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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 2 2018

 General Government Finances
  Surplus/Deficit Gross Debt Net Debt
 % quarterly % annualised% annualised
 €bnGDP€bn GDP€bn GDP
2017 Q1-1.2-1.8208.675.8178.064.7
2017 Q2-0.1-0.1211.375.5173.862.1
2017 Q3-1.8-2.3211.072.9174.360.2
2017 Q42.43.0201.368.4175.659.7
2018 Q1-1.7-2.2210.269.3177.358.4
2018 Q2-0.5-0.6214.969.1176.856.8
2017 Q1-Q2-1.3-1.0    
2018 Q1-Q2-2.2-1.4    

Government deficit of €2.2 billion in the first half of 2018

Figure 1 General Government Deficit
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For the first half of 2018 the government recorded a deficit of €2.2 billion (-1.4% of GDP) compared with a deficit of €1.3 billion (-1.0% of GDP) for the same period last year (Table 1).

In the first 6 months of 2018, government revenue increased by €1.4 billion (+3.8%) compared with the same period in 2017.  This increase was mainly due to increases in Taxes and Social contributions (+5.4%).  Investment income fell by €0.47 billion.

In the first 6 months of 2018, government expenditure increased by €2.2 billion (+5.9%), compared with the same period last year.  This increase is mainly due to Compensation of employees/pay (+8.0%) and Use of goods and services (+10.7%) (Tables 1 and 4).

Government Gross Debt at 69.1% of GDP at end Q2 2018

General Government Gross Debt (GG Debt) was €214.9 billion (69.1% of GDP) at the end of quarter 2 2018 (Tables 2 and 7). This compares with a debt level of 69.3% of GDP at the end of quarter 1 2018. The fall in the debt ratio is due mainly to increased GDP as nominal debt rose by €4.8 billion in the quarter. 

At the end of June 2018, General Government Net Debt was €176.8 billion (56.8% of GDP).  This represents an increase in the net debt level of a year earlier which stood at €173.8 billion (62.1% of GDP).  While nominal debt rose by €3.7 billion during this period, assets increased by €0.7 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 and from the proceeds of the issuance of a new 15-year bond in quarter 2 2018 (Tables 2 and 6).

National accounts are compiled in the EU according to the European System of National Accounts framework - ESA 2010.

Government Finance Statistics (GFS) quarterly results are benchmarked to the most recent EDP notification.  Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts and the Quarterly National Accounts.

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 the annual GFS, 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 201595.479.2
Q2 201589.673.7
Q3 201583.368.3
Q4 201576.866.2
Q1 201678.566.3
Q2 201675.565.7
Q3 20167665.8
Q4 201673.464.8
Q1 201775.864.7
Q2 201775.562.1
Q3 201772.960.2
Q4 201768.459.7
Q1 201869.358.4
Q2 201869.156.8
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 Q12018 Q2
General Government transactions                   
RevenueTR14,98316,35315,95118,72516,06317,49716,67320,66816,45018,38617,10221,71617,38218,70417,64222,81117,74019,708
Taxes and social contributionsD2 + D5 + D91 + D6113,23613,33114,15816,71814,25114,34414,89118,74614,93815,49214,93919,77115,65116,08415,97920,85416,17017,278
TaxesD2 + D5 + D9110,46210,69511,53313,77011,37311,61012,19015,67211,92712,61212,07316,48512,47213,03512,95617,46312,82814,079
Social contributions D612,7742,6362,6252,9482,8782,7342,7013,0753,0112,8802,8663,2863,1793,0493,0233,3913,3423,199
Sales of goods and servicesP1O1,0711,1951,2001,3601,1851,3241,3311,5101,2101,3481,3551,5341,2421,3681,3811,5331,2691,409
Investment incomeD45401,7264453614161,6823292871091,3391182593271,090113242105840
Current transfer revenue (excluding taxes)D76060608511372555574694458575559775755
Capital transfer revenue (excluding taxes)D9N7742872019776686911913864894106107111104140126
 
ExpenditureTE17,84517,80217,98219,42918,34317,98618,04321,54318,26018,01918,61120,23118,62718,80719,43320,40319,45120,189
ExpenseExpense17,57917,52018,06818,87617,98017,67017,84221,15817,89117,60518,32219,69218,12818,48318,96220,32818,83419,449
Compensation of employeesD14,7754,6754,4894,4274,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,7205,752
Use of goods and services plus taxes payableP2 + D5 + D291,8942,2762,3552,4112,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,3112,639
Depreciation (Consumption of fixed capital)P51c829829829829879879879879931931931931987987987987987987
Interest (excluding FISIM)D411,8881,9211,9101,8701,7321,6951,7011,7211,6411,5611,5221,4401,5171,4291,5081,3521,3701,309
SubsidiesD3401418439608384399419590382398418579392408429594399415
Social benefitsD62 + D6326,5876,6757,2027,6136,6576,7547,3037,7086,6436,7487,3687,6786,7416,8847,4967,8856,7956,954
Other current transfersD78924855897929076642327258424556421,067670894681928954964
Capital transfersD93122402553254082303132,398290315210623288318223774300430
 
 Net operating balanceNOB-2,595-1,167-2,118-151-1,917-173-1,168-490-1,441781-1,2202,024-746221-1,3192,483-1,093259
 
