112
                         
 Change in net worth due to transactions -2,596-1,167-2,118-152-1,917-173-1,169-490-1,440782-1,2192,025-762204-1,3362,468-984
  Net acquisition of non-financial assets P5 + NP - P51c266282-87550345299149403356414289503505330477299532
  Net lending/net borrowingB9-2,862-1,449-2,032-702-2,262-472-1,318-894-1,796368-1,5081,523-1,267-125-1,8122,170-1,516
   = Net acquisition of financial assets -2,664-7,379-2,316-6,405-1,25126318-6,5524,276-7,8791,346-1,7256,1442,592-764-9,3626,981
   - Net incurrence of liabilities -1985,9302845,703-1,011-735-1,3365,658-6,0728,247-2,8543,248-7,411-2,717-1,04811,532-8,497
                         
 Change in net worth due to other economic flowsKx-233-3,221-2,0206,5604,8063,4001,0993,6031,4942656412,7912,3644,0942,0171,614-566
  Other changes in non-financial assets 9679679679671,0011,0011,0011,0011,1971,1971,1971,1971,2881,2881,2881,2880
  Other changes in financial net worth -1,200-4,188-2,9865,5933,8052,399982,602296-933-5571,5931,0772,806729326-566
   = Other changes in financial assets 1,969-6361,1085,7156,506-5,1118545,485839490-394-501-1,6751,8574721,450810
     EDP debt instruments -45561-2221,433-27569612-257-6383713015-73-4232-47
     Equity and Investment Fund Shares 2,092-7431,5624,3085,501-5,4341,0605,6521,585484-419-606-1,6601,6043851,232938
     Other financial assets -78-454-232-261,280-373-21890-740-32-12-25-30326129186-81
   - Other changes in liabilities -3,169-3,552-4,094-122-2,7017,510-756-2,883-543-1,423-1632,0942,752949257-1,124-1,376
     EDP debt instruments -3,002-3,325-3,277-1,808-1,8737,345-780-2,910-207-1,574-4272,0802,643648274-1,201-1,420
     Other liabilities -167-227-8171,686-8281652427-33615126414109301-177744
                         
Closing net worth -58,156-62,544-66,682-60,274-57,384-54,157-54,227-51,114-51,061-50,015-50,593-45,778-44,175-39,877-39,195-35,112-36,663
Open in Excel: Government Finance Statistics Quarter 1 2018 Table 6 (XLS 20KB)
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Table 7 General Government Gross and Net Debt
         €million
DescriptionESA2010 code2014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q1
General Government Debt                  
  Debt instrument liabilities at market value231,998229,375232,406227,808230,569223,731225,780223,180229,423222,769226,350221,087225,880227,878228,655218,302228,201
  + Difference between face value and market value -16,947-19,849-24,098-24,453-27,008-19,615-22,236-21,556-22,204-22,348-23,856-20,409-17,311-16,598-17,676-17,000-17,980
Gross General Government Debt (face value)GGDebt215,051209,526208,308203,355203,561204,116203,544201,624207,219200,421202,494200,678208,569211,280210,979201,302210,221
By category:                  
 Currency and deposits F228,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,59721,618
 Debt securitiesF3114,475116,113115,546119,078128,539128,879128,202125,766131,436124,326126,161124,151131,945134,910134,522130,681138,840
  Short-termF312,4893,4773,6373,7605,8494,8633,7331,3804,6803,7345,4062,3954,7365,5984,6082,9296,142
  Long-termF32111,986112,636111,910115,318122,690124,016124,469124,387126,756120,592120,755121,756127,209129,312129,914127,751132,698
 LoansF472,05171,84171,74863,36054,54454,67654,69055,14554,84154,96355,07955,21255,18554,85854,92949,02549,763
  Short-termF411,4771,4021,3831,2941,5381,3901,0751,032647639501669825403607496908
  Long-termF4270,57470,43970,36662,06653,00653,28653,61554,11354,19454,32354,57854,54254,36054,45554,32248,52948,855
                      
less EDP debt instrument assetsF2 + F3 + F453,23445,54642,97036,05935,68537,54037,73529,00433,29227,18028,25024,69131,76538,66137,82926,84834,135
 By category:                  
 Currency and deposits F225,93124,90624,64817,39418,29419,93420,71517,29421,91515,26317,53014,28621,37828,20627,22016,74924,405
 Debt securitiesF310,14710,2389,5599,6468,9598,5198,3623,2882,5513,0811,8542,1622,1662,1782,1922,2732,086
  Short-termF313,5423,6673,3262,3691,5671,8251,6891,184352149136143178221248372298
  Long-termF326,6056,5716,2337,2777,3926,6946,6732,1042,1992,9321,7182,0191,9881,9571,9441,9011,788
 LoansF417,15610,4028,7639,0198,4329,0878,6588,4228,8268,8368,8668,2438,2218,2778,4177,8267,644
  Short-termF412,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983966907799
  Long-termF4214,7077,9207,0577,5037,0277,7857,4667,4367,6467,6287,6877,3047,2727,2947,4516,9196,845
                      
