General Government Deficit, Debt and Net Worth Q3 2013 | ||||||||
General Government Surplus/Deficit | General Government Gross Debt | General Government Net Worth | ||||||
€m | % quarterly GDP | €m | % annualised GDP | €m | % annualised GDP | |||
2012 Q3 | -3,052 | -7.4 | 191,786 | 117.1 | -71,309 | -43.5 | ||
2013 Q3 | -2,861 | -6.8 | 204,696 | 124.8 | -88,566 | -54.0 |
Ireland’s General Government Deficit (GGDeficit) amounted to €2,861 million in the third quarter of 2013 representing 6.8% of quarterly GDP. In the corresponding quarter of 2012, the deficit had amounted to €3,052 million or 7.4% of quarterly GDP.
Government revenue for the period at €13,813 million was lower than Q3 2012 revenue of €13,962 (with increased revenue from taxes and social contributions offset by decreases in other revenue). Government expenditure also reduced however - from €16,958 million in Q3 2012 to €16,616 million in Q3 2013 - leading to a reduced deficit (Table 1).
Gross Government Debt at 124.8% of GDP at end Q3 2013
Ireland’s General Government Gross Debt (GGDebt) stood at €204.7 billion or 124.8% of annualised GDP at the end of Q3 2013, compared to a level of €191.8 billion or 117.1% of GDP at end Q3 2012 (Table 2). General Government Net Debt amounted to €158.2 billion in Q3 2012, or 96.4% of GDP. When expressed as percentages of GDP, both gross and net debt showed a small decrease on the level in the previous quarter, due to increased GDP (Table 2).
Fall in Government Net Worth
Net Worth (non-financial assets plus financial assets less liabilities) of General Government continued to decline in Q3 2013, falling to -€88.6 billion from -€84.5 billion at the end of the previous quarter (Table 2). In Q3 2012 Government Net Worth amounted to -€71.3 billion.
A full description of the concepts and definitions used in the production of these figures is provided in the Background Notes. Quarterly Government Finance Statistics are consistent with the annual General Government Deficit and Debt levels reported bienially to Eurostat under the EU regulation governing the Excessive Deficit Procedure. Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts. |
GG Gross Debt | GG Net Worth | |
Q3 2009 | 61.7 | 13.4 |
Q4 2009 | 64.4 | 12.3 |
Q1 2010 | 77.4 | 2.1 |
Q2 2010 | 77.5 | -0.3 |
Q3 2010 | 87.2 | -6.7 |
Q4 2010 | 91.2 | -9 |
Q1 2011 | 98.5 | -9.8 |
Q2 2011 | 99.6 | -11.8 |
Q3 2011 | 101.3 | -29.5 |
Q4 2011 | 104.1 | -28.9 |
Q1 2012 | 106.8 | -34.9 |
Q2 2012 | 110.2 | -38.8 |
Q3 2012 | 117.1 | -43.5 |
Q4 2012 | 117.4 | -47.2 |
Q1 2013 | 124.9 | -50.1 |
Q2 2013 | 125.4 | -51.9 |
Q3 2013 | 124.8 | -54 |
Table 1 General Government transactions: revenue, expenditure, financing and deficit | |||||||||||||||||||||||
€million | |||||||||||||||||||||||
Description | ESA code | 2009 Q1 | 2009 Q2 | 2009 Q3 | 2009 Q4 | 2010 Q1 | 2010 Q2 | 2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 | |||
General Government transactions | |||||||||||||||||||||||
Revenue | TR | 12,912 | 12,906 | 13,589 | 16,557 | 12,469 | 13,454 | 12,708 | 16,518 | 12,610 | 13,062 | 13,638 | 16,021 | 12,898 | 13,751 | 13,962 | 15,912 | 13,259 | 14,547 | 13,813 | |||
Taxes and social contributions | 11,405 | 10,972 | 11,860 | 13,615 | 10,574 | 10,662 | 11,223 | 13,854 | 11,147 | 10,655 | 12,102 | 13,858 | 11,437 | 11,210 | 12,315 | 14,142 | 12,024 | 11,919 | 12,713 | ||||
Taxes | D2 + D5 + D91 | 8,611 | 8,297 | 8,695 | 10,251 | 7,805 | 7,959 | 8,586 | 10,480 | 8,476 | 8,273 | 9,629 | 11,247 | 9,138 | 8,860 | 9,939 | 11,516 | 9,454 | 9,346 | 10,258 | |||
Social contributions | D61 | 2,794 | 2,675 | 3,165 | 3,365 | 2,769 | 2,703 | 2,638 | 3,374 | 2,671 | 2,382 | 2,473 | 2,611 | 2,299 | 2,350 | 2,375 | 2,626 | 2,570 | 2,573 | 2,455 | |||
Sales of goods and services | P1O | 910 | 969 | 1,104 | 1,561 | 1,087 | 926 | 1,050 | 2,179 | 1,107 | 1,232 | 1,242 | 1,505 | 1,036 | 1,127 | 1,222 | 1,483 | 833 | 905 | 771 | |||
Investment income | D4 | 390 | 740 | 414 | 437 | 270 | 1,115 | 337 | 388 | 262 | 1,133 | 257 | 345 | 278 | 1,374 | 390 | 207 | 306 | 1,658 | 285 | |||
Current transfer revenue (excluding taxes) | D7 | 71 | 28 | 26 | 27 | 72 | 30 | 29 | 29 | 37 | 21 | 16 | 26 | 30 | 19 | 15 | 35 | 30 | 24 | 20 | |||
Capital transfer revenue (excluding taxes) | D9N | 136 | 197 | 185 | 917 | 466 | 721 | 69 | 67 | 56 | 22 | 22 | 287 | 117 | 21 | 20 | 45 | 65 | 41 | 25 | |||
Expenditure | TE | 17,723 | 21,046 | 20,037 | 19,338 | 28,351 | 19,005 | 26,297 | 29,892 | 16,655 | 16,494 | 24,460 | 18,948 | 17,200 | 17,204 | 16,958 | 18,450 | 17,617 | 16,987 | 16,616 | |||
Expense | 17,275 | 20,308 | 19,017 | 18,128 | 28,032 | 18,621 | 25,952 | 28,277 | 16,561 | 16,546 | 24,259 | 17,809 | 16,782 | 17,001 | 17,392 | 17,920 | 17,926 | 16,765 | 16,747 | ||||
Compensation of employees | D1 | 5,181 | 5,023 | 5,046 | 5,455 | 4,827 | 4,634 | 4,762 | 5,062 | 4,874 | 4,680 | 4,720 | 4,839 | 4,889 | 4,617 | 4,653 | 4,625 | 4,791 | 4,690 | 4,502 | |||
Use of goods and services plus taxes payable | P2 + D5 + D29 | 2,693 | 2,338 | 2,447 | 2,744 | 2,171 | 1,992 | 1,933 | 3,157 | 1,950 | 2,260 | 2,222 | 2,339 | 1,847 | 2,039 | 2,179 | 2,364 | 1,684 | 1,875 | 1,916 | |||
Depreciation (Consumption of fixed capital) | K1 | 664 | 664 | 664 | 664 | 662 | 662 | 662 | 662 | 656 | 656 | 656 | 656 | 606 | 606 | 606 | 606 | 560 | 560 | 560 | |||
Interest (excluding FISIM) | D41 | 809 | 819 | 802 | 859 | 1,139 | 1,177 | 1,456 | 1,211 | 1,223 | 1,289 | 1,447 | 1,231 | 1,298 | 1,433 | 1,646 | 1,534 | 1,907 | 1,778 | 1,819 | |||
Subsidies | D3 | 403 | 411 | 412 | 464 | 378 | 333 | 367 | 499 | 304 | 300 | 326 | 419 | 325 | 344 | 366 | 504 | 318 | 336 | 358 | |||
Social benefits | D62 + D631 | 6,542 | 6,984 | 7,652 | 7,293 | 6,591 | 7,056 | 7,181 | 7,581 | 6,711 | 7,026 | 7,546 | 7,669 | 6,936 | 7,107 | 7,367 | 7,549 | 6,859 | 6,642 | 6,980 | |||
Other current transfers | D7 | 758 | 539 | 406 | 388 | 651 | 404 | 409 | 409 | 587 | 275 | 401 | 522 | 657 | 389 | 405 | 348 | 599 | 457 | 487 | |||
Capital transfers | D9 | 225 | 3,529 | 1,587 | 260 | 11,613 | 2,362 | 9,182 | 9,697 | 257 | 61 | 6,941 | 134 | 224 | 466 | 170 | 390 | 1,208 | 427 | 125 | |||
Net operating balance | -4,364 | -7,401 | -5,428 | -1,571 | -15,563 | -5,167 | -13,244 | -11,759 | -3,952 | -3,484 | -10,620 | -1,788 | -3,884 | -3,249 | -3,430 | -2,009 | -4,668 | -2,218 | -2,933 | ||||
Net acquisition of non-financial assets | P5 + NP - K1 | 448 | 739 | 1,020 | 1,210 | 319 | 384 | 345 | 1,615 | 94 | -52 | 201 | 1,139 | 418 | 203 | -434 | 530 | -309 | 222 | -130 | |||
Net lending (+) / net borrowing (-) | B9 | -4,811 | -8,140 | -6,449 | -2,781 | -15,882 | -5,551 | -13,589 | -13,374 | -4,046 | -3,432 | -10,822 | -2,927 | -4,302 | -3,452 | -2,996 | -2,538 | -4,358 | -2,440 | -2,803 | |||
equals | |||||||||||||||||||||||
Net acquisition of financial assets | 5,603 | 2,848 | -3,640 | -1,892 | 4,609 | -7,155 | 3,063 | -8,237 | 8,523 | -1,833 | -6,204 | 3,042 | 2,263 | 1,244 | 9,413 | -2,856 | 8,089 | -2,996 | -1,237 | ||||
Debt instruments | F2 + F33 + F4 | 6,295 | 3,263 | -2,469 | -1,932 | 4,666 | -9,400 | 2,310 | -6,468 | 11,212 | -1,645 | -12,713 | 2,753 | 2,204 | 399 | 9,961 | -3,900 | 8,913 | -2,519 | -204 | |||
Shares and other equity | F5 | 71 | -349 | -859 | -1,220 | 604 | 2,129 | 698 | -2,001 | -3,791 | 788 | 7,440 | -854 | -50 | 1,388 | 4 | 473 | 28 | -22 | -1,235 | |||
Other financial assets | F34 + F61 + F62 + F7 | -763 | -66 | -312 | 1,260 | -661 | 116 | 55 | 232 | 1,102 | -976 | -931 | 1,143 | 109 | -543 | -552 | 571 | -852 | -455 | 202 | |||
less | |||||||||||||||||||||||
Net incurrence of liabilities | 10,414 | 10,988 | 2,809 | 889 | 20,491 | -1,604 | 16,652 | 5,137 | 12,569 | 1,599 | 4,618 | 5,969 | 6,565 | 4,696 | 12,409 | -318 | 12,447 | -556 | 1,566 | ||||
Debt instruments | F2 + F33 + F4 | 10,639 | 10,876 | 2,741 | 1,642 | 20,045 | -1,399 | 16,658 | 5,624 | 11,239 | 1,833 | 4,822 | 6,792 | 5,257 | 5,018 | 12,688 | -104 | 12,960 | -453 | 1,200 | |||
Other liabilities | F34 + F5 + F61 + F62 + F7 | -225 | 112 | 68 | -753 | 446 | -205 | -6 | -487 | 1,330 | -234 | -204 | -823 | 1,308 | -322 | -279 | -214 | -513 | -103 | 366 | |||
General Government Deficit | |||||||||||||||||||||||
Net lending / net borrowing | -4,811 | -8,140 | -6,449 | -2,781 | -15,882 | -5,551 | -13,589 | -13,374 | -4,046 | -3,432 | -10,822 | -2,927 | -4,302 | -3,452 | -2,996 | -2,538 | -4,358 | -2,440 | -2,803 | ||||
Adjustment for swaps | -2 | -2 | -2 | -2 | 3 | 3 | 3 | 3 | -33 | -33 | -33 | -33 | -50 | -54 | -56 | -63 | -80 | -61 | -58 | ||||
General Government Surplus/Deficit | -4,813 | -8,142 | -6,450 | -2,783 | -15,880 | -5,548 | -13,587 | -13,371 | -4,079 | -3,465 | -10,855 | -2,960 | -4,351 | -3,507 | -3,052 | -2,601 | -4,438 | -2,501 | -2,861 | ||||
