|General Government Finances|
|Surplus/Deficit||Gross Debt||Net Debt|
|% quarterly||% annualised||% annualised|
Government deficit of €1.8 billion in Q1 2019
The government recorded a deficit of €1.8 billion (2.2% of quarterly GDP) in the first quarter of 2019 (Table 1).
In Q1 2019, government revenue amounted to €18.7 billion, up from €17.8 billion in Q1 2018. This increase was mainly due to increases in Taxes and Social contributions (+6.6%).
Government expenditure for Q1 2019 was €20.5 billion, an increase of €0.9 billion (4.8%) on the same period last year. This increase is mainly due to expenditure in Compensation of employees/Pay (+4.8%), Use of goods and services (+5.3%) and Social benefits (+3.5%). (Tables 1 and 4).
Government Gross Debt at 65.6% of GDP at end Q1 2019
General Government Gross Debt (GG Debt) was €215.5 billion (65.6% of GDP) at the end of Q1 2019 (Figure 2 and Table 7). This compares with a debt level of 63.6% of GDP at the end of Q4 2018. The increase in the debt ratio is due mainly to increased net issuance of short-term and long-term debt securities of €3.6 billion and €4.7 billion respectively.
At the end of March 2019, General Government Net Debt was €179.1 billion (54.6% of GDP), an increase of €1.6 billion on the net debt level a year earlier. In the same period Maastricht debt rose by €5.2 billion due primarily to the issuance of long-term debt securities. This was largely offset by a €4.7 billion increase in Currency and deposit assets which are intended to cover remaining 2019 debt repayments. The market value of Equity and Investment Fund Shares fell by €3.4 billion over the year. This decrease in the value of the investment portfolio was caused mainly by stock market movements which impacted the State’s shares in Irish banks (Tables 2, 5 and 6).
The debt per capita at the end of Q1 2019 stood at €44,365, a slight reduction from the peak of €47,514 in Q1 2013 but significantly higher than the pre-crisis level of €10,667 in Q1 2007 (Figure 3).
Government accounts are compiled in the EU according to the European System of National Accounts 2010 (ESA2010) framework.
The pre 2019 data in this release reflect the previously published tables under the Excessive Debt Procedure in April 2019, however there has been some revisions in the expenditure profile -see Background notes for further information.
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 statistics is provided in the Background notes.