 Net General Government Debt (face value)GGNetDebt161,817163,980165,338167,296167,876166,576165,809172,620173,927173,241174,244175,987176,804172,619173,150174,454176,086
 By category:                  
 Currency and deposits F22,594-3,334-3,6353,5242,184627-633,419-9735,8693,7257,02961-6,694-5,6924,848-2,787
 Debt securities F3104,328105,875105,987109,432119,580120,360119,840122,478128,885121,245124,307121,989129,779132,732132,330128,408136,754
  Short-termF31-1,053-1903111,3914,2823,0382,0441964,3283,5855,2702,2524,5585,3774,3602,5575,844
  Long-termF32105,381106,065105,677108,041115,298117,322117,796122,283124,557117,660119,037119,737125,221127,355127,970125,850130,910
 LoansF454,89561,43962,98554,34146,11245,58946,03246,72346,01546,12746,21346,96946,96446,58146,51241,19942,119
  Short-termF41-972-1,080-323-22213388-11746-533-569-678-270-124-580-359-411109
  Long-termF4255,86762,51963,30954,56345,97945,50146,14946,67746,54846,69546,89147,23847,08847,16146,87141,61042,010
Open in Excel: Government Finance Statistics Quarter 1 2018 Table 7 (XLS 16KB)
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Background Notes

Introduction

This release comprises the latest official publication by CSO of quarterly Government Finance Statistics (GFS) for the period Q1 2014 to Q1 2018.

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-March 2018 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. National accounts are compiled in the EU according to the European System of National Accounts framework - ESA2010.

The calculation methods for quarterly GFS are similar to those used in deriving the annual GFS. As some of the available sources are of lesser reliability than those used for annual GFS, the quarterly estimates are subject to a greater margin of error than the annual figures.

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 available on the CSO website here.

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

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.

The net lending/borrowing (B.9) of these organisations forms part of the net/lending borrowing (B.9) of the local government sector.  For the current release this impact is recorded only for 2014 Q1 to 2018 Q1.  For years prior to 2014, the full impact of the inclusion of AHBs has not been estimated.  The only revisions to pre-2014 data is the re-coding of capital transfers (D.92) from local government to capital formation (P.51g) of local government.  Thus the total revenue, expenditure and net lending/borrowing of local government are unchanged.

Details on the reclassification can be found here.

Investment Transactions

In the first quarter of 2018 the State increased, in net terms, its holdings of portfolio investment assets by €240 million (see Table 5). This investment activity was predominantly into overseas equity markets and investment funds, with investment to a much smaller extent into the domestic economy.

Debt Issuance and Redemption

Quarterly General Government Consolidated Gross Debt grew by approximately €8.9 billion in Q1 2018. This growth was driven mostly by the net issuance of debt securities amounting to €8.2 billion. This included the issuance of a new 10-year treasury bond comprising roughly €5.4 billion of the bonds issued during the quarter.

GDP figures used in publication

The GDP figures used in the current publication are consistent with those published in the latest National Income and Expenditure Accounts and the Quarterly National Accounts published on 19 July 2018.

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

Due to updated data becoming available revisions have been made to the previously published Total Revenue (TR) and Total Expenditure (TE) figures.

Similarly, revisions have been made to previously published Net acquisition of financial assets and Net incurrence of liabilities figures.  This is the alternative measure of GG Deficit/Surplus, referred to as Net Lending/Borrowing. See Tables 1 and 5.

Revisions to General Government Gross Debt, Net Debt and Net Worth

Revisions have been made to Debt and Net worth figures. These revisions are due to increased availability of data. See Tables 2 and 6.

Government Finance Statistics – concepts and definitions

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.

In addition to the EDP transmission programme, detailed statistics on government revenue and expenditure are also provided to Eurostat under the ESA transmission programme.  For quarterly data the main tables reported are:

Table 0801 Quarterly non-financial accounts by sector

Table 2500 Quarterly short term statistics (revenue and expenditure) for general government

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

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 (Tables 1 and 5).  In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG deficit/surplus. This adjustment has no impact on Gross debt, Net debt or Net worth.

General government gross debt (GG debt) is defined in the EU regulations implementing the Maastricht Treaty as the gross debt liabilities of the consolidated general government sector, at nominal value.

‘Gross’ means that the value of any financial assets held by general government cannot be deducted from the GG debt.  In Ireland’s case, this means that the liquid assets which are deducted from the ‘Gross’ national debt in arriving at the audited national debt cannot be deducted from the GG debt.

‘Debt liabilities’ are defined as the ESA 2010 categories AF.2 (Currency and deposits), AF.3 (Debt securities), and AF.4 (Loans).

This definition excludes liabilities in derivatives, equity liabilities, pension and insurance liabilities and accounts payable.

‘Consolidated’ means that any money owed by one entity within general government to another is excluded from the total GG Debt.

‘Nominal value’ is defined in the governing regulation as face value.  If debt is sold at a discount, it is the undiscounted value of the instrument, rather than the amount actually received, that is shown in the GG debt. In other statistical contexts, ‘nominal value’ means face value plus any interest accrued but not paid; however, such interest is excluded from GG Debt by definition.

General government net debt is a measure produced in accordance with the methodology of the IMF/World Bank Public Sector Debt Statistics Guide, by subtracting from the GG gross debt figure the value of the financial assets corresponding to the categories of financial liabilities which comprise GG gross debt.

General government net worth is calculated as the sum of financial and non-financial assets of general government less financial liabilities. 

Detailed codes and technical definitions can be seen in the ESA 2010 manual here.

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 (Pay) - 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 share

            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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