Monday, October 21 11:10:15
The Government experienced a deficit of E13,511 million (8.2pc of GDP) in 2012 - an improvement on the 2011 deficit of E21,358 million (13.1pc of GDP), latest CSO figures showed today.
Government revenue increased from E55,331 million in 2011 to E56,524 million in 2012 while there was a decline in expenditure from E76,557 million to E69,812 million over the same period.
Taxes and social contributions formed by far the largest component of Government revenue over the period, representing just under 87pc of total Government revenue in 2012. Social benefits accounted for just over 40pc of Government spending in each year.
The 2012 deficit has been substantially revised since first estimates were published in April of this year mainly due to a change arising from the sale of mobile telephone licences by the State.
The gross debt of General Government stood at E192,458 million at the end of 2012 - up from E169,226 million at the end of 2011. The corresponding percentages of GDP were 117.4 pc and 104.1pc, respectively.
General Government Net Debt for 2012 amounted to E151,979 million or 92.7pc of GDP. This net debt figure is obtained by deducting the value of the financial assets corresponding to those categories of financial liabilities which comprise General Government Debt from the gross debt figure.
When financial assets of E73,696 million and non-financial assets of E57,865 million are taken into account, the General Government Net Worth amounted to -E77,352 million (-47.2pc of GDP) at the end of 2012. The corresponding end 2011 net worth was -E46,912 million (-28.9pc of GDP).
For the April estimates Government revenue from the sales of mobile phone licences was recorded as having being received in 2012, reflecting the fact that the contract was entered into in 2012. CSO subsequently obtained clarification from Eurostat, that as the date of the legal allocation of the licences (as opposed to the contract date) was in the first quarter of 2013, the correct statistical treatment is to record this revenue in 2013. The effect of this change of treatment is a worsening of the 2012 deficit in the amount of E723 million. This forms the main component of the change in the reported deficit from E12,461 million in April to E13,511 million in October.