General Government Surplus/Deficit (% of quarterly GDP) | -11.7 | -19.7 | -16.0 | -7.1 | -40.3 | -13.7 | -33.8 | -35.2 | -10.3 | -8.3 | -26.4 | -7.3 | -10.9 | -8.3 | -7.4 | -6.4 | -11.3 | -6.0 | -6.8 |
Table 2 General Government Net Worth, Gross and Net Debt | |||||||||||||||||||||||||
€million | |||||||||||||||||||||||||
Description | ESA code | 2009 Q1 | 2009 Q2 | 2009 Q3 | 2009 Q4 | 2010 Q1 | 2010 Q2 | 2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 | |||||
General Government net worth | |||||||||||||||||||||||||
Net worth at market value, excluding pension liabilities | NW | 41,948 | 31,938 | 22,401 | 20,038 | 3,364 | -502 | -10,668 | -14,174 | -15,490 | -18,826 | -47,276 | -46,949 | -56,909 | -63,405 | -71,309 | -77,402 | -81,835 | -84,475 | -88,566 | |||||
equals | |||||||||||||||||||||||||
Non-financial assets at market value | NFA | 66,821 | 64,637 | 62,733 | 61,020 | 60,025 | 59,095 | 58,125 | 58,425 | 57,855 | 57,138 | 56,674 | 57,148 | 57,566 | 57,769 | 57,335 | 57,865 | 57,556 | 57,778 | 57,648 | |||||
plus | |||||||||||||||||||||||||
Financial net worth at market value, excluding pension liabilities | FNW | -24,873 | -32,699 | -40,332 | -40,982 | -56,661 | -59,597 | -68,793 | -72,599 | -73,345 | -75,964 | -103,950 | -104,097 | -114,475 | -121,174 | -128,644 | -135,267 | -139,391 | -142,253 | -146,214 | |||||
equals | |||||||||||||||||||||||||
Financial assets at market value | FA | 71,300 | 74,831 | 72,777 | 72,455 | 78,754 | 70,024 | 72,984 | 65,223 | 72,312 | 67,213 | 59,657 | 62,970 | 65,846 | 66,573 | 76,276 | 73,536 | 83,380 | 80,265 | 78,680 | |||||
EDP debt instruments | AF2 + AF33 + AF4 | 42,819 | 46,151 | 43,758 | 41,834 | 46,756 | 37,425 | 39,757 | 32,770 | 42,787 | 40,881 | 28,182 | 30,950 | 33,303 | 33,773 | 43,759 | 40,368 | 49,280 | 46,746 | 46,543 | |||||
Shares and other equity | AF5 | 20,584 | 20,959 | 21,612 | 21,794 | 23,400 | 24,214 | 25,028 | 23,956 | 19,917 | 17,663 | 23,394 | 22,830 | 23,321 | 23,571 | 23,763 | 24,474 | 26,373 | 26,280 | 24,407 | |||||
Other financial assets | AF34 + AF61 + AF62 + AF7 | 7,897 | 7,721 | 7,407 | 8,827 | 8,598 | 8,385 | 8,199 | 8,497 | 9,608 | 8,669 | 8,081 | 9,190 | 9,222 | 9,229 | 8,754 | 8,694 | 7,727 | 7,239 | 7,730 | |||||
less | |||||||||||||||||||||||||
Liabilities at market value | 96,173 | 107,530 | 113,109 | 113,437 | 135,415 | 129,621 | 141,777 | 137,822 | 145,657 | 143,177 | 163,607 | 167,067 | 180,321 | 187,747 | 204,920 | 208,803 | 222,771 | 222,518 | 224,894 | ||||||
EDP debt instruments | AF2 + AF33 + AF4 | 90,157 | 101,256 | 106,594 | 108,028 | 129,563 | 123,978 | 136,053 | 132,644 | 139,131 | 136,882 | 157,097 | 161,047 | 173,009 | 180,528 | 197,780 | 201,531 | 216,379 | 216,458 | 218,500 | |||||
Other liabilities | AF34 + AF61 + AF62 + AF7 | 6,016 | 6,274 | 6,515 | 5,409 | 5,852 | 5,643 | 5,724 | 5,178 | 6,526 | 6,295 | 6,510 | 6,020 | 7,312 | 7,219 | 7,140 | 7,272 | 6,392 | 6,060 | 6,394 | |||||
Memo: Estimated pension liabilities of government | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | ||||||
Memo: Net worth, including pension liabilities | -74,052 | -84,062 | -93,599 | -95,962 | -112,636 | -116,502 | -126,668 | -130,174 | -131,490 | -134,826 | -163,276 | -162,949 | -172,909 | -179,405 | -187,309 | -193,402 | -197,835 | -200,475 | -204,566 | ||||||
Contingent liabilities | 287,666 | 287,666 | 287,666 | 287,666 | 163,376 | 163,376 | 163,376 | 163,376 | 148,537 | 148,537 | 148,537 | 148,537 | 119,757 | 119,757 | 119,757 | 119,757 | 119,757 | 119,757 | 119,757 | ||||||
Memo: Net worth, including pension liabilities and contingent liabilities | -361,718 | -371,729 | -381,265 | -383,628 | -276,012 | -279,879 | -290,044 | -293,550 | -280,027 | -283,363 | -311,812 | -311,485 | -292,666 | -299,162 | -307,066 | -313,159 | -317,593 | -320,233 | -324,323 | ||||||
General Government: changes in net worth | |||||||||||||||||||||||||
Opening net worth | 46,944 | 41,948 | 31,938 | 22,401 | 20,038 | 3,364 | -502 | -10,668 | -14,174 | -15,490 | -18,826 | -47,276 | -46,949 | -56,909 | -63,405 | -71,309 | -77,402 | -81,835 | -84,475 | ||||||
Change in net worth due to transactions | -4,364 | -7,401 | -5,428 | -1,571 | -15,563 | -5,167 | -13,244 | -11,759 | -3,952 | -3,484 | -10,620 | -1,788 | -3,884 | -3,249 | -3,430 | -2,009 | -4,668 | -2,218 | -2,933 | ||||||
Net acquisition of non-financial assets | P5 + NP - K1 | 448 | 739 | 1,020 | 1,210 | 319 | 384 | 345 | 1,615 | 94 | -52 | 201 | 1,139 | 418 | 203 | -434 | 530 | -309 | 222 | -130 | |||||
Net lending/net borrowing | B9 | -4,811 | -8,140 | -6,449 | -2,781 | -15,882 | -5,551 | -13,589 | -13,374 | -4,046 | -3,432 | -10,822 | -2,927 | -4,302 | -3,452 | -2,996 | -2,538 | -4,358 | -2,440 | -2,803 | |||||
Change in net worth due to other economic flows | Kx | -632 | -2,609 | -4,108 | -792 | -1,111 | 1,300 | 3,079 | 8,253 | 2,635 | 148 | -17,829 | 2,115 | -6,076 | -3,247 | -4,474 | -4,085 | 234 | -422 | -1,158 | |||||
Other changes in non-financial assets | -2,923 | -2,923 | -2,923 | -2,923 | -1,314 | -1,314 | -1,314 | -1,314 | -665 | -665 | -665 | -665 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Other changes in financial assets | -760 | 683 | 1,586 | 1,570 | 1,690 | -1,575 | -103 | 476 | -1,434 | -3,266 | -1,352 | 271 | 613 | -517 | 290 | 116 | 1,755 | -119 | -348 | ||||||
Other changes in liabilities | 3,051 | -369 | -2,770 | 561 | -1,487 | 4,190 | 4,496 | 9,092 | 4,734 | 4,079 | -15,812 | 2,509 | -6,689 | -2,730 | -4,764 | -4,201 | -1,521 | -303 | -810 | ||||||
Closing net worth | 41,948 | 31,938 | 22,401 | 20,038 | 3,364 | -502 | -10,668 | -14,174 | -15,490 | -18,826 | -47,276 | -46,949 | -56,909 | -63,405 | -71,309 | -77,402 | -81,835 | -84,475 | -88,566 | ||||||
General Government Debt (GGDebt) | |||||||||||||||||||||||||
Debt instrument liabilities at market value | 90,157 | 101,256 | 106,594 | 108,028 | 129,563 | 123,978 | 136,053 | 132,644 | 139,131 | 136,882 | 157,097 | 161,047 | 173,009 | 180,528 | 197,780 | 201,531 | 216,379 | 216,458 | 218,500 | ||||||
+ Difference between EDP face value and market value | -669 | -20 | -3,620 | -3,484 | -5,407 | -326 | 2,990 | 11,520 | 16,673 | 21,781 | 5,108 | 8,180 | 1,131 | -295 | -5,994 | -9,071 | -12,321 | -11,973 | -13,804 | ||||||
Gross General Government Debt (EDP face value) | 89,488 | 101,236 | 102,974 | 104,544 | 124,156 | 123,652 | 139,043 | 144,164 | 155,804 | 158,663 | 162,205 | 169,227 | 174,140 | 180,233 | 191,786 | 192,460 | 204,058 | 204,485 | 204,696 | ||||||
less EDP debt instrument assets | -42,819 | -46,151 | -43,758 | -41,834 | -46,756 | -37,425 | -39,757 | -32,770 | -42,787 | -40,881 | -28,182 | -30,950 | -33,303 | -33,773 | -43,759 | -40,368 | -49,280 | -46,746 | -46,543 | ||||||
Net General Government Debt | 46,669 | 55,085 | 59,216 | 62,710 | 77,400 | 86,227 | 99,286 | 111,394 | 113,017 | 117,782 | 134,023 | 138,277 | 140,837 | 146,460 | 148,027 | 152,092 | 154,778 | 157,739 | 158,153 | ||||||
Closing Net Worth (% of annualised GDP) | 23.9 | 18.6 | 13.4 | 12.3 | 2.1 | -0.3 | -6.7 | -9.0 | -9.8 | -11.8 | -29.5 | -28.9 | -34.9 | -38.8 | -43.5 | -47.2 | -50.1 | -51.8 | -54.0 | ||||||
Gross General Government Debt (% of annualised GDP) | 51.0 | 59.0 | 61.7 | 64.4 | 77.4 | 77.5 | 87.2 | 91.2 | 98.5 | 99.6 | 101.3 | 104.1 | 106.8 | 110.2 | 117.1 | 117.4 | 124.9 | 125.4 | 124.8 | ||||||
Net General Government Debt (% of annualised GDP) | 26.6 | 32.1 | 35.5 | 38.6 | 48.3 | 54.0 | 62.3 | 70.5 | 71.5 | 73.9 | 83.7 | 85.0 | 86.4 | 89.5 | 90.4 | 92.8 | 94.7 | 96.7 | 96.4 |
Table 3 General Government: detailed classification of revenue and output | ||||||||||||||||||||||||
€million | ||||||||||||||||||||||||
Description | ESA code | 2009 Q1 | 2009 Q2 | 2009 Q3 | 2009 Q4 | 2010 Q1 | 2010 Q2 | 2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 | ||||
Total Revenue | TR | 12,912 | 12,906 | 13,589 | 16,557 | 12,469 | 13,454 | 12,708 | 16,518 | 12,610 | 13,062 | 13,638 | 16,021 | 12,898 | 13,751 | 13,962 | 15,912 | 13,259 | 14,547 | 13,813 | ||||
Taxes and social contributions | 11,405 | 10,972 | 11,860 | 13,615 | 10,574 | 10,662 | 11,223 | 13,854 | 11,147 | 10,655 | 12,102 | 13,858 | 11,437 | 11,210 | 12,315 | 14,142 | 12,024 | 11,919 | 12,713 | |||||
Taxes | D2 + D5 + D91 | 8,611 | 8,297 | 8,695 | 10,251 | 7,805 | 7,959 | 8,586 | 10,480 | 8,476 | 8,273 | 9,629 | 11,247 | 9,138 | 8,860 | 9,939 | 11,516 | 9,454 | 9,346 | 10,258 | ||||
Indirect taxes (taxes on production and imports) | D2 | 4,748 | 3,921 | 5,280 | 4,247 | 4,668 | 3,770 | 5,349 | 4,213 | 4,749 | 3,621 | 5,019 | 4,217 | 4,765 | 3,701 | 5,358 | 4,173 | 5,009 | 3,790 | 5,385 | ||||
Taxes on products | D21 | 4,235 | 3,409 | 4,768 | 3,732 | 4,102 | 3,194 | 4,765 | 3,625 | 4,134 | 3,038 | 4,438 | 3,636 | 4,159 | 3,107 | 4,769 | 3,573 | 4,388 | 3,064 | 4,718 | ||||
of which Value-Added Tax | D211 | 2,886 | 1,933 | 3,185 | 2,158 | 2,857 | 1,839 | 3,100 | 2,078 | 2,894 | 1,718 | 2,883 | 2,066 | 2,969 | 1,822 | 3,108 | 2,129 | 2,978 | 1,765 | 3,387 | ||||