Net acquisition of non-financial assetsP5 + NP - P51c266282-8755336331620138536941428953949932447175617739
 
 General Government Surplus/DeficitB9-2,861-1,449-2,031-704-2,280-489-1,369-876-1,809367-1,5091,485-1,245-103-1,7902,409-1,710-480
equals
Net acquisition of financial assetsΔFA-2,734-7,158-2,381-6,485-1,419492-50-6,3764,210-7,8721,341-1,6706,0862,625-762-9,3406,9468,724
Debt instrumentsF2 + F3 + F4-738-8,023-2,421-8,426-2681,388112-8,2974,227-6,1431,027-3,6336,9966,982-786-10,9837,2755,290
Equity and Investment Fund SharesF5-1,193567284253478-832-33629631-1,508554-5618-4,400-14-91241-1,359
Other financial assetsF6 + F7 + F8 -803298-2441,688-1,629-64-1291,292-648-221-2402,019-92843381,734-5704,793
less                     
Net incurrence of liabilitiesΔL127-5,709-350-5,7818619811,319-5,5006,019-8,2392,850-3,1557,3312,7281,028-11,7498,6569,204
Debt instrumentsF2 + F3 + F429-5,723-309-6,4817407541,253-5,3525,983-8,2203,150-3,0907,3472,6481,021-11,7818,6214,620
Other liabilitiesF5 + F6 + F7 + F8 9814-4170012122766-14836-19-300-65-1680732354,584
          
Memo: Net derivative flows on debt interest swap contracts -69-68-74-53-22-74-73-71-71-70-69-65-62-57-56-49-55-52
General Government Surplus/Deficit (% of quarterly GDP) -6.1-3.0-4.0-1.4-3.5-0.8-2.0-1.3-2.70.6-2.22.0-1.8-0.1-2.33.0-2.2-0.6
Quarterly GDP at current market prices 46,58348,26050,65949,79064,77962,48167,35367,85466,31064,03968,22774,66168,15168,91777,77879,26477,57876,472
Open in Excel: Government Finance Statistics Quarter 2 2018 Table 1 (XLS 17KB)
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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 Q12018 Q2
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-59,306-63,678-67,808-61,415-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-36,494-37,420
equals                  
Non-financial assets at market valueNFA89,39990,64791,52793,04594,39295,69396,87898,24799,801101,400102,873104,597106,445108,117109,936111,359111,976112,715
plus                  
Financial net worth at market value, excluding pension liabilitiesFNW-148,705-154,325-159,335-154,460-153,012-151,067-152,285-150,502-152,068-152,623-154,671-151,508-151,756-149,064-150,147-147,611-148,470-150,135
equals                  
 Financial assets at market valueFA92,60284,60083,39782,68887,84783,01583,88882,89587,94380,56881,52379,35583,76688,22987,94380,05687,25394,413
EDP debt instrumentsF2 + F3 + F452,08944,41841,84634,91634,44636,31736,51427,85732,07725,98027,05223,55230,56237,47036,64425,69832,85438,189
Equity and Investment Fund SharesF531,64731,47333,31737,87743,85537,59138,61544,89747,11346,08846,22345,56143,91941,10441,47642,61643,30740,317
Other financial assetsF6 + F7 + F8 8,8668,7098,2349,8959,5469,1078,75910,1418,7538,5008,24810,2429,2859,6559,82311,74211,09215,907
less                  
Liabilities at market valueL241,307238,925242,732237,148240,859234,082236,173233,397240,011233,191236,194230,863235,522237,293238,090227,667235,723244,548
EDP debt instrumentsF2 + F3 + F4231,998229,375232,406227,808230,569223,731225,780223,180229,422222,772226,339221,087225,871227,862228,635218,257226,322230,497
Other liabilitiesF5 + F6 + F7 + F89,3099,55010,3269,34010,29010,35110,39310,21710,58910,4199,8559,7769,6519,4319,4559,4109,40114,051
                  
Memo: Estimated pension liabilities of government98,00098,00098,000109,800109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities-157,306-161,678-165,808-171,215-168,420-165,174-165,207-166,755-166,767-165,723-166,298-161,411-159,811-155,447-154,711-150,752-150,994-151,920
Contingent liabilities29,41229,41229,41229,41217,25517,25517,25517,25510,30610,30610,30610,3066,6156,6156,6156,6155,0325,032
Memo: Net worth, including pension liabilities and contingent liabilities -186,718-191,090-195,220-200,626-185,675-182,429-182,463-184,010-177,073-176,029-176,603-171,716-166,426-162,062-161,326-157,367-156,027-156,952
                  
General Government: changes in net worth                  
Opening net worth-56,481-59,306-63,678-67,808-61,415-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-36,494
Change in net worth due to transactions-2,595-1,167-2,118-151-1,917-173-1,168-490-1,441781-1,2202,024-746221-1,3192,483-1,093259
Net acquisition of non-financial assets P5 + NP - P51c266282-8755336331620138536941428953949932447175617739
Net lending/net borrowingB9-2,861-1,449-2,031-704-2,280-489-1,369-876-1,809367-1,5091,485-1,245-103-1,7902,409-1,710-480
Change in net worth due to other economic flowsKx-230-3,205-2,0136,5454,7123,4181,1353,6431,4282636462,8632,3454,1432,0551,475851-1,185
Other changes in non-financial assets9669669669669849849849841,1851,1851,1851,1851,3481,3481,3481,34800
Other changes in financial assets2,040-8441,1785,7766,578-5,3249235,383838497-386-498-1,6751,8384761,453251-1,564
Other changes in liabilities-3,237-3,327-4,157-197-2,8507,758-772-2,724-595-1,419-1532,1762,672957231-1,326600379
Closing net worth -59,306-63,678-67,808-61,415-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-36,494-37,420
                        
