National Accounts Classification of General Government

Budget 2002

Introduction

1. The following tables bring together estimates of the consolidated capital and current accounts of General Government which includes the Exchequer, various extra-budgetary funds (e.g. the Social Insurance Fund), various non-commercial semi-state bodies and local Government, classified according to the definitions employed in national income accounting.  The main purpose of the presentation is to provide a basis for relating the income and expenditure of General Government to such national income aggregates as saving, investment and personal income, whereas many other budgetary documents cannot be readily used in this way.  The presentation thus gives a more comprehensive view of fiscal policy than would be possible on the basis of the budgetary accounts alone.

2. The figures shown for 2000 are based on data supplied by the Central Statistics Office.  Figures for 2001 are provisional and are subject to revision when the Appropriation Accounts and other final accounts become available.  The estimates shown for 2002 are consistent with the Budget Day projections.

3. Transactions between the various funds and accounts are eliminated so as to show the net flows between the General Government sector and the rest of the economy.  Current transactions of government trading activities are omitted, but estimates of the gross surplus on these activities are included in item 12.

4. The various definitions employed are similar to those used in Table 21 of the National Income and Expenditure accounts published by the Central Statistics Office.  It should be noted that there are some differences in presentation between Table 21 as published in the National Income and Expenditure and the following tables as some of the headings used in Table 21 have been amalgamated.  Additionally, items 29 (Capital receipts less Financial Transactions) and 37 (Capital expenditure less Financial Transactions) are included to facilitate the calculation of a Net Lending figure - this is also known as the General Government Surplus. 

5.It should be noted that Net Lending/Borrowing (item 40) varies from the Exchequer Surplus shown in the Exchequer Budgetary accounts.  The reasons for these differences are:

  • an adjustment, in accordance with ESA conventions, to the National Debt interest charge to exclude changes in the assets of the Capital Services Redemption Account and capital gains or losses on foreign exchange contracts, swaps, etc.;
  • the exclusion of equity and loan transactions from the General Government Surplus on the basis that such transactions affect the composition but not the level of assets and liabilities;
  • payments in respect of the prefunding of future pension liabilities do not impact on the General Government Surplus as they are treated as part of the General Government Sector under ESA conventions and transactions within the Sector do not impact on the General Government Surplus.  However, such payments are included as expenditure in the calculation of the Exchequer Surplus;
  • the treatment of extra-budgetary fund transactions of which the most notable examples are assigning payments from Funds such as the Hepatitis C Trustee Fund to the year in which actual payments are made from the Funds whereas the impact on the budgetary arithmetic occurs in the year in which transfers were made from the Exchequer to the Funds;
  • the accrual of certain transactions to the period when the underlying economic activity took place.  This includes (i) Departmental and Revenue Commissioners Balances carried from one year to another which are discounted in favour of the underlying transactions, and (ii) an adjustment to tax receipts to accrue the receipts to the period when the underlying economic activity giving rise to the tax liability took place; and
  • including the full impact of local government whereas the Exchequer Surplus only includes transfers between local government and the Exchequer.
  • The differences between the Exchequer Surplus and Net Lending (the General Government Surplus) is shown in tabular form in Table 6 of the Budget 2002 Statistics and Tables

6.    The Tables shown on pages D.33 and D.34 are denominated in euros.  Tables in Irish pound equivalents are shown on pages D.35 and D.36.  Rounding may affect totals.

 

NATIONAL ACCOUNTS CLASSIFICATION OF GENERAL GOVERNMENT
Note: Rounding may affect totals

Part I

SUMMARY

€m

  2000 2001 2002
    Provisonal Budget
    Outturn Estimate
  €m €m €m
RECEIPTS      
 1. Current (15) 34,692 37,434 41,089
 2. Capital (30) 2,227 2,586 2,463
 3. Total Receipts (1+2) 36,919 40,020 43,552
       
  EXPENDITURE      
 4. Current (21) 27,135 31,919 35,579
 5. Capital (37) 5,075 6,484 7,136
 6. Total Expenditure (4+5) 32,211 38,403 42,715
       
 7. Net Borrowing (3-6=40) 4,708 1,616 837
       
       

Part II

CURRENT ACCOUNT

€m

  2000 2001 2002
    Provisonal Budget
    Outturn Estimate
  €m €m €m
RECEIPTS      
       
 8. Taxes on income and wealth 13,088 14,113 15,365
 9. Social insurance and health contributions 4,380 4,940 5,385
10. Taxes on expenditure 13,626 14,020 15,212
11. Total taxation (excluding taxes on capital) 31,094 33,073 35,961
       
12. Gross trading and investment income 1,147 1,527 2,212
13. Current transfers from the rest of the world 314 554 550
14. Miscellaneous Receipts 2,138 2,280 2,365
15. Total receipts on Current Account 34,692 37,434 41,089
       