Other taxes on production | D29 | 513 | 513 | 513 | 515 | 566 | 576 | 583 | 589 | 615 | 583 | 580 | 581 | 606 | 594 | 589 | 600 | 622 | 726 | 667 | ||||
Direct taxes | D5 | 3,796 | 4,316 | 3,343 | 5,945 | 3,084 | 4,113 | 3,205 | 6,194 | 3,704 | 4,627 | 4,062 | 6,922 | 4,351 | 5,133 | 4,062 | 7,145 | 4,425 | 5,530 | 4,324 | ||||
Taxes on income, profits and capital gains | D51 | 3,602 | 4,121 | 3,149 | 5,750 | 2,895 | 3,925 | 3,017 | 6,005 | 3,520 | 4,443 | 3,879 | 6,738 | 4,161 | 4,942 | 3,872 | 6,955 | 4,235 | 5,339 | 4,134 | ||||
Other current direct taxes | D59 | 194 | 194 | 194 | 194 | 189 | 189 | 189 | 189 | 184 | 184 | 184 | 184 | 190 | 190 | 190 | 190 | 190 | 190 | 190 | ||||
Capital taxes | D91 | 67 | 60 | 71 | 59 | 54 | 76 | 32 | 74 | 23 | 25 | 547 | 108 | 21 | 26 | 519 | 199 | 20 | 26 | 550 | ||||
Social contributions | D61 | 2,794 | 2,675 | 3,165 | 3,365 | 2,769 | 2,703 | 2,638 | 3,374 | 2,671 | 2,382 | 2,473 | 2,611 | 2,299 | 2,350 | 2,375 | 2,626 | 2,570 | 2,573 | 2,455 | ||||
Actual social contributions | D611 | 2,215 | 2,043 | 2,410 | 2,663 | 2,212 | 2,135 | 1,972 | 2,764 | 2,116 | 1,870 | 1,828 | 2,004 | 1,675 | 1,782 | 1,735 | 1,994 | 1,895 | 1,867 | 1,838 | ||||
Imputed social contributions | D612 | 579 | 632 | 755 | 702 | 557 | 569 | 666 | 610 | 555 | 512 | 645 | 607 | 625 | 569 | 640 | 632 | 675 | 706 | 616 | ||||
Sales of goods and services | P1O | 910 | 969 | 1,104 | 1,561 | 1,087 | 926 | 1,050 | 2,179 | 1,107 | 1,232 | 1,242 | 1,505 | 1,036 | 1,127 | 1,222 | 1,483 | 833 | 905 | 771 | ||||
Sales of market establishments (= market output) | P11 | 227 | 227 | 227 | 227 | 219 | 219 | 219 | 219 | 226 | 226 | 226 | 226 | 237 | 237 | 237 | 237 | 197 | 197 | 197 | ||||
Imputed sales related to production of own-use capital assets (= output for own final use) | P12 | 16 | 16 | 16 | 16 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | ||||
Incidental sales and fees of non-market establishments | P131 | 667 | 726 | 861 | 1,318 | 853 | 692 | 816 | 1,945 | 867 | 991 | 1,001 | 1,264 | 784 | 875 | 971 | 1,231 | 621 | 693 | 559 | ||||
Investment income | D4 | 390 | 740 | 414 | 437 | 270 | 1,115 | 337 | 388 | 262 | 1,133 | 257 | 345 | 278 | 1,374 | 390 | 207 | 306 | 1,658 | 285 | ||||
Interest (excluding FISIM) | D41 | 211 | 248 | 254 | 266 | 214 | 193 | 217 | 226 | 250 | 270 | 231 | 166 | 187 | 242 | 206 | 184 | 249 | 232 | 250 | ||||
Dividends | D42 | 179 | 493 | 161 | 172 | 56 | 922 | 120 | 162 | 12 | 863 | 26 | 180 | 91 | 1,132 | 185 | 22 | 58 | 1,426 | 34 | ||||
Current transfer revenue | D39 + D7 | 71 | 28 | 26 | 27 | 72 | 30 | 29 | 29 | 37 | 21 | 16 | 26 | 30 | 19 | 15 | 35 | 30 | 24 | 20 | ||||
Subsidies | D39 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other current transfers | D7 | 71 | 28 | 26 | 27 | 72 | 30 | 29 | 29 | 37 | 21 | 16 | 26 | 30 | 19 | 15 | 35 | 30 | 24 | 20 | ||||
Non-life insurance claims | D72 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | ||||
Other | D7N | 67 | 24 | 22 | 23 | 69 | 27 | 26 | 26 | 34 | 17 | 13 | 23 | 27 | 16 | 12 | 32 | 27 | 21 | 17 | ||||
Capital transfer revenue | D9N | 136 | 197 | 185 | 917 | 466 | 721 | 69 | 67 | 56 | 22 | 22 | 287 | 117 | 21 | 20 | 45 | 65 | 41 | 25 | ||||
Output | P1 | 8,604 | 8,091 | 8,224 | 8,929 | 7,723 | 7,351 | 7,419 | 8,944 | 7,549 | 7,665 | 7,668 | 7,905 | 7,424 | 7,343 | 7,519 | 7,677 | 7,076 | 7,167 | 7,019 | ||||
Market output (sales of market establishments) | P11 | 227 | 227 | 227 | 227 | 219 | 219 | 219 | 219 | 226 | 226 | 226 | 226 | 237 | 237 | 237 | 237 | 197 | 197 | 197 | ||||
Output for own final use | P12 | 16 | 16 | 16 | 16 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | ||||
Non-market output | P13 | 8,361 | 7,848 | 7,981 | 8,687 | 7,489 | 7,117 | 7,186 | 8,710 | 7,308 | 7,425 | 7,427 | 7,664 | 7,173 | 7,091 | 7,268 | 7,425 | 6,864 | 6,955 | 6,808 | ||||
= Non-market compensation of employees | D1_nonmarket | 5,164 | 5,007 | 5,030 | 5,439 | 4,813 | 4,619 | 4,747 | 5,047 | 4,859 | 4,665 | 4,706 | 4,825 | 4,875 | 4,602 | 4,638 | 4,611 | 4,776 | 4,675 | 4,488 | ||||
= Total compensation of employees | D1 | 5,181 | 5,023 | 5,046 | 5,455 | 4,827 | 4,634 | 4,762 | 5,062 | 4,874 | 4,680 | 4,720 | 4,839 | 4,889 | 4,617 | 4,653 | 4,625 | 4,791 | 4,690 | 4,502 | ||||
- Compensation of employees of market establishments | D1_market | |||||||||||||||||||||||
- Compensation related to production of own-use capital assets | D1_own-use | -16 | -16 | -16 | -16 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | ||||
+ Non-market intermediate consumption | P2_nonmarket | 2,637 | 2,282 | 2,391 | 2,688 | 2,115 | 1,936 | 1,876 | 3,100 | 1,893 | 2,203 | 2,165 | 2,282 | 1,790 | 1,982 | 2,122 | 2,307 | 1,627 | 1,819 | 1,859 | ||||
= Total intermediate consumption | P2 | 2,693 | 2,338 | 2,447 | 2,744 | 2,171 | 1,992 | 1,932 | 3,156 | 1,950 | 2,260 | 2,222 | 2,339 | 1,847 | 2,038 | 2,179 | 2,364 | 1,684 | 1,875 | 1,916 | ||||
- Intermediate consumption of market establishments | P2_market | -56 | -56 | -56 | -56 | -56 | -56 | -56 | -56 | -57 | -57 | -57 | -57 | -57 | -57 | -57 | -57 | -57 | -57 | -57 | ||||
- Intermediate consumption related to production of own-use capital assets | P2_own-use | |||||||||||||||||||||||
+ Non-market consumption of fixed capital | K1_nonmarket | 560 | 560 | 560 | 560 | 562 | 562 | 562 | 562 | 556 | 556 | 556 | 556 | 507 | 507 | 507 | 507 | 461 | 461 | 461 | ||||
= Total consumption of fixed capital | K1 | 664 | 664 | 664 | 664 | 662 | 662 | 662 | 662 | 656 | 656 | 656 | 656 | 606 | 606 | 606 | 606 | 560 | 560 | 560 | ||||
- Consumption of fixed capital by market establishments | K1_market | -105 | -105 | -105 | -105 | -100 | -100 | -100 | -100 | -99 | -99 | -99 | -99 | -99 | -99 | -99 | -99 | -99 | -99 | -99 | ||||
- Consumption of fixed capital related to production of own-use capital assets | K1_own-use | |||||||||||||||||||||||
+ Other taxes on production, payable | D29_pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
- Other subsidies on production, receivable (D.39 R) | D39_rec | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Table 4 General Government: detailed classification of expenditure and consumption | ||||||||||||||||||||||||
€million | ||||||||||||||||||||||||
Description | ESA code | 2009 Q1 | 2009 Q2 | 2009 Q3 | 2009 Q4 | 2010 Q1 | 2010 Q2 | 2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 | ||||
Total Expenditure | TE | 17,723 | 21,046 | 20,037 | 19,338 | 28,351 | 19,005 | 26,297 | 29,892 | 16,655 | 16,494 | 24,460 | 18,948 | 17,200 | 17,204 | 16,958 | 18,450 | 17,617 | 16,987 | 16,616 | ||||
Expense | 17,275 | 20,308 | 19,017 | 18,128 | 28,032 | 18,621 | 25,952 | 28,277 | 16,561 | 16,546 | 24,259 | 17,809 | 16,782 | 17,001 | 17,392 | 17,920 | 17,926 | 16,765 | 16,747 | |||||
Compensation of employees | D1 | 5,181 | 5,023 | 5,046 | 5,455 | 4,827 | 4,634 | 4,762 | 5,062 | 4,874 | 4,680 | 4,720 | 4,839 | 4,889 | 4,617 | 4,653 | 4,625 | 4,791 | 4,690 | 4,502 | ||||
Of which: Related to production of own-use capital assets | 16 | 16 | 16 | 16 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | |||||
Use of goods and services plus taxes payable | P2 + D5 + D29 | 2,693 | 2,338 | 2,447 | 2,744 | 2,171 | 1,992 | 1,933 | 3,157 | 1,950 | 2,260 | 2,222 | 2,339 | 1,847 | 2,039 | 2,179 | 2,364 | 1,684 | 1,875 | 1,916 | ||||
Use of goods and services [Intermediate consumption] | P2 | 2,693 | 2,338 | 2,447 | 2,744 | 2,171 | 1,992 | 1,932 | 3,156 | 1,950 | 2,260 | 2,222 | 2,339 | 1,847 | 2,038 | 2,179 | 2,364 | 1,684 | 1,875 | 1,916 | ||||
Of which: Intermediate consumption of market establishments | 56 | 56 | 56 | 56 | 56 | 56 | 56 | 56 | 57 | 57 | 57 | 57 | 57 | 57 | 57 | 57 | 57 | 57 | 57 | |||||
Taxes, payable | D5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Depreciation (Consumption of fixed capital) | K1 | 664 | 664 | 664 | 664 | 662 | 662 | 662 | 662 | 656 | 656 | 656 | 656 | 606 | 606 | 606 | 606 | 560 | 560 | 560 | ||||
Of which: Depreciation by market establishments | 105 | 105 | 105 | 105 | 100 | 100 | 100 | 100 | 99 | 99 | 99 | 99 | 99 | 99 | 99 | 99 | 99 | 99 | 99 | |||||
Interest (excluding FISIM) | D41 | 809 | 819 | 802 | 859 | 1,139 | 1,177 | 1,456 | 1,211 | 1,223 | 1,289 | 1,447 | 1,231 | 1,298 | 1,433 | 1,646 | 1,534 | 1,907 | 1,778 | 1,819 | ||||
Subsidies | D3 | 403 | 411 | 412 | 464 | 378 | 333 | 367 | 499 | 304 | 300 | 326 | 419 | 325 | 344 | 366 | 504 | 318 | 336 | 358 | ||||
Product subsidies | D31 | 201 | 223 | 250 | 245 | 199 | 149 | 215 | 238 | 172 | 179 | 208 | 235 | 207 | 228 | 248 | 237 | 209 | 228 | 248 | ||||
Other subsidies on production | D39 | 202 | 187 | 161 | 218 | 179 | 184 | 152 | 261 | 132 | 121 | 119 | 184 | 118 | 117 | 118 | 267 | 109 | 108 | 109 | ||||