General Government Debt (GGDebt)                  
Debt instrument liabilities at market valueF2 + F3 + F4231,998229,375232,406227,808230,569223,731225,780223,180229,422222,772226,339221,087225,871227,862228,635218,257226,322230,497
+ Difference between EDP face value and market value-16,947-19,849-24,098-24,453-27,008-19,615-22,236-21,556-22,203-22,351-23,845-20,409-17,305-16,588-17,666-16,967-16,122-15,552
Gross General Government Debt (EDP face value)GGDebt215,051209,526208,308203,355203,561204,116203,544201,624207,219200,421202,494200,678208,566211,274210,969201,290210,200214,945
less EDP debt instrument assetsF2 + F3 + F4-52,091-44,417-41,845-34,917-34,446-36,316-36,512-27,856-32,076-25,979-27,051-23,552-30,562-37,470-36,645-25,698-32,853-38,190
Net General Government Debt GGNetDebt162,960165,109166,463168,438169,115167,800167,032173,768175,143174,442175,443177,126178,004173,804174,324175,592177,347176,755
                  
Closing Net Worth (% of annualised GDP)-32.4-34.1-35.6-31.4-27.5-24.3-22.7-19.9-19.8-19.3-19.4-17.2-16.5-14.6-13.9-12.3-12-12
Gross General Government Debt (% of annualised GDP)117.5112.1109.3104.195.489.683.376.878.575.57673.475.875.572.968.469.369.1
Net General Government Debt (% of annualised GDP)8988.487.386.279.273.768.366.266.365.765.864.864.762.160.259.758.456.8
Annualised GDP 183,058186,869190,584195,293213,488227,709244,402262,466263,998265,556266,431273,238275,079279,957289,507294,110303,536311,091
Open in Excel: Government Finance Statistics Quarter 2 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 Q12018 Q2
Total RevenueTR14,98316,35315,95118,72516,06317,49716,67320,66816,45018,38617,10221,71617,38218,70417,64222,81117,74019,708
 Taxes and social contributions13,23613,33114,15816,71814,25114,34414,89118,74614,93815,49214,93919,77115,65116,08415,97920,85416,17017,278
  TaxesD2 + D5 + D9110,46210,69511,53313,77011,37311,61012,19015,67211,92712,61212,07316,48512,47213,03512,95617,46312,82814,079
   Indirect taxes (taxes on production and imports)D25,5374,6115,7825,2835,9764,8976,3025,4066,2665,2586,4795,6226,7754,9756,8696,0626,8265,213
    Taxes on productsD214,6993,8855,0794,5715,0414,1725,5764,6495,6054,5115,7604,8855,8934,2316,1635,2765,9174,431
    of which Value-Added TaxD2113,2002,1653,4812,6753,3252,2593,7582,6143,6302,2764,0212,9004,0392,2104,2042,8264,1882,461
    Other taxes on production D29838725703712936725725758661747719737881744706786909782
   Direct taxesD54,8956,0485,7088,2385,3666,6795,8339,9855,6267,2925,53110,6125,6618,0156,01211,1115,9688,815
    Taxes on income, profits and capital gainsD514,5835,7594,7297,9455,0576,4035,4079,7335,3357,0285,27810,3825,3707,7595,76810,8875,6938,567
    Other current direct taxesD59312289979293309276426252291264253231291256244224275248
   Capital taxesD912936432503135562803562632513746752903452
  Social contributions D612,7742,6362,6252,9482,8782,7342,7013,0753,0112,8802,8663,2863,1793,0493,0233,3913,3423,199
   Actual social contributionsD611 + D6132,4272,2902,2792,6012,5832,4392,4062,7792,6772,5452,5322,9522,8752,7452,7193,0883,0602,917
    PRSI receipts D611 + D613(pt)2,0151,8771,8662,1892,1592,0151,9822,3562,3072,1762,1622,5822,4742,3442,3182,6872,6552,511
    Government employees' social contributionsD613(pt)412412412412424424424424370370370370401401401401405405
   Employers' imputed social contributionsD612347347347347295295295295334334334334304304304304282282
 Sales of goods and servicesP1O1,0711,1951,2001,3601,1851,3241,3311,5101,2101,3481,3551,5341,2421,3681,3811,5331,2691,409
  Sales of market establishments (= market output)P11260260260260279279279279305305305305331331331331358358
  Imputed sales related to production of own-use capital assets (= output for own final use)P12888855555555555555
Incidental sales and fees of non-market establishmentsP1318039269321,0929011,0401,0461,2268991,0381,0441,2239051,0311,0441,1979061,045
Investment incomeD45401,7264453614161,6823292871091,3391182593271,090113242105840
Interest (excluding FISIM)D4132229221621318117616615377746733482314504538
Dividends / Other investment incomeD42 + D441911,4072031212091,47913610851,239241992531,0417316532775
Rent of land and subsoil assetsD45262626262727272727272727262626262727
Current transfer revenueD39 + D76060608511372555574694458575559775755
SubsidiesD39000000000000000000
Other current transfersD76060608511372555574694458575559775755
Non-life insurance claimsD72222222224444555555
Other Domestic - Current D7N_S1565656564947475049474750494848514948
From Rest of World - CurrentD7N_S2333276223532017-833372233
Capital transfer revenueD9N7742872019776686911913864894106107111104140126
                        
