|General Government Finances|
|Surplus/Deficit||Gross Debt||Net Debt|
|% quarterly||% annualised||% annualised|
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.