Social benefits | D62 + D631 | 6,542 | 6,984 | 7,652 | 7,293 | 6,591 | 7,056 | 7,181 | 7,581 | 6,711 | 7,026 | 7,546 | 7,669 | 6,936 | 7,107 | 7,367 | 7,549 | 6,859 | 6,642 | 6,980 | ||||
Social benefits in cash | D62 | 5,807 | 5,976 | 6,319 | 6,403 | 5,830 | 5,992 | 5,750 | 6,629 | 5,954 | 5,977 | 6,118 | 6,711 | 6,148 | 6,001 | 5,821 | 6,654 | 6,080 | 5,571 | 5,515 | ||||
Social benefits in kind (via market producers) | D631 | 735 | 1,008 | 1,334 | 889 | 761 | 1,064 | 1,431 | 952 | 757 | 1,050 | 1,428 | 958 | 787 | 1,107 | 1,547 | 896 | 779 | 1,072 | 1,465 | ||||
Other current transfers | D7 | 758 | 539 | 406 | 388 | 651 | 404 | 409 | 409 | 587 | 275 | 401 | 522 | 657 | 389 | 405 | 348 | 599 | 457 | 487 | ||||
Net non-life insurance premiums | D71 | 16 | 16 | 16 | 16 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | ||||
Current international cooperation | D74 | 190 | 136 | 106 | 125 | 154 | 139 | 140 | 96 | 130 | 65 | 118 | 216 | 96 | 131 | 181 | 114 | 100 | 171 | 16 | ||||
Miscellaneous current transfers | D75 | 553 | 387 | 285 | 247 | 479 | 247 | 251 | 295 | 438 | 191 | 265 | 287 | 537 | 235 | 201 | 211 | 477 | 263 | 448 | ||||
GNI-based EU own resources | D75_GNI | 382 | 346 | 196 | 223 | 389 | 163 | 249 | 173 | 382 | 160 | 221 | 194 | 402 | 198 | 194 | 205 | 457 | 253 | 254 | ||||
Other miscellaneous current transfers | D75_other | 171 | 42 | 88 | 25 | 90 | 84 | 3 | 122 | 57 | 32 | 44 | 94 | 136 | 37 | 7 | 6 | 20 | 10 | 194 | ||||
Capital transfers | D9 | 225 | 3,529 | 1,587 | 260 | 11,613 | 2,362 | 9,182 | 9,697 | 257 | 61 | 6,941 | 134 | 224 | 466 | 170 | 390 | 1,208 | 427 | 125 | ||||
Investment grants | D92 | 191 | 350 | 384 | 168 | 330 | 310 | 148 | 414 | 147 | 55 | 115 | 109 | 202 | 108 | 109 | 195 | 158 | 150 | 107 | ||||
Other capital transfers | D99 | 34 | 3,180 | 1,203 | 92 | 11,282 | 2,052 | 9,034 | 9,283 | 110 | 5 | 6,826 | 25 | 22 | 358 | 60 | 195 | 1,050 | 277 | 18 | ||||
Net acquisition of non-financial assets | P5 + NP - K1 | 448 | 739 | 1,020 | 1,210 | 319 | 384 | 345 | 1,615 | 94 | -52 | 201 | 1,139 | 418 | 203 | -434 | 530 | -309 | 222 | -130 | ||||
= Gross investment in non-financial assets | P5 + NP | 1,112 | 1,403 | 1,685 | 1,874 | 981 | 1,046 | 1,006 | 2,276 | 750 | 604 | 857 | 1,794 | 1,024 | 809 | 172 | 1,135 | 250 | 782 | 429 | ||||
Gross fixed capital formation | P51 | 1,112 | 1,403 | 1,685 | 1,875 | 1,001 | 1,066 | 1,026 | 2,296 | 722 | 576 | 829 | 1,767 | 1,003 | 788 | 151 | 1,115 | 953 | 761 | 409 | ||||
Net acquisition of stocks | P52 | 0 | 0 | 0 | 0 | -20 | -20 | -20 | -20 | 28 | 28 | 28 | 28 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | ||||
Net acquisition of unproduced assets | K2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -723 | 0 | 0 | ||||
- Consumption of fixed capital | K1 | -664 | -664 | -664 | -664 | -662 | -662 | -662 | -662 | -656 | -656 | -656 | -656 | -606 | -606 | -606 | -606 | -560 | -560 | -560 | ||||
Net expenditure on current goods and services | P3 excl. D631 | 7,694 | 7,122 | 7,120 | 7,369 | 6,637 | 6,426 | 6,370 | 6,765 | 6,442 | 6,434 | 6,426 | 6,400 | 6,388 | 6,216 | 6,297 | 6,194 | 6,243 | 6,262 | 6,249 | ||||
= Output | P1 | 8,604 | 8,091 | 8,224 | 8,929 | 7,723 | 7,351 | 7,419 | 8,944 | 7,549 | 7,665 | 7,668 | 7,905 | 7,424 | 7,343 | 7,519 | 7,677 | 7,076 | 7,167 | 7,019 | ||||
- Sales of goods and services | P11+P12+P131 | -910 | -969 | -1,104 | -1,561 | -1,087 | -926 | -1,050 | -2,179 | -1,107 | -1,232 | -1,242 | -1,505 | -1,036 | -1,127 | -1,222 | -1,483 | -833 | -905 | -771 | ||||
Market output (sales of market establishments) | P11 | -227 | -227 | -227 | -227 | -219 | -219 | -219 | -219 | -226 | -226 | -226 | -226 | -237 | -237 | -237 | -237 | -197 | -197 | -197 | ||||
Output for own final use | P12 | -16 | -16 | -16 | -16 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | -14 | ||||
Incidental sales and fees of non-market establishments | P131 | -667 | -726 | -861 | -1,318 | -853 | -692 | -816 | -1,945 | -867 | -991 | -1,001 | -1,264 | -784 | -875 | -971 | -1,231 | -621 | -693 | -559 | ||||
Final consumption expenditure | P3 | 8,429 | 8,129 | 8,454 | 8,258 | 7,397 | 7,490 | 7,801 | 7,717 | 7,199 | 7,484 | 7,854 | 7,358 | 7,175 | 7,323 | 7,844 | 7,090 | 7,022 | 7,333 | 7,714 | ||||
= Net expenditure on current goods and services | P3 excl. D631 | 7,694 | 7,122 | 7,120 | 7,369 | 6,637 | 6,426 | 6,370 | 6,765 | 6,442 | 6,434 | 6,426 | 6,400 | 6,388 | 6,216 | 6,297 | 6,194 | 6,243 | 6,262 | 6,249 | ||||
+ Social transfers in kind via market producers | D631 | 735 | 1,008 | 1,334 | 889 | 761 | 1,064 | 1,431 | 952 | 757 | 1,050 | 1,428 | 958 | 787 | 1,107 | 1,547 | 896 | 779 | 1,072 | 1,465 | ||||
made up of | ||||||||||||||||||||||||
Individual consumption (= social transfers in kind) | P31 (= D63) | 5,732 | 5,498 | 5,830 | 5,370 | 5,185 | 5,246 | 5,596 | 5,291 | 5,068 | 5,273 | 5,680 | 5,001 | 5,075 | 5,182 | 5,712 | 4,906 | 4,975 | 5,280 | 5,665 | ||||
Social transfers in kind (via market producers) | D631 | 735 | 1,008 | 1,334 | 889 | 761 | 1,064 | 1,431 | 952 | 757 | 1,050 | 1,428 | 958 | 787 | 1,107 | 1,547 | 896 | 779 | 1,072 | 1,465 | ||||
Social transfers in kind (provided directly by government) | D632 | 4,996 | 4,491 | 4,496 | 4,480 | 4,424 | 4,181 | 4,165 | 4,339 | 4,311 | 4,223 | 4,252 | 4,043 | 4,287 | 4,075 | 4,165 | 4,010 | 4,196 | 4,209 | 4,200 | ||||
Collective consumption (= actual final consumption of government) | P32 | 2,697 | 2,631 | 2,624 | 2,889 | 2,212 | 2,244 | 2,205 | 2,425 | 2,131 | 2,210 | 2,174 | 2,357 | 2,101 | 2,141 | 2,132 | 2,184 | 2,047 | 2,053 | 2,049 | ||||
Total social transfers | D62 + D63 | 11,539 | 11,474 | 12,149 | 11,773 | 11,015 | 11,238 | 11,346 | 11,920 | 11,022 | 11,250 | 11,798 | 11,712 | 11,223 | 11,183 | 11,533 | 11,560 | 11,055 | 10,851 | 11,180 | ||||
Social benefits in cash | D62 | 5,807 | 5,976 | 6,319 | 6,403 | 5,830 | 5,992 | 5,750 | 6,629 | 5,954 | 5,977 | 6,118 | 6,711 | 6,148 | 6,001 | 5,821 | 6,654 | 6,080 | 5,571 | 5,515 | ||||
Social transfers in kind (= individual consumption) | D63 | 5,732 | 5,498 | 5,830 | 5,370 | 5,185 | 5,246 | 5,596 | 5,291 | 5,068 | 5,273 | 5,680 | 5,001 | 5,075 | 5,182 | 5,712 | 4,906 | 4,975 | 5,280 | 5,665 |
Table 5 General Government financial transactions | |||||||||||||||||||||||||
€million | |||||||||||||||||||||||||
2009 Q1 | 2009 Q2 | 2009 Q3 | 2009 Q4 | 2010 Q1 | 2010 Q2 | 2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 | |||||||
Description | ESA code | ||||||||||||||||||||||||
Net lending (+) / net borrowing (-) | B.9 | -4,811 | -8,140 | -6,449 | -2,781 | -15,882 | -5,551 | -13,589 | -13,374 | -4,046 | -3,432 | -10,822 | -2,927 | -4,302 | -3,452 | -2,996 | -2,538 | -4,358 | -2,440 | -2,803 | |||||
equals | |||||||||||||||||||||||||
Net acquisition of financial assets | ΔA | 5,603 | 2,848 | -3,640 | -1,892 | 4,609 | -7,155 | 3,063 | -8,237 | 8,523 | -1,833 | -6,204 | 3,042 | 2,263 | 1,244 | 9,413 | -2,856 | 8,089 | -2,996 | -1,237 | |||||
EDP debt instruments | F2 + F33 + F4 | 6,295 | 3,263 | -2,469 | -1,932 | 4,666 | -9,400 | 2,310 | -6,468 | 11,212 | -1,645 | -12,713 | 2,753 | 2,204 | 399 | 9,961 | -3,900 | 8,913 | -2,519 | -204 | |||||
Currency and deposits | F2 | 4,972 | -325 | -2,453 | -1,282 | 4,633 | -7,630 | 2,198 | -10,388 | 11,615 | 1,872 | -15,947 | 2,060 | 1,852 | 470 | 9,687 | -6,045 | 8,741 | -2,413 | -423 | |||||
Securities other than shares, excluding financial derivatives | F33 | 1,204 | 3,520 | -169 | -432 | -121 | -1,785 | 117 | 3,646 | -632 | -3,657 | 2,787 | 166 | 34 | -13 | -103 | 1,251 | -140 | -108 | 333 | |||||
Short-term | F331 | -36 | 26 | -3 | 56 | -46 | -2 | -9 | 20 | 0 | -1 | -8 | -27 | -9 | 47 | 1 | 1,046 | 944 | 1 | 1 | |||||
Long-term | F332 | 1,240 | 3,494 | -166 | -488 | -75 | -1,783 | 126 | 3,626 | -632 | -3,656 | 2,795 | 193 | 43 | -60 | -104 | 205 | -1,084 | -109 | 332 | |||||
Loans | F4 | 119 | 68 | 153 | -218 | 154 | 15 | -5 | 274 | 229 | 140 | 447 | 527 | 318 | -58 | 377 | 894 | 312 | 2 | -114 | |||||
Short-term loans | F41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 158 | 459 | 268 | 231 | -30 | 414 | 454 | -44 | -248 | 340 | |||||
Long-term loans | F42 | 119 | 68 | 153 | -218 | 154 | 15 | -5 | 274 | 229 | -18 | -12 | 259 | 87 | -28 | -37 | 440 | 356 | 250 | -454 | |||||
Shares and other equity | F5 | 71 | -349 | -859 | -1,220 | 604 | 2,129 | 698 | -2,001 | -3,791 | 788 | 7,440 | -854 | -50 | 1,388 | 4 | 473 | 28 | -22 | -1,235 | |||||
Other financial assets | F34 + F61 + F62 + F7 | -763 | -66 | -312 | 1,260 | -661 | 116 | 55 | 232 | 1,102 | -976 | -931 | 1,143 | 109 | -543 | -552 | 571 | -852 | -455 | 202 | |||||
Financial derivatives | F34 | -49 | 0 | 0 | 65 | 0 | 99 | 195 | -40 | -40 | -232 | 0 | 1 | 0 | 0 | 0 | 0 | 34 | 0 | 0 | |||||
Insurance: reserves and premium prepayments | F61 + F62 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | |||||