  EXPENDITURE      
       
16. Subsidies: 785 1,358 1,018
17. National debt interest 2,138 1,883 2,082
18. Current transfer payments:      
       to residents 9,552 11,336 12,812
       to ROW 677 837 1,188
19. Current expenditure on goods and      
      services (including depreciation) 6,526 7,838 8,802
20. Current expenditure on goods and services 7,458 8,668 9,678
      by local authorities      
21. Total expenditure on Current Account 27,135 31,918 35,579
       
22. Gross Saving (+)/Deficit(-) [15-21] 7,556 5,515 5,509
       
       

Part III

CAPITAL ACCOUNT
  2000 2001 2002
    Provisonal Budget
    Outturn Estimate
  €m €m €m
RECEIPTS      
23. Taxes on capital 998 1,025 926
24. Loan repayments 1,731 857 172
25. Capital transfers from ROW 489 673 622
26. Capital receipts 740 888 915
27. Borrowing -5,590 -1,671 -467
28. Total receipts on Capital Account -1,633 1,771 2,169
       
29.  Capital receipts less Financial Transactions [24. 27.] 2,227 2,586 2,463
       
  EXPENDITURE      
30. Grants to private sector 648 441 388
31. Other transfer payments 575 950 1,035
32. Debt Redemption 546 544 542
33. Loans and purchase of share capital 302 258 210
34. Gross physical capital formation 3,839 5,081 5,686
35. Capital payments to ROW 13 13 27
36. Total expenditure on Capital Account 5,924 7,286 7,887
       
37. Capital expenditure less Financial Transactions [32. 33.] 5,075 6,484 7,136
       
38. Current Saving (+)/Deficit (-) [22] 7,556 5,515 5,509
39. Capital Saving (+)/Deficit (-) [29-37] -2,849 -3,898 -4,672
40. Net Borrowing 4,708 1,616 837

 

 

NATIONAL ACCOUNTS CLASSIFICATION OF GENERAL GOVERNMENT

Part I

SUMMARY

IR£m

  2000 2001 2002
    Provisonal Budget
    Outturn Estimate
  £m £m £m
RECEIPTS      
       
 1. Current (15) 27,322 29,481 32,360
 2. Capital (30) 1,754 2,037 1,940
 3. Total Receipts (1+2) 29,076 31,518 34,300
       
  EXPENDITURE      
       
 4. Current (21) 21,371 25,139 28,021
 5. Capital (37) 3,997 5,107 5,620
 6. Total expenditure (4+5) 25,368 30,245 33,641
       
 7. Net Borrowing (3-6=40) 3,708 1,273 659
       
       

Part II

CURRENT ACCOUNT

IR£m

  2000 2001 2002
    Provisonal Budget
    Outturn Estimate
  £m £m £m
RECEIPTS      
       
 8. Taxes on income and wealth 10,307 11,115 12,101
 9. Social insurance and health contributions 3,450 3,891 4,241
10. Taxes on expenditure 10,731 11,042 11,980
11. Total taxation (excluding taxes on capital) 24,488 26,047 28,322
       
12. Gross trading and investment income 903 1,202 1,742
13. Current transfers from the rest of the world 247 436 433
14. Miscellaneous Receipts 1,683 1,796 1,863
15. Total receipts on Current Account 27,322 29,481 32,360
       
  EXPENDITURE      
16. Subsidies: 618 1,069 801
17. National debt interest 1,684 1,483 1,640
18. Current transfer payments:      
       to residents 7,523 8,927 10,090
       to ROW 533 659 936
19. Current expenditure on goods and      
      services (including depreciation) 5,139 6,173 6,932
20. Current expenditure on goods and services 5,874 6,826 7,622
      by local authorities      
21. Total expenditure on Current Account 21,371 25,138 28,021
       
22. Gross Saving (+)/Deficit(-) [15-21] 5,951 4,344 4,339
       
       

Part III

CAPITAL ACCOUNT

IR£m

  2000 2001 2002
    Provisonal Budget
    Outturn Estimate
  £m £m £m
RECEIPTS      
23. Taxes on capital 786 807 729
24. Loan repayments 1,363 675 135
25. Capital transfers from ROW 385 530 490
26. Capital receipts 583 700 721
27. Borrowing -4,403 -1,316 -367
28. Total receipts on Capital Account -1,286 1,395 1,708
       
29.  Capital receipts less Financial Transactions [24. 27.] 1,754 2,037 1,940
       
  EXPENDITURE      
30. Grants to private sector 511 347 306
31. Other transfer payments 453 748 815
32. Debt Redemption 430 428 427
33. Loans and purchase of share capital 238 203 165
34. Gross physical capital formation 3,024 4,001 4,478
35. Capital payments to ROW 10 10 21
36. Total expenditure on Capital Account 4,665 5,738 6,212
       
37. Capital expenditure less Financial Transactions [32. 33.] 3,997 5,107 5,620
       
38. Current Saving (+)/Deficit (-) [22] 5,951 4,344 4,339
39. Capital Saving (+)/Deficit (-) [29 - 37] -2,244 -3,070 -3,680
40. Net Borrowing 3,708 1,273 659