Output P17,6007,8827,7747,7698,0088,0447,9918,1338,2288,2628,2978,4398,6758,7068,7818,9509,1999,559
Market output (sales of market establishments)P11260260260260279279279279305305305305331331331331358358
Output for own final useP12888855555555555555
Non-market outputP137,3327,6147,5067,5017,7247,7607,7067,8497,9187,9527,9878,1298,3388,3698,4448,6138,8359,195
= Non-market compensation of employeesD1_nonmarket4,7674,6674,4804,4194,9214,8194,6274,5645,0494,9444,7474,6825,3645,2525,0435,0015,7145,746
= Total compensation of employeesD14,7754,6754,4894,4274,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,7205,752
- Compensation of employees of market establishmentsD1_market000000000000000000
- Compensation related to production of own-use capital assetsD1_own-use-8-8-8-8-5-5-5-5-5-5-5-5-5-5-5-5-5-5
+ Non-market intermediate consumptionP2_nonmarket1,8392,2222,3002,3562,0302,1692,3072,5132,0472,1872,4192,6262,1012,2442,5292,7392,2482,576
= Total intermediate consumptionP21,8942,2762,3552,4112,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,3112,639
- Intermediate consumption of market establishmentsP2_market-55-55-55-55-56-56-56-56-62-62-62-62-63-63-63-63-63-63
- Intermediate consumption related to production of own-use capital assetsP2_own-use000000000000000000
+ Non-market consumption of fixed capitalP51c_nonmarket725725725725772772772772821821821821873873873873873873
= Total consumption of fixed capitalP51c829829829829879879879879931931931931987987987987987987
- Consumption of fixed capital by market establishmentsP51c_market-104-104-104-104-106-106-106-106-109-109-109-109-114-114-114-114-114-114
- Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000000000000000
+ Other taxes on production, payable D29_pay000000000000000000
  - Other subsidies on production, receivableD39_rec000000000000000000
Open in Excel: Government Finance Statistics Quarter 2 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 Q12018 Q2
Total ExpenditureTE17,84517,80217,98219,42918,34317,98618,04321,54318,26018,01918,61120,23118,62718,80719,43320,40319,45120,189
Expense17,57917,52018,06818,87617,98017,67017,84221,15817,89117,60518,32219,69218,12818,48318,96220,32818,83419,449
Compensation of employeesD14,7754,6754,4894,4274,9274,8244,6324,5695,0554,9494,7524,6875,3695,2575,0485,0065,7205,752
Of which: Related to production of own-use capital assets888855555555555555
Use of goods and services plus taxes payableP2 + D5 + D291,8942,2762,3552,4112,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,3112,639
Use of goods and services [Intermediate consumption]P21,8942,2762,3552,4112,0862,2252,3632,5692,1092,2482,4802,6872,1642,3072,5922,8022,3112,639
Of which: Intermediate consumption of market establishments 555555555656565662626262636363636363
Taxes, payableD5000000000000000000
Depreciation (Consumption of fixed capital)P51c829829829829879879879879931931931931987987987987987987
Of which: Depreciation by market establishments 104104104104106106106106109109109109114114114114114114
Interest (excluding FISIM)D411,8881,9211,9101,8701,7321,6951,7011,7211,6411,5611,5221,4401,5171,4291,5081,3521,3701,309
Other domestic interest payableD41_S1733737730699612615597629575563563555559490575483505411
Interest payable to rest of worldD41_S21,1551,1841,1801,1711,1211,0801,1041,0921,066998960885958939932868864899
SubsidiesD3401418439608384399419590382398418579392408429594399415
Product subsidiesD31213231251261192209227236202220239248207225244254205222
Other subsidies on productionD39188187188347192191192354179178179331184183184340194193
Social benefitsD62 + D6326,5876,6757,2027,6136,6576,7547,3037,7086,6436,7487,3687,6786,7416,8847,4967,8856,7956,954
Social benefits in cashD625,7715,5645,5466,0925,7835,5735,5526,1025,7335,5115,4716,0265,7715,5625,5146,0995,7845,574
Social benefits in kind (via market producers)D6328161,1101,6561,5218731,1811,7511,6069101,2381,8961,6529701,3221,9821,7861,0111,380
Other current transfersD78924855897929076642327258424556421,067670894681928954964
Net non-life insurance premiumsD71191919191414141426262626272727272727
Current international cooperationD7492721391328215893141851041041459511712316886121
Miscellaneous current transfersD7523678246208210175189118487155186140149187355180208
VAT and GNI based EU budget contributionD76546317186434602318108479546238357709408601344378661608
VAT-based EU own resourcesD761824728468345256379335355637363637543
GNI-based EU own resourcesD76246526915838851927383416468205304655345528282315585565
Capital transfersD93122402553254082303132,398290315210623288318223774300430
Investment grantsD92312240244143408230313287290315210623288318223744300430
Other capital transfersD9900111820002,11100000003000
Net acquisition of non-financial assetsP5 + NP - P51c266282-8755336331620138536941428953949932447175617739
= Gross investment in non-financial assetsP5 + NP1,0951,1117421,3821,2421,1951,0801,2641,2991,3441,2191,4701,4861,3111,4581,0611,6041,726
Gross fixed capital formationP511,0801,0967271,3671,2271,1801,0651,2491,2841,3291,2041,4551,4711,2961,4431,1511,5891,711
Net acquisition of stocksP52151515151515151515151515151515151515
Net acquisition of unproduced assetsNP000000000000000-10500
- Consumption of fixed capitalP51c-829-829-829-829-879-879-879-879-931-931-931-931-987-987-987-987-987-987
Net expenditure on current goods and servicesP3 excl. D6326,5296,6876,5746,4096,8236,7206,6606,6237,0186,9146,9426,9057,4337,3387,4007,4167,9298,150
= OutputP17,6007,8827,7747,7698,0088,0447,9918,1338,2288,2628,2978,4398,6758,7068,7818,9509,1999,559
- Sales of goods and services P11+P12+P131-1,071-1,195-1,200-1,360-1,185-1,324-1,331-1,510-1,210-1,348-1,355-1,534-1,242-1,368-1,381-1,533-1,269-1,409
Market output (sales of market establishments)P11-260-260-260-260-279-279-279-279-305-305-305-305-331-331-331-331-358-358
Output for own final useP12-8-8-8-8-5-5-5-5-5-5-5-5-5-5-5-5-5-5
Incidental sales and fees of non-market establishmentsP131-803-926-932-1,092-901-1,040-1,046-1,226-899-1,038-1,044-1,223-905-1,031-1,044-1,197-906-1,045
Final consumption expenditureP37,3457,7978,2307,9307,6967,9018,4118,2297,9288,1528,8398,5588,4038,6599,3829,2038,9419,530
= Net expenditure on current goods and servicesP3 excl. D6326,5296,6876,5746,4096,8236,7206,6606,6237,0186,9146,9426,9057,4337,3387,4007,4167,9298,150
+ Social transfers in kind via market producers D6328161,1101,6561,5218731,1811,7511,6069101,2381,8961,6529701,3221,9821,7861,0111,380
made up of                  
Individual consumption (= social transfers in kind)P31 (= D63)4,9415,2475,5385,3395,1985,3415,6835,5685,3725,5415,9385,7765,7215,9006,3236,1515,3775,546
Social transfers in kind (via market producers)D6328161,1101,6561,5218731,1811,7511,6069101,2381,8961,6529701,3221,9821,7861,0111,380
Social transfers in kind (provided directly by government)D6314,1254,1373,8823,8184,3254,1603,9323,9624,4624,3034,0424,1244,7514,5784,3414,3644,3664,166
Collective consumption (= actual final consumption of government)P322,4042,5502,6922,5912,4982,5602,7282,6622,5562,6112,9012,7812,6822,7593,0593,0523,5633,984
Total social transfersD62 + D6310,71210,81211,08411,43010,98210,91411,23511,67011,10511,05111,40911,80211,49211,46211,83612,25011,16111,120
Social benefits in cashD62 5,7715,5645,5466,0925,7835,5735,5526,1025,7335,5115,4716,0265,7715,5625,5146,0995,7845,574