Net equity of households in life insurance reserves and in pension funds reserves | F61 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Prepay. of ins. premiums and reserves for outstanding claims | F62 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | |||||
Other accounts receivable/payable | F7 | -714 | -66 | -312 | 1,194 | -661 | 17 | -140 | 272 | 1,142 | -744 | -931 | 1,142 | 109 | -543 | -552 | 572 | -886 | -455 | 202 | |||||
less | |||||||||||||||||||||||||
Net incurrence of liabilities | ΔL | 10,414 | 10,988 | 2,809 | 889 | 20,491 | -1,604 | 16,652 | 5,137 | 12,569 | 1,599 | 4,618 | 5,969 | 6,565 | 4,696 | 12,409 | -318 | 12,447 | -556 | 1,566 | |||||
EDP debt instruments | F2 + F33 + F4 | 10,639 | 10,876 | 2,741 | 1,642 | 20,045 | -1,399 | 16,658 | 5,624 | 11,239 | 1,833 | 4,822 | 6,792 | 5,257 | 5,018 | 12,688 | -104 | 12,960 | -453 | 1,200 | |||||
Currency and deposits | F2 | 340 | 365 | 357 | 333 | 722 | 926 | 970 | 804 | 833 | 374 | 290 | 108 | 409 | 402 | 490 | 1,044 | 673 | 615 | 298 | |||||
Securities other than shares, excluding financial derivatives | F33 | 9,890 | 10,389 | 2,540 | 1,637 | 8,893 | -4,631 | 6,997 | -5,021 | -5,144 | -2,862 | 1,111 | -1,571 | -4,993 | 2,415 | 6,415 | -4,020 | 36,331 | -4,910 | -1,157 | |||||
Short-term | F331 | -2,318 | 6,999 | -2,378 | -7,641 | -1,981 | -7,641 | 1,600 | -5,153 | -5,243 | -1,415 | 58 | 3,105 | -384 | 483 | 1,031 | -2,409 | 2,317 | 637 | -1,432 | |||||
Long-term | F332 | 12,208 | 3,390 | 4,918 | 9,278 | 10,874 | 3,010 | 5,397 | 132 | 99 | -1,447 | 1,053 | -4,676 | -4,609 | 1,932 | 5,384 | -1,611 | 34,014 | -5,547 | 275 | |||||
Loans | F4 | 409 | 122 | -156 | -328 | 10,430 | 2,306 | 8,691 | 9,841 | 15,550 | 4,321 | 3,421 | 8,255 | 9,841 | 2,201 | 5,783 | 2,872 | -24,044 | 3,842 | 2,059 | |||||
Short-term loans | F41 | 178 | 83 | -110 | 99 | 63 | -282 | -148 | 393 | -43 | -175 | -80 | 134 | 8 | 1,255 | 406 | -352 | -49 | -397 | -245 | |||||
Long-term loans | F42 | 231 | 39 | -46 | -427 | 10,367 | 2,588 | 8,839 | 9,448 | 15,593 | 4,496 | 3,501 | 8,121 | 9,833 | 946 | 5,377 | 3,224 | -23,995 | 4,239 | 2,304 | |||||
Other liabilities | F34 + F5 + F61 + F62 + F7 | -225 | 112 | 68 | -753 | 446 | -205 | -6 | -487 | 1,330 | -234 | -204 | -823 | 1,308 | -322 | -279 | -214 | -513 | -103 | 366 | |||||
Financial derivatives | F34 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Shares and other equity | F5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Insurance: reserves and premium prepayments | F61 + F62 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | |||||
Net equity of households in life insurance reserves and in pension funds reserves | F61 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | |||||
Prepay. of ins. premiums and reserves for outstanding claims | F62 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other accounts receivable/payable | F7 | -225 | 112 | 68 | -753 | 446 | -205 | -6 | -487 | 1,330 | -234 | -204 | -826 | 1,308 | -322 | -279 | -215 | -513 | -103 | 366 |
Table 6 General Government: detailed breakdown of net worth | ||||||||||||||||||||||||||
€million | ||||||||||||||||||||||||||
Description | ESA code | 2009 Q1 | 2009 Q2 | 2009 Q3 | 2009 Q4 | 2010 Q1 | 2010 Q2 | 2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 | ||||||
General Government balance sheet | ||||||||||||||||||||||||||
Net worth at market value, excluding pension liabilities | 41,948 | 31,938 | 22,401 | 20,038 | 3,364 | -502 | -10,668 | -14,174 | -15,490 | -18,826 | -47,276 | -46,949 | -56,909 | -63,405 | -71,309 | -77,402 | -81,835 | -84,475 | -88,566 | |||||||
equals | ||||||||||||||||||||||||||
Non-financial assets at market value | 66,821 | 64,637 | 62,733 | 61,020 | 60,025 | 59,095 | 58,125 | 58,425 | 57,855 | 57,138 | 56,674 | 57,148 | 57,566 | 57,769 | 57,335 | 57,865 | 57,556 | 57,778 | 57,648 | |||||||
plus | ||||||||||||||||||||||||||
Financial net worth at market value, excluding pension liabilities | -24,873 | -32,699 | -40,332 | -40,982 | -56,661 | -59,597 | -68,793 | -72,599 | -73,345 | -75,964 | -103,950 | -104,097 | -114,475 | -121,174 | -128,644 | -135,267 | -139,391 | -142,253 | -146,214 | |||||||
equals | ||||||||||||||||||||||||||
Financial assets at market value | 71,300 | 74,831 | 72,777 | 72,455 | 78,754 | 70,024 | 72,984 | 65,223 | 72,312 | 67,213 | 59,657 | 62,970 | 65,846 | 66,573 | 76,276 | 73,536 | 83,380 | 80,265 | 78,680 | |||||||
EDP debt instruments | F2 + F33 + F4 | 42,819 | 46,151 | 43,758 | 41,834 | 46,756 | 37,425 | 39,757 | 32,770 | 42,787 | 40,881 | 28,182 | 30,950 | 33,303 | 33,773 | 43,759 | 40,368 | 49,280 | 46,746 | 46,543 | ||||||
Currency and deposits | F2 | 33,891 | 33,568 | 31,116 | 29,836 | 34,654 | 27,028 | 29,256 | 18,907 | 30,519 | 32,390 | 16,463 | 18,525 | 20,377 | 20,847 | 30,533 | 24,649 | 33,392 | 30,976 | 30,553 | ||||||
Securities other than shares, excluding financial derivatives | F33 | 5,642 | 9,226 | 9,129 | 8,700 | 8,646 | 6,923 | 7,029 | 10,114 | 8,290 | 4,374 | 7,155 | 7,334 | 7,517 | 7,574 | 7,498 | 9,097 | 8,956 | 8,835 | 9,169 | ||||||
Short-term | F331 | 6 | 32 | 29 | 85 | 39 | 38 | 29 | 49 | 49 | 48 | 40 | 13 | 3 | 0 | 0 | 1,046 | 1,990 | 1,991 | 1,992 | ||||||
Long-term | F332 | 5,636 | 9,194 | 9,100 | 8,615 | 8,607 | 6,885 | 7,000 | 10,065 | 8,241 | 4,326 | 7,115 | 7,321 | 7,514 | 7,574 | 7,498 | 8,051 | 6,966 | 6,844 | 7,177 | ||||||
Loans | F4 | 3,286 | 3,357 | 3,513 | 3,298 | 3,456 | 3,474 | 3,472 | 3,749 | 3,978 | 4,117 | 4,564 | 5,091 | 5,409 | 5,352 | 5,728 | 6,622 | 6,932 | 6,935 | 6,821 | ||||||
Short-term loans | F41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 158 | 617 | 885 | 1,116 | 1,087 | 1,500 | 1,954 | 1,909 | 1,662 | 2,002 | ||||||
Long-term loans | F42 | 3,286 | 3,357 | 3,513 | 3,298 | 3,456 | 3,474 | 3,472 | 3,749 | 3,978 | 3,959 | 3,947 | 4,206 | 4,293 | 4,265 | 4,228 | 4,668 | 5,023 | 5,273 | 4,819 | ||||||
Shares and other equity | F5 | 20,584 | 20,959 | 21,612 | 21,794 | 23,400 | 24,214 | 25,028 | 23,956 | 19,917 | 17,663 | 23,394 | 22,830 | 23,321 | 23,571 | 23,763 | 24,474 | 26,373 | 26,280 | 24,407 | ||||||
Other financial assets | F34 + F61 + F62 + F7 | 7,897 | 7,721 | 7,407 | 8,827 | 8,598 | 8,385 | 8,199 | 8,497 | 9,608 | 8,669 | 8,081 | 9,190 | 9,222 | 9,229 | 8,754 | 8,694 | 7,727 | 7,239 | 7,730 | ||||||
Financial derivatives | F34 | 278 | 170 | 170 | 410 | 844 | 616 | 571 | 606 | 575 | 381 | 723 | 704 | 629 | 1,180 | 1,259 | 642 | 561 | 528 | 817 | ||||||
Insurance: reserves and premium prepayments | F61 + F62 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | ||||||
Net equity of households in life insurance reserves and in pension funds reserves | F61 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Prepayment of insurance premiums and reserves for outstanding claims | F62 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | ||||||
Other accounts receivable/payable | F7 | 7,619 | 7,551 | 7,237 | 8,416 | 7,753 | 7,768 | 7,627 | 7,890 | 9,032 | 8,287 | 7,357 | 8,485 | 8,592 | 8,048 | 7,494 | 8,052 | 7,166 | 6,711 | 6,913 | ||||||
less | ||||||||||||||||||||||||||
Liabilities at market value | 96,173 | 107,530 | 113,109 | 113,437 | 135,415 | 129,621 | 141,777 | 137,822 | 145,657 | 143,177 | 163,607 | 167,067 | 180,321 | 187,747 | 204,920 | 208,803 | 222,771 | 222,518 | 224,894 | |||||||
EDP debt instruments | F2 + F33 + F4 | 90,157 | 101,256 | 106,594 | 108,028 | 129,563 | 123,978 | 136,053 | 132,644 | 139,131 | 136,882 | 157,097 | 161,047 | 173,009 | 180,528 | 197,780 | 201,531 | 216,379 | 216,458 | 218,500 | ||||||
Currency and deposits | F2 | 9,169 | 9,523 | 9,887 | 10,308 | 11,029 | 11,896 | 12,850 | 13,711 | 14,472 | 14,791 | 15,010 | 15,218 | 15,646 | 16,041 | 16,513 | 17,472 | 18,111 | 18,734 | 19,005 | ||||||
Securities other than shares, excluding financial derivatives | F33 | 77,571 | 88,197 | 93,320 | 94,660 | 105,039 | 96,293 | 98,714 | 84,048 | 74,743 | 67,628 | 84,109 | 79,675 | 81,357 | 84,659 | 96,549 | 96,557 | 134,628 | 130,045 | 129,519 | ||||||
Short-term | F331 | 23,768 | 30,673 | 28,003 | 20,456 | 18,217 | 10,891 | 12,497 | 7,231 | 2,089 | 741 | 741 | 3,796 | 3,520 | 4,039 | 5,052 | 2,572 | 4,969 | 5,587 | 4,128 | ||||||
Long-term | F332 | 53,803 | 57,524 | 65,317 | 74,204 | 86,822 | 85,402 | 86,217 | 76,817 | 72,654 | 66,887 | 83,368 | 75,879 | 77,837 | 80,620 | 91,497 | 93,985 | 129,659 | 124,458 | 125,391 | ||||||
Loans | F4 | 3,417 | 3,536 | 3,387 | 3,060 | 13,495 | 15,789 | 24,489 | 34,885 | 49,916 | 54,463 | 57,978 | 66,154 | 76,006 | 79,828 | 84,718 | 87,502 | 63,640 | 67,679 | 69,976 | ||||||
Short-term loans | F41 | 638 | 721 | 610 | 709 | 773 | 490 | 342 | 735 | 692 | 517 | 438 | 572 | 580 | 1,835 | 2,241 | 1,891 | 1,840 | 1,442 | 1,198 | ||||||
Long-term loans | F42 | 2,779 | 2,815 | 2,777 | 2,351 | 12,722 | 15,299 | 24,147 | 34,150 | 49,224 | 53,946 | 57,540 | 65,582 | 75,426 | 77,993 | 82,477 | 85,611 | 61,800 | 66,237 | 68,778 | ||||||
Other liabilities | F34 + F61 + F62 + F7 | 6,016 | 6,274 | 6,515 | 5,409 | 5,852 | 5,643 | 5,724 | 5,178 | 6,526 | 6,295 | 6,510 | 6,020 | 7,312 | 7,219 | 7,140 | 7,272 | 6,392 | 6,060 | 6,394 | ||||||
Financial derivatives | F34 | 49 | 193 | 362 | 16 | 14 | 9 | 97 | 38 | 55 | 58 | 477 | 813 | 797 | 1,026 | 1,226 | 1,572 | 1,205 | 976 | 944 | ||||||
Shares and other equity | F5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Insurance: reserves and premium prepayments | F61 + F62 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | ||||||
Net equity of households in life insurance reserves and in pension funds reserves | F61 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | ||||||
Prepay. of ins. premiums and reserves for outstanding claims | F62 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Other accounts receivable/payable | F7 | 5,967 | 6,081 | 6,153 | 5,393 | 5,838 | 5,634 | 5,627 | 5,140 | 6,471 | 6,237 | 6,033 | 5,207 | 6,515 | 6,193 | 5,914 | 5,699 | 5,186 | 5,083 | 5,449 | ||||||
Memo: Estimated pension liabilities of government | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | 116,000 | |||||||
Memo: Net worth, including pension liabilities | -74,052 | -84,062 | -93,599 | -95,962 | -112,636 | -116,502 | -126,668 | -130,174 | -131,490 | -134,826 | -163,276 | -162,949 | -172,909 | -179,405 | -187,309 | -193,402 | -197,835 | -200,475 | -204,566 | |||||||
Contingent liabilities | 287,666 | 287,666 | 287,666 | 287,666 | 163,376 | 163,376 | 163,376 | 163,376 | 148,537 | 148,537 | 148,537 | 148,537 | 119,757 | 119,757 | 119,757 | 119,757 | 119,757 | 119,757 | 119,757 | |||||||
Guarantees | 282,617 | 282,617 | 282,617 | 282,617 | 158,327 | 158,327 | 158,327 | 158,327 | 143,488 | 143,488 | 143,488 | 143,488 | 114,708 | 114,708 | 114,708 | 114,708 | 114,708 | 114,708 | 114,708 | |||||||
Off-balance sheet PPPs | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | 5,049 | |||||||
Memo: Net worth, including pension liabilities and contingent liabilities | -361,718 | -371,729 | -381,265 | -383,628 | -276,012 | -279,879 | -290,044 | -293,550 | -280,027 | -283,363 | -311,812 | -311,485 | -292,666 | -299,162 | -307,066 | -313,159 | -317,593 | -320,233 | -324,323 | |||||||
Change in net worth of government | ||||||||||||||||||||||||||
Opening net worth | 46,944 | 41,948 | 31,938 | 22,401 | 20,038 | 3,364 | -502 | -10,668 | -14,174 | -15,490 | -18,826 | -47,276 | -46,949 | -56,909 | -63,405 | -71,309 | -77,402 | -81,835 | -84,475 | |||||||
Change in net worth due to transactions | -4,364 | -7,401 | -5,428 | -1,571 | -15,563 | -5,167 | -13,244 | -11,759 | -3,952 | -3,484 | -10,620 | -1,788 | -3,884 | -3,249 | -3,430 | -2,009 | -4,668 | -2,218 | -2,933 | |||||||
Net acquisition of non-financial assets | 448 | 739 | 1,020 | 1,210 | 319 | 384 | 345 | 1,615 | 94 | -52 | 201 | 1,139 | 418 | 203 | -434 | 530 | -309 | 222 | -130 | |||||||
Net lending/net borrowing | -4,811 | -8,140 | -6,449 | -2,781 | -15,882 | -5,551 | -13,589 | -13,374 | -4,046 | -3,432 | -10,822 | -2,927 | -4,302 | -3,452 | -2,996 | -2,538 | -4,358 | -2,440 | -2,803 | |||||||
= Net acquisition of financial assets | 5,603 | 2,848 | -3,640 | -1,892 | 4,609 | -7,155 | 3,063 | -8,237 | 8,523 | -1,833 | -6,204 | 3,042 | 2,263 | 1,244 | 9,413 | -2,856 | 8,089 | -2,996 | -1,237 | |||||||
- Net incurrence of liabilities | -10,414 | -10,988 | -2,809 | -889 | -20,491 | 1,604 | -16,652 | -5,137 | -12,569 | -1,599 | -4,618 | -5,969 | -6,565 | -4,696 | -12,409 | 318 | -12,447 | 556 | -1,566 | |||||||
Change in net worth due to other economic flows | -632 | -2,609 | -4,108 | -792 | -1,111 | 1,300 | 3,079 | 8,253 | 2,635 | 148 | -17,829 | 2,115 | -6,076 | -3,247 | -4,474 | -4,085 | 234 | -422 | -1,158 | |||||||
Other changes in non-financial assets | -2,923 | -2,923 | -2,923 | -2,923 | -1,314 | -1,314 | -1,314 | -1,314 | -665 | -665 | -665 | -665 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other changes in financial net worth | 2,291 | 314 | -1,184 | 2,131 | 203 | 2,615 | 4,393 | 9,568 | 3,300 | 813 | -17,164 | 2,780 | -6,076 | -3,247 | -4,474 | -4,085 | 234 | -422 | -1,158 | |||||||
= Other changes in financial assets | -760 | 683 | 1,586 | 1,570 | 1,690 | -1,575 | -103 | 476 | -1,434 | -3,266 | -1,352 | 271 | 613 | -517 | 290 | 116 | 1,755 | -119 | -348 | |||||||
EDP debt instruments | -217 | 69 | 76 | 8 | 256 | 69 | 22 | -519 | -1,195 | -261 | 14 | 15 | 149 | 71 | 25 | 509 | -1 | -15 | 1 | |||||||
Shares and other equity | -536 | 724 | 1,512 | 1,402 | 1,002 | -1,315 | 116 | 929 | -248 | -3,042 | -1,709 | 290 | 541 | -1,138 | 188 | 238 | 1,871 | -71 | -638 | |||||||
Other financial assets | -7 | -110 | -2 | 160 | 432 | -329 | -241 | 66 | 9 | 37 | 343 | -34 | -77 | 550 | 77 | -631 | -115 | -33 | 289 | |||||||
- Other changes in liabilities | 3,051 | -369 | -2,770 | 561 | -1,487 | 4,190 | 4,496 | 9,092 | 4,734 | 4,079 | -15,812 | 2,509 | -6,689 | -2,730 | -4,764 | -4,201 | -1,521 | -303 | -810 | |||||||
EDP debt instruments | 2,958 | -223 | -2,597 | 208 | -1,490 | 4,186 | 4,583 | 9,033 | 4,752 | 4,082 | -15,393 | 2,842 | -6,705 | -2,501 | -4,564 | -3,855 | -1,888 | -532 | -842 | |||||||
Other liabilities | 93 | -146 | -173 | 353 | 3 | 4 | -87 | 59 | -18 | -3 | -419 | -333 | 16 | -229 | -200 | -346 | 367 | 229 | 32 | |||||||
Closing net worth | 41,948 | 31,938 | 22,401 | 20,038 | 3,364 | -502 | -10,668 | -14,174 | -15,490 | -18,826 | -47,276 | -46,949 | -56,909 | -63,405 | -71,309 | -77,402 | -81,835 | -84,475 | -88,566 |
Table 7 General Government Gross and Net Debt | |||||||||||||||||||||||
€million | |||||||||||||||||||||||
Description | ESA code | 2009 Q1 | 2009 Q2 | 2009 Q3 | 2009 Q4 | 2010 Q1 | 2010 Q2 | 2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 | |||
General Government Debt | |||||||||||||||||||||||
Debt instrument liabilities at market value | 90,157 | 101,256 | 106,594 | 108,028 | 129,563 | 123,978 | 136,053 | 132,644 | 139,131 | 136,882 | 157,097 | 161,047 | 173,009 | 180,528 | 197,780 | 201,531 | 216,379 | 216,458 | 218,500 | ||||
+ Difference between face value and market value | -669 | -20 | -3,620 | -3,484 | -5,407 | -326 | 2,990 | 11,520 | 16,673 | 21,781 | 5,108 | 8,180 | 1,131 | -295 | -5,994 | -9,071 | -12,321 | -11,973 | -13,804 | ||||
Gross General Government Debt (face value) | 89,488 | 101,236 | 102,974 | 104,544 | 124,156 | 123,652 | 139,043 | 144,164 | 155,804 | 158,663 | 162,205 | 169,227 | 174,140 | 180,233 | 191,786 | 192,460 | 204,058 | 204,485 | 204,696 | ||||
By category: | |||||||||||||||||||||||
Currency and deposits | F2 | 9,169 | 9,523 | 9,887 | 10,307 | 11,029 | 11,896 | 12,850 | 13,707 | 14,472 | 14,791 | 15,010 | 15,216 | 15,646 | 16,041 | 16,513 | 17,465 | 18,111 | 18,734 | 19,005 | |||
Securities other than shares, exc. financial derivatives | F33 | 76,947 | 88,207 | 89,730 | 91,391 | 99,657 | 95,991 | 101,729 | 96,317 | 91,471 | 89,731 | 89,809 | 88,550 | 83,175 | 86,673 | 92,155 | 89,289 | 123,910 | 119,842 | 117,893 | |||
Short-term | F331 | 23,467 | 30,487 | 28,100 | 20,443 | 18,466 | 10,895 | 12,514 | 7,203 | 2,061 | 728 | 724 | 3,777 | 3,497 | 4,023 | 5,043 | 2,535 | 4,959 | 5,562 | 4,266 | |||
Long-term | F332 | 53,480 | 57,720 | 61,630 | 70,948 | 81,192 | 85,096 | 89,215 | 89,114 | 89,411 | 89,003 | 89,085 | 84,773 | 79,678 | 82,650 | 87,112 | 86,754 | 118,951 | 114,279 | 113,627 | |||
Loans | F4 | 3,371 | 3,506 | 3,356 | 2,845 | 13,469 | 15,765 | 24,464 | 34,140 | 49,860 | 54,140 | 57,386 | 65,460 | 75,320 | 77,520 | 83,117 | 85,706 | 62,037 | 65,910 | 67,797 | |||
Short-term | F41 | 638 | 724 | 614 | 707 | 773 | 490 | 342 | 735 | 692 | 517 | 438 | 574 | 580 | 1,835 | 2,241 | 1,891 | 1,840 | 1,442 | 1,198 | |||
Long-term | F42 | 2,733 | 2,782 | 2,743 | 2,138 | 12,696 | 15,274 | 24,122 | 33,405 | 49,168 | 53,623 | 56,948 | 64,887 | 74,739 | 75,685 | 80,876 | 83,815 | 60,197 | 64,468 | 66,599 | |||
less EDP debt instrument assets | 42,819 | 46,151 | 43,758 | 41,834 | 46,756 | 37,425 | 39,757 | 32,770 | 42,787 | 40,881 | 28,182 | 30,950 | 33,303 | 33,773 | 43,759 | 40,368 | 49,280 | 46,746 | 46,543 | ||||
By category: | |||||||||||||||||||||||
Currency and deposits | F2 | 33,891 | 33,568 | 31,116 | 29,836 | 34,654 | 27,028 | 29,256 | 18,907 | 30,519 | 32,390 | 16,463 | 18,525 | 20,377 | 20,847 | 30,533 | 24,649 | 33,392 | 30,976 | 30,553 | |||
Securities other than shares, exc. financial derivatives | F33 | 5,642 | 9,226 | 9,129 | 8,700 | 8,646 | 6,923 | 7,029 | 10,114 | 8,290 | 4,374 | 7,155 | 7,334 | 7,517 | 7,574 | 7,498 | 9,097 | 8,956 | 8,835 | 9,169 | |||
Short-term | F331 | 6 | 32 | 29 | 85 | 39 | 38 | 29 | 49 | 49 | 48 | 40 | 13 | 3 | 0 | 0 | 1,046 | 1,990 | 1,991 | 1,992 | |||