 Social transfers in kind (= individual consumption)D634,9415,2475,5385,3395,1985,3415,6835,5685,3725,5415,9385,7765,7215,9006,3236,1515,3775,546
Open in Excel: Government Finance Statistics Quarter 2 2018 Table 4 (XLS 19KB)
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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 Q12018 Q2
Net lending (+) / net borrowing (-)B.9-2,861-1,449-2,031-704-2,280-489-1,369-876-1,809367-1,5091,485-1,245-103-1,7902,409-1,710-480
equals                    
Net acquisition of financial assets ΔA-2,734-7,158-2,381-6,485-1,419492-50-6,3764,210-7,8721,341-1,6706,0862,625-762-9,3406,9468,724
EDP debt instruments F2 + F3 + F4-738-8,023-2,421-8,426-2681,388112-8,2974,227-6,1431,027-3,6336,9966,982-786-10,9837,2755,290
 Currency and deposits F22,235-1,040-281-7,2868621,655780-3,6194,638-6,6552,268-3,2597,0946,836-982-10,4747,6515,085
Debt securities F3-285266-758-652-782-189-225-4,466-718520-1,23228123724642-7332
Short-term F31-201126-342-956-802258-135-505-832-201-1210-28483164-74-59
Long-term F32-84140-41630420-447-90-3,961114721-1,220271512415-22191
Loans F4-2,688-7,249-1,382-488-348-78-443-212307-8-9-655-12174150-551-303173
Short-term loans F4114633-776-190-111-103-109-20719429-29-2401034-18-59-107-117
Long-term loans F42-2,834-7,282-606-298-23725-334-5113-3720-415-13140168-492-196290
Equity and Investment Fund Shares F5-1,193567284253478-832-33629631-1,508554-5618-4,400-14-91241-1,359
Other financial assets F6 + F7 + F8 -803298-2441,688-1,629-64-1291,292-648-221-2402,019-92843381,734-5704,793
Insurance, Pensions and Standardised Guarantees F60001000-10000000000
Financial derivatives and Employee Stock Options F717721737-3374281012-628-188-35-1-1711
Other accounts receivable/payableF8-820226-2611,650-1,292-106-1371,292-648-222-2422,025-956231731,735-5534,782
less                    
Net incurrence of liabilities ΔL127-5,709-350-5,7818619811,319-5,5006,019-8,2392,850-3,1557,3312,7281,028-11,7498,6569,204
EDP debt instruments F2 + F3 + F429-5,723-309-6,4817407541,253-5,3525,983-8,2203,150-3,0907,3472,6481,021-11,7818,6214,620
Currency and deposits F2-2,843-6,962-567-103-4467785362311931256012473156921-32
Debt securities F32,0151,2563622,56811,0058731,348-5,5956,416-8,5592,831-3,3947,5412,877800-5,8318,0254,117
Short-term F31999921061301,875-780-1,084-2,4203,389-9701,670-3,0432,3601,002-1,025-1,7013,191474
Long-term F321,9162642562,4389,1301,6532,432-3,1753,027-7,5891,161-3515,1811,8751,825-4,1304,8343,643
Loans F4857-17-104-8,946-9,819-196-180207-664146194244-318-302206-6,019575535
Short-term loans F4150-53-18-116266-142-309-56-372-8-144165111-371183-124390358
Long-term loans F4280736-86-8,830-10,085-54129263-29215433879-4296923-5,895185177
Other liabilities F5 + F6 + F7 + F8 9814-4170012122766-14836-19-300-65-1680732354,584
Equity and Investment Fund Shares F5000000000000000000
Insurance, Pensions and Standardised Guarantees F6000000000000000000
Financial derivatives and Employee Stock Options F7000-1000-10000000000
   Other accounts receivable/payable F89814-4170112122766-14736-19-300-65-1680732354,584
Open in Excel: Government Finance Statistics Quarter 2 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 Q12018 Q2
General Government balance sheet                   
 Net worth at market value, excluding pension liabilitiesNW-59,306-63,678-67,808-61,415-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-36,494-37,420
 equals                   
  Non-financial assets at market valueNFA89,39990,64791,52793,04594,39295,69396,87898,24799,801101,400102,873104,597106,445108,117109,936111,359111,976112,715
 plus                   
  Financial net worth at market value, excluding pension liabilitiesFNW-148,705-154,325-159,335-154,460-153,012-151,067-152,285-150,502-152,068-152,623-154,671-151,508-151,756-149,064-150,147-147,611-148,470-150,135
  equals                   
   Financial assets at market valueFA92,60284,60083,39782,68887,84783,01583,88882,89587,94380,56881,52379,35583,76688,22987,94380,05687,25394,413
    EDP debt instrumentsF2 + F3 + F452,08944,41841,84634,91634,44636,31736,51427,85732,07725,98027,05223,55230,56237,47036,64425,69832,85438,189
     Currency and depositsF225,93124,90624,64817,39418,29419,93420,71517,29421,91515,26317,53014,28621,37728,20427,21716,74524,40129,505
     Debt securitiesF310,14610,2399,5609,6468,9598,5208,3633,2892,5523,0821,8542,1622,1662,1782,1922,2732,0862,142
      Short-termF313,5423,6673,3262,3691,5671,8251,6891,184352149136143178221248372298233
      Long-termF326,6056,5716,2337,2777,3926,6946,6732,1042,1992,9321,7182,0191,9881,9571,9441,9011,7881,910
     LoansF416,0129,2737,6387,8767,1937,8637,4367,2747,6107,6357,6687,1047,0197,0887,2356,6806,3676,542
      Short-term loansF412,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983966907799683
      Long-term loansF4213,5646,7915,9326,3615,7886,5616,2436,2886,4306,4276,4886,1656,0706,1056,2705,7735,5675,859
    Equity and Investment Fund SharesF531,64731,47333,31737,87743,85537,59138,61544,89747,11346,08846,22345,56143,91941,10441,47642,61643,30740,317
    Other financial assetsF6 + F7 + F8 8,8668,7098,2349,8959,5469,1078,75910,1418,7538,5008,24810,2429,2859,6559,82311,74211,09215,907
     Insurance, Pensions and Standardised GuaranteesF6000111100000000000
     Financial derivatives and Employee Stock OptionsF71,0486393983521,2879477288117140300-2136231415318351
     Other accounts receivable/payableF87,8188,0707,8369,5428,2588,1598,0309,3308,6828,4608,21810,2429,2879,5199,59211,32710,77415,556
  less                   
   Liabilities at market valueL241,307238,925242,732237,148240,859234,082236,173233,397240,011233,191236,194230,863235,522237,293238,090227,667235,723244,548
    EDP debt instrumentsF2 + F3 + F4231,998229,375232,406227,808230,569223,731225,780223,180229,422222,772226,339221,087225,871227,862228,635218,257226,322230,497
     Currency and depositsF228,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,59721,61821,586
     Debt securitiesF3131,141135,128137,789141,988153,702147,008149,326146,321152,465145,538148,944143,327148,308150,909151,546147,114154,520158,193
      Short-termF312,4903,4793,6393,7635,8604,8763,7491,3864,6883,7415,4122,4004,7395,6034,6122,9326,1466,747
      Long-termF32128,651131,649134,150138,225147,842142,131145,577144,935147,777141,797143,531140,927143,569145,306146,934144,182148,374151,446
     LoansF472,33272,67573,60464,90256,38956,16255,80256,14656,01556,10256,14056,44556,12455,44155,56149,54650,18450,718
      Short-term loansF411,4771,4021,3831,2941,5381,3901,0751,0356476395016698244016044919031,301
      Long-term loansF4270,85471,27372,22163,60954,85154,77254,72755,11155,36855,46355,64055,77555,30055,04054,95649,05449,28149,417
    Other liabilitiesF5 + F6 + F7 + F89,3099,55010,3269,34010,29010,35110,39310,21710,58910,4199,8559,7769,6519,4319,4559,4109,40114,051
     Equity and Investment Fund SharesF5000000000000000000
     Insurance, Pensions and Standardised GuaranteesF6000000000000000000
     Financial derivatives and Employee Stock OptionsF71,1001,3272,1444571,2861,1201,0961,0671,4031,252988974865564581504460526
     Other accounts receivable/payableF88,2098,2238,1828,8839,0049,2319,2979,1509,1869,1678,8678,8028,7868,8678,8748,9068,94113,525
                          
Memo: Estimated pension liabilities of government 98,00098,00098,000109,800109,800109,800109,800114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500114,500
Memo: Net worth, including pension liabilities -157,306-161,678-165,808-171,215-168,420-165,174-165,207-166,755-166,767-165,723-166,298-161,411-159,811-155,447-154,711-150,752-150,994-151,920
Contingent liabilities 29,41229,41229,41229,41217,25517,25517,25517,25510,30610,30610,30610,3066,6156,6156,6156,6155,0325,032
Guarantees 25,14525,14525,14525,14512,60412,60412,60412,6045,2735,2735,2735,2731,5821,5821,5821,58200
Off-balance sheet PPPs and concessions 4,2664,2664,2664,2664,6514,6514,6514,6515,0325,0325,0325,0325,0325,0325,0325,0325,0325,032
Memo: Net worth, including pension liabilities and contingent liabilities -186,718-191,090-195,220-200,626-185,675-182,429-182,463-184,010-177,073-176,029-176,603-171,716-166,426-162,062-161,326-157,367-156,027-156,952
Change in net worth of government                   
 Opening net worth -56,481-59,306-63,678-67,808-61,415-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-36,494
                          
 Change in net worth due to transactions -2,595-1,167-2,118-151-1,917-173-1,168-490-1,441781-1,2202,024-746221-1,3192,483-1,093259
  Net acquisition of non-financial assets P5 + NP - P51c266282-8755336331620138536941428953949932447175617739
  Net lending/net borrowingB9-2,861-1,449-2,031-704-2,280-489-1,369-876-1,809367-1,5091,485-1,245-103-1,7902,409-1,710-480
   = Net acquisition of financial assets -2,734-7,158-2,381-6,485-1,419492-50-6,3764,210-7,8721,341-1,6706,0862,625-762-9,3406,9468,724
   - Net incurrence of liabilities -1275,7093505,781-861-981-1,3195,500-6,0198,239-2,8503,155-7,331-2,728-1,02811,749-8,656-9,204
                          