Long-term | F332 | 5,636 | 9,194 | 9,100 | 8,615 | 8,607 | 6,885 | 7,000 | 10,065 | 8,241 | 4,326 | 7,115 | 7,321 | 7,514 | 7,574 | 7,498 | 8,051 | 6,966 | 6,844 | 7,177 | |||
Loans | F4 | 3,286 | 3,357 | 3,513 | 3,298 | 3,456 | 3,474 | 3,472 | 3,749 | 3,978 | 4,117 | 4,564 | 5,091 | 5,409 | 5,352 | 5,728 | 6,622 | 6,932 | 6,935 | 6,821 | |||
Short-term | F41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 158 | 617 | 885 | 1,116 | 1,087 | 1,500 | 1,954 | 1,909 | 1,662 | 2,002 | |||
Long-term | F42 | 3,286 | 3,357 | 3,513 | 3,298 | 3,456 | 3,474 | 3,472 | 3,749 | 3,978 | 3,959 | 3,947 | 4,206 | 4,293 | 4,265 | 4,228 | 4,668 | 5,023 | 5,273 | 4,819 | |||
Net General Government Debt (face value) | 46,669 | 55,085 | 59,216 | 62,710 | 77,400 | 86,227 | 99,286 | 111,394 | 113,017 | 117,782 | 134,023 | 138,277 | 140,837 | 146,460 | 148,027 | 152,092 | 154,778 | 157,739 | 158,153 | ||||
By category: | |||||||||||||||||||||||
Currency and deposits | F2 | -24,722 | -24,045 | -21,229 | -19,529 | -23,625 | -15,132 | -16,406 | -5,200 | -16,047 | -17,599 | -1,453 | -3,309 | -4,731 | -4,806 | -14,020 | -7,184 | -15,281 | -12,242 | -11,548 | |||
Securities other than shares, exc. financial derivatives | F33 | 71,305 | 78,981 | 80,601 | 82,691 | 91,011 | 89,068 | 94,700 | 86,203 | 83,181 | 85,357 | 82,654 | 81,216 | 75,658 | 79,099 | 84,657 | 80,192 | 114,954 | 111,007 | 108,724 | |||
Short-term | F331 | 23,461 | 30,455 | 28,071 | 20,358 | 18,427 | 10,857 | 12,485 | 7,154 | 2,012 | 680 | 684 | 3,764 | 3,494 | 4,023 | 5,043 | 1,489 | 2,969 | 3,571 | 2,274 | |||
Long-term | F332 | 47,844 | 48,526 | 52,530 | 62,333 | 72,585 | 78,211 | 82,215 | 79,049 | 81,170 | 84,677 | 81,970 | 77,452 | 72,164 | 75,076 | 79,614 | 78,703 | 111,985 | 107,435 | 106,450 | |||
Loans | F4 | 85 | 149 | -157 | -453 | 10,013 | 12,291 | 20,992 | 30,391 | 45,882 | 50,023 | 52,822 | 60,369 | 69,911 | 72,168 | 77,389 | 79,084 | 55,105 | 58,975 | 60,976 | |||
Short-term | F41 | 638 | 724 | 614 | 707 | 773 | 490 | 342 | 735 | 692 | 359 | -179 | -311 | -536 | 748 | 741 | -63 | -69 | -220 | -804 | |||
Long-term | F42 | -553 | -575 | -770 | -1,160 | 9,240 | 11,800 | 20,650 | 29,656 | 45,190 | 49,664 | 53,001 | 60,681 | 70,446 | 71,420 | 76,648 | 79,147 | 55,174 | 59,195 | 61,780 |
Table 8 Reconciliation of Exchequer Balance to General Government Deficit | |||||||||||||||||||
€ million | |||||||||||||||||||
Description | 2009 Q1 | 2009 Q2 | 2009 Q3 | 2009 Q4 | 2010 Q1 | 2010 Q2 | 2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 |
Exchequer balance | -3,721 | -10,988 | -5,449 | -4,483 | -3,942 | -4,946 | -4,488 | -5,369 | -7,066 | -3,762 | -9,831 | -4,259 | -4,263 | -5,181 | -1,691 | -3,758 | -3,695 | -2,898 | -549 |
Deduct cash inflows which do not increase financial net worth | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -380 | -1 | -1 | -1 | -59 | -2 | -2 | -2 | -4 | -1,016 | -82 | -1,306 |
Inflows from sale or redemption of financial assets | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -380 | -1 | -1 | -1 | -59 | -2 | -2 | -2 | -4 | -1,016 | -82 | -1,306 |
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Exclude cash outflows which do not reduce financial net worth | 0 | 0 | 0 | 31 | 0 | 0 | 0 | 650 | 2,517 | 0 | 4,530 | 280 | 250 | 1,500 | 0 | 559 | 183 | 354 | 1 |
Acquisition of financial assets | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 642 | 0 | 0 | 4,530 | 280 | 250 | 1,500 | 0 | 532 | 183 | 354 | 1 |
Repayment of promissory notes notional loan principal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,517 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Redemption of Exchequer liability to Central Bank for notes and coins in circulation | 0 | 0 | 0 | 30 | 0 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27 | 0 | 0 | 0 |
Impact on financial net worth of Exchequer cash transactions | -3,722 | -10,989 | -5,449 | -4,453 | -3,942 | -4,947 | -4,489 | -5,099 | -4,550 | -3,763 | -5,302 | -4,038 | -4,014 | -3,683 | -1,692 | -3,203 | -4,528 | -2,626 | -1,854 |
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) | -1,365 | 214 | 15 | 931 | -1,012 | -29 | 69 | 792 | -440 | -280 | 102 | 1,337 | -1,007 | -127 | -165 | 551 | -181 | -157 | 180 |
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts | -609 | 166 | 15 | 97 | -177 | -31 | 69 | 121 | 233 | -280 | 49 | 553 | -311 | -202 | 69 | 212 | -123 | -198 | 128 |
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) | -755 | 48 | 0 | 835 | -835 | 2 | 0 | 671 | -673 | 0 | 0 | 709 | -771 | 0 | -8 | 714 | -785 | -10 | 0 |
Accrual of interest due on contingent capital assets assigned to banks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53 | 75 | 75 | 75 | -225 | 75 | 4 | 51 | 51 |
Licence sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -450 | 723 | 0 | 0 |
Other accrued revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Adjust for impact of non-cash expenditure (-) | -433 | 654 | -352 | 206 | -10,994 | -1,785 | -9,540 | -9,505 | 569 | 430 | -1,312 | 400 | 247 | 580 | -1,304 | -131 | -3 | 656 | -1,391 |
Capital transfers to financial institutions financed by promissory notes | 0 | 0 | 0 | 0 | -10,900 | -2,250 | -8,580 | -9,120 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 0 |
Difference between interest paid and accrued | -514 | 598 | -423 | 110 | -186 | 373 | -1,051 | -461 | 582 | 430 | -1,312 | 262 | 273 | 612 | -1,274 | -57 | -38 | 644 | -1,391 |
Difference between Exchequer cash issues and accrued net spending of departments and offices | 74 | 71 | 68 | 93 | 85 | 83 | 82 | 68 | -9 | -9 | -9 | 129 | -44 | -42 | -40 | -47 | 0 | 0 | 0 |
Other accrued expenditure | 7 | -15 | 4 | 3 | 8 | 9 | 9 | 9 | -4 | 9 | 9 | 9 | 18 | 10 | 10 | -27 | 35 | 0 | 0 |
EDP Net lending (+) / net borrowing (-) of Exchequer | -5,520 | -10,121 | -5,786 | -3,316 | -15,948 | -6,761 | -13,961 | -13,812 | -4,421 | -3,613 | -6,512 | -2,301 | -4,774 | -3,230 | -3,161 | -2,783 | -4,712 | -2,127 | -3,066 |
Net lending (+) / net borrowing (-) of extra-budgetary bodies, funds and accounts consolidated with Exchequer | 54 | 168 | 77 | 87 | 50 | 351 | 40 | 76 | -127 | -45 | -273 | 371 | 64 | 73 | 6 | 4 | -28 | -125 | -69 |
Bank Guarantee Scheme receipts - special account | 7 | 69 | 75 | 288 | 0 | 297 | 0 | -556 | 313 | -223 | -373 | 280 | -20 | -12 | -25 | -10 | -16 | -116 | -25 |
Capital Services Redemption Account | 4 | 42 | -38 | -9 | 3 | 14 | 5 | 578 | -577 | 53 | -26 | -49 | 30 | 37 | -18 | -50 | 23 | 35 | 0 |
Small Savings Reserve Fund | 0 | -6 | 0 | -237 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Extra-Budgetary Funds | 6 | 24 | -1 | -11 | 6 | 0 | -4 | 8 | 103 | 90 | 90 | 90 | 80 | 72 | 72 | 72 | -35 | -45 | -44 |
Health Service Executive | 37 | 38 | 40 | 56 | 41 | 40 | 39 | 46 | 34 | 35 | 36 | 50 | -26 | -25 | -23 | -9 | 0 | 0 | 0 |
EDP Net lending (+) / net borrowing (-) of Budgetary Central Government | -5,466 | -9,953 | -5,709 | -3,229 | -15,898 | -6,409 | -13,920 | -13,736 | -4,548 | -3,658 | -6,786 | -1,930 | -4,710 | -3,157 | -3,155 | -2,779 | -4,740 | -2,252 | -3,135 |
Net lending (+) / net borrowing (-) of other Central Government bodies | 381 | 2,973 | 251 | 1,073 | 231 | 1,295 | 501 | 360 | 154 | 229 | -4,047 | -732 | 188 | -191 | 161 | 208 | 171 | -258 | 267 |
National Pensions Reserve Fund | 320 | 2,912 | 189 | 1,011 | 164 | 1,228 | 433 | 291 | 162 | 235 | -4,042 | -728 | 180 | -199 | 153 | 200 | 112 | -317 | 207 |
Non-market State corporations and agencies | 54 | 54 | 54 | 54 | 67 | 67 | 67 | 67 | -1 | -1 | -1 | -1 | -5 | -5 | -5 | -5 | 60 | 60 | 60 |
Voluntary and joint board hospitals | 6 | 7 | 7 | 7 | -1 | 0 | 1 | 2 | -7 | -5 | -3 | -2 | 14 | 14 | 14 | 14 | 0 | 0 | 0 |
EDP Net lending (+) / net borrowing (-) of Central Government (S.1311) | -5,085 | -6,980 | -5,458 | -2,156 | -15,667 | -5,114 | -13,420 | -13,375 | -4,394 | -3,429 | -10,832 | -2,661 | -4,522 | -3,348 | -2,994 | -2,571 | -4,569 | -2,510 | -2,869 |
EDP Net lending (+) / net borrowing (-) of Social Insurance Fund (S.1311) | -415 | -684 | -613 | -787 | -599 | -267 | -80 | 34 | 222 | 43 | -82 | -191 | 61 | -48 | -16 | 17 | 49 | 31 | 0 |
EDP Net lending (+) / net borrowing (-) of Local Government (S.1313) | 687 | -478 | -379 | 160 | 386 | -167 | -87 | -29 | 94 | -79 | 59 | -107 | 109 | -111 | -41 | -47 | 82 | -22 | 7 |
EDP Net lending (+) / net borrowing (-) of General Government (S.13) (=GGDeficit) | -4,813 | -8,142 | -6,450 | -2,783 | -15,880 | -5,548 | -13,587 | -13,371 | -4,079 | -3,465 | -10,855 | -2,960 | -4,351 | -3,507 | -3,052 | -2,601 | -4,438 | -2,501 | -2,861 |
Introduction
This release contains the quarterly government finance statistics for Ireland. It provides the first set of results for Q 3 2013 .These figures are compiled in accordance with the ESA95 system of accounts, as used in all member states of the European Union.
Government Finance Statistics – Concepts and Definitions
Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe, in particular in relation to the Excessive Deficit Procedure (EDP).
European GFS, including EDP statistics are produced according to the legally binding accounting rules of the European System of Accounts 1995 (ESA95). The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA95 in the context of GFS.
The ESA95 regulation sets out both a methodology for the compilation of National Accounts and a programme of transmission of key economic aggregates which are a subset of the full set of accounts set out in ESA95. In relation to GFS aggregates of interest include: general government revenue and expenditure, general government surplus/deficit, general government consolidated gross debt, and general government net worth as well as the main components of these measures
EU Member States are required to report government deficit/surplus and debt data biannually under the EDP (before 1 April and 1 October in year N) for years N-4 to N-1 calendar years as well as a forecast for the current year. The data are reported in harmonised tables, which provide a consistent framework for the presentation of this data by Member States. The tables provide a structure for linking national budgetary aggregates with government deficit and debt.
Detailed statistics on Government revenue, expenditure and financial flows and stock positions are also provided to Eurostat under the ESA95 transmission programme. For quarterly data the main tables reported are:
Table 2500 Quarterly non-financial accounts for general government,
Table 2700 Quarterly financial accounts for general government
Table 2800 Quarterly government debt.
Total general government expenditure and revenue are defined according to Commission Regulation (EC) No 1500/2000 of 10 July 2000 on general government expenditure and revenue. They comprise specific categories of ESA95.
Definition of general government and its subsectors
The general government sector of the economy, is defined in ESA95, paragraph 2.68: 'All institutional units which are other non-market producers [institutional units whose sales do not cover more than the 50% of the production costs, see ESA95 paragraph 3.26] whose output is intended for individual and collective consumption, and mainly financed by compulsory payments made by units belonging to other sectors, and/or all 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 - where applicable), local government (S.1313), and social security funds (S.1314).
As part of the GFS production process CSO is required to define the General Government and public sectors for Ireland. In this context, the public sector includes all bodies that are directly or indirectly controlled by a Government department or office, or by a local authority. General Government, in turn, includes all public sector bodies that are also mainly financed by Government bodies. The decision rules governing the classification of bodies to the public and General Government sectors are set out in detail in the Manual on Government Deficit and Debt. A detailed explanation of the application of these rules and the most up-to-date list of public sector and (including general government bodies) for Ireland are shown at
http://www.cso.ie/en/media/csoie/surveysandmethodologies/documents/pdfdocs/RegPublicSectorBodies.pdf
General Government Deficit/Surplus (GGDeficit) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact. It is the difference between the revenue and the expenditure of the general government sector. The government deficit data related to the EDP (EDP B.9) differs from the deficit according to ESA95 (B.9) in the treatment of interest relating to swaps and forward rate agreements.
Net Lending/Net Borrowing, that is, the GGDeficit excluding flows on interest swap instruments, is by definition equal to bothTotal Revenue less Total Expenditure, and Net Acquisition of Financial Assets less Net Incurrence of Liabilities. In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F332 (long-term securities other than shares) to eliminate any statistical discrepancy between the two approaches to the calculation of Net Lending/Net Borrowing This adjustment has no impact on Net Worth, gross or net debt.
General Government Debt (GGDebt) 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 GGDebt. 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 GGDebt.
‘Debt liabilities’ are defined as the ESA categories AF.2 (Currency and deposits), AF.33 (Securities other than shares, excluding financial derivatives), and AF.4 (loans).
This definition excludes liabilities in derivatives (AF.34), equity liabilities (AF.5), pension and insurance liabilities (AF.6) and accounts payable (AF.7).
‘Consolidated’ means that any money owed by one entity within General Government to another is excluded from the total GGDebt.
‘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 GGDebt. In other statistical contexts, ‘nominal value’ means face value plus any interest accrued but not paid; however, such interest is excluded from GGDebt by definition.
General Government Net Worth is calculated as the value of the non-financial assets of General Government plus financial net worth of General Government (financial net worth equals the difference between the financial assets and liabilities of the sector). The net worth figures presented in this release are shown at market value.
ESA95 codes as given in the tables of this release and an explanation of each code are shown below for the main components of Government revenue and expenditure as well as for types of financial flows. More detailed codes and technical definitions can be seen in the ESA95 manual available at http://circa.europa.eu/irc/dsis/nfaccount/info/data/esa95/en/esa95en.htm.
GDP figures used in this release.
The quarterly GDP series used to calculate GGDeficit, GGDebt, GG Net Debt and GG Net Worth as a percentage of GDP in this release is GDP at Current Market Prices, Table 2, Quarterly National Accounts, Quarter 3, 2013 - http://www.cso.ie/en/releasesandpublications/er/na/quarterlynationalaccountsquarter32013/. “Annualised GDP” for a given quarter is the sum of these quarterly GDP figures for that quarter and the three preceding quarters.
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.51 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.52 Changes in inventories
P.53 Acquisitions less disposals of valuables
D.1 Compensation of employees – the total remuneration of government employees
D.11 Wages and salaries, in cash and in kind
D.12 Employers social contributions – actual (D.121) and imputed (D.122)
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 (payable) - the income receivable by the owner of a financial asset or a tangible
non-produced asset in return for providing funds to, or putting the tangible non-produced asset at
the disposal of, another unit
D.41 Interest (payable) - excludes settlements under swaps and forward rate arrangements,
as these are treated as financial transactions in the ESA95
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, made through collectively organised schemes, or
outside such schemes by government and non-profit institutions. These include payments from
general government to producers which individually benefit households and which are made in the
context of social risks or needs
D.62 Social benefits in cash - social benefits and pensions paid in cash;
D.631 Social transfers in kind, via market producers - can be subdivided into those where beneficiary
households actually purchase the goods and services themselves and are then reimbursed, and those
where the relevant services are provided directly to the beneficiaries
D.7 Other current transfers
D.9 Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the
parties to the transaction.
K.1 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.
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 Securities other than shares
F.33 Securities other than shares, excluding financial derivatives
(F.331 - Short-term, F.332 - Long-term)
F.34 Financial derivatives
F.4 Loans
F.41 - Short-term, F.42 - Long-term
F.5 Shares and other equity
F.51 Shares and other equity, excluding mutual funds shares (F.511 - Quoted shares,
F.512 - Unquoted shares, F.513 - Other equity )
F.52 Mutual funds shares
F.6 Insurance technical reserves
F.61 Net equity of households in life insurance reserves and in pension funds reserves
(F.611 - Net equity of households in life insurance reserves, F.612 - Net equity of households
in pension funds reserves,
F.62 - Prepayments of insurance premiums and reserves for outstanding claims
F.7 Other accounts receivable/payable
F.71 Trade credits and advances
F.79 Other
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