 Change in net worth due to other economic flowsKx-230-3,205-2,0136,5454,7123,4181,1353,6431,4282636462,8632,3454,1432,0551,475851-1,185
  Other changes in non-financial assets 9669669669669849849849841,1851,1851,1851,1851,3481,3481,3481,34800
  Other changes in financial net worth -1,197-4,171-2,9795,5793,7282,4341512,659243-922-5391,6789972,795707127851-1,185
   = Other changes in financial assets 2,040-8441,1785,7766,578-5,3249235,383838497-386-498-1,6751,8384761,453251-1,564
     EDP debt instruments 27352-1511,496-20248385-360-7464513314-74-4037-11945
     Equity and Investment Fund Shares 2,091-7411,5604,3075,500-5,4321,0575,6531,585483-419-606-1,6601,5853861,231450-1,631
     Other financial assets -78-455-231-271,280-375-21990-740-32-12-25-29327130185-8022
   - Other changes in liabilities -3,237-3,327-4,157-197-2,8507,758-772-2,724-595-1,419-1532,1762,672957231-1,326600379
     EDP debt instruments -3,069-3,100-3,340-1,883-2,0217,592-796-2,752-259-1,570-4172,1622,563657248-1,403556445
     Other liabilities -168-227-8171,686-8291662428-33615126414109300-177744-66
                          
Closing net worth -59,306-63,678-67,808-61,415-58,620-55,374-55,407-52,255-52,267-51,223-51,798-46,911-45,311-40,947-40,211-36,252-36,494-37,420
Open in Excel: Government Finance Statistics Quarter 2 2018 Table 6 (XLS 21KB)
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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 Q12018 Q2
General Government Debt                   
  Debt instrument liabilities at market value231,998229,375232,406227,808230,569223,731225,780223,180229,422222,772226,339221,087225,871227,862228,635218,257226,322230,497
  + Difference between face value and market value -16,947-19,849-24,098-24,453-27,008-19,615-22,236-21,556-22,203-22,351-23,845-20,409-17,305-16,588-17,666-16,967-16,122-15,552
Gross General Government Debt (face value)GGDebt215,051209,526208,308203,355203,561204,116203,544201,624207,219200,421202,494200,678208,566211,274210,969201,290210,200214,945
By category:                   
 Currency and deposits F228,52521,57221,01320,91820,47820,56120,65220,71320,94221,13221,25521,31521,43921,51221,52821,59721,61821,586
 Debt securitiesF3114,475116,113115,546119,078128,539128,879128,202125,766131,436124,326126,161124,151131,945134,910134,522130,681138,840143,198
  Short-termF312,4893,4773,6373,7605,8494,8633,7331,3804,6803,7345,4062,3954,7365,5984,6082,9296,1426,742
  Long-termF32111,986112,636111,910115,318122,690124,016124,469124,387126,756120,592120,755121,756127,209129,312129,914127,751132,698136,456
 LoansF472,05171,84171,74863,36054,54454,67654,69055,14554,84154,96355,07955,21255,18254,85254,92049,01249,74150,162
  Short-termF411,4771,4021,3831,2941,5381,3901,0751,0326476395016698244016044919031,285
  Long-termF4270,57470,43970,36662,06653,00653,28653,61554,11354,19454,32354,57854,54254,35854,45154,31548,52148,83848,877
                       
less EDP debt instrument assetsF2 + F3 + F452,09144,41741,84534,91734,44636,31636,51227,85632,07625,97927,05123,55230,56237,47036,64525,69832,85338,190
 By category:                   
 Currency and deposits F225,93124,90624,64817,39418,29419,93420,71517,29421,91515,26317,53014,28621,37728,20427,21716,74524,40129,505
 Debt securitiesF310,14710,2389,5599,6468,9598,5198,3623,2882,5513,0811,8542,1622,1662,1782,1922,2732,0862,143
  Short-termF313,5423,6673,3262,3691,5671,8251,6891,184352149136143178221248372298233
  Long-termF326,6056,5716,2337,2777,3926,6946,6732,1042,1992,9321,7182,0191,9881,9571,9441,9011,7881,910
 LoansF416,0139,2737,6387,8777,1937,8637,4357,2747,6107,6357,6677,1047,0197,0887,2366,6806,3666,542
  Short-termF412,4492,4821,7061,5161,4051,3021,1929861,1801,2081,179939949983966907799683
  Long-termF4213,5646,7915,9326,3615,7886,5616,2436,2886,4306,4276,4886,1656,0706,1056,2705,7735,5675,859
                       
 Net General Government Debt (face value)GGNetDebt162,960165,109166,463168,438169,115167,800167,032173,768175,143174,442175,443177,126178,004173,804174,324175,592177,347176,755
 By category:                   
 Currency and deposits F22,594-3,334-3,6353,5242,184627-633,419-9735,8693,7257,02962-6,692-5,6894,852-2,783-7,919
 Debt securities F3104,328105,875105,987109,432119,580120,360119,840122,478128,885121,245124,307121,989129,779132,732132,330128,408136,754141,055
  Short-termF31-1,053-1903111,3914,2823,0382,0441964,3283,5855,2702,2524,5585,3774,3602,5575,8446,509
  Long-termF32105,381106,065105,677108,041115,298117,322117,796122,283124,557117,660119,037119,737125,221127,355127,970125,850130,910134,546
 LoansF456,03862,56864,11055,48347,35146,81347,25547,87147,23147,32847,41248,10848,16347,76447,68442,33243,37543,620
  Short-termF41-972-1,080-323-22213388-11746-533-569-678-270-125-582-362-416104602
  Long-termF4257,01063,64864,43455,70547,21846,72547,37247,82547,76447,89648,09048,37748,28848,34648,04542,74843,27143,018
Open in Excel: Government Finance Statistics Quarter 2 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 Q2 2018.

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-September 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 Portfolio

In the second quarter of 2018 the market value of the State's portfolio of investment assets stood at around €19 billion. This included holding losses in equities of around €430 million, offset in the quarter by holding gains in other investment classes of around €160 million.

Debt Issuance and Redemption

Quarterly General Government Consolidated Gross Debt grew by approximately €4.8 billion in Q2 2018. This growth was driven mostly by the net issuance of debt securities amounting to €4.4 billion. This included the issuance of a new 15-year treasury bond comprising roughly €4.0 billion of the bonds issued during the quarter.

Transactions of note in the balance sheet
The National Treasury Management Agency (NTMA) issued a new 15-year bond during Q2 2018 amounting to €4 billion (see AF.3 liabilities, Tables 6 and 7). This resulted in and inflow of cash to the Exchequer causing, in large part, the rise in deposit assets (see AF.2 assets, Table 6) of €5.1 billion.

There were large transactions in F.8 assets and liabilities in Q2 2018 of +€4.8 and +€4.6 billion respectively. In ESA terms, F.8 corresponds to other accounts receivable, or payable. These assets and liabilities are created in situations where there is a timing difference between the underlying transactions and the corresponding payments.

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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