Government finance statistics - quarterly data

From Statistics Explained

Data from 23 July 2014. Seasonal adjustment metadata updated on 23 July 2014. Most recent data: Further Eurostat information, Main tables and Database.

In recent years Eurostat has significantly expanded the range of integrated quarterly data on government finances available, providing a timely and increasingly high quality picture of the evolution of government finances in the European Union (EU). The data presented in this article reflect both non-financial and financial (quarterly non-financial and financial accounts for general government) transactions and cover all European Union (EU-28) countries as well as Iceland, Norway and Switzerland.

This article is based on data transmitted to Eurostat at the end of June 2014 and during July 2014 and includes data coverage of the first quarter of 2014. It is supplemented by non-financial seasonally adjusted data estimated provided on a voluntary basis by EU and EFTA countries' National Statistical Institutes. Eurostat regularly publishes seasonally adjusted and working day adjusted quarterly data on government revenue, expenditure and surplus (+)/ deficit (-), currently for sixteen Member States and the EU aggregates.

Table 1: EA-18 and EU-28 quarterly net lending (+)/ net borrowing (-), total expenditure and total revenue as a percentage of GDP, seasonally adjusted data - Source: Eurostat (gov_q_ggnfa), seasonally adjusted data: Eurostat and National Statistical Instititute estimates
Table 2: Quarterly net lending (+)/ net borrowing (-) as a percentage of GDP, seasonally adjusted data - Source: Eurostat (gov_q_ggnfa), seasonally adjusted data: National Statistical Institute estimates
Table 3: Quarterly net lending (+)/ net borrowing (-) by country, non-seasonally adjusted data - Source: Eurostat (gov_q_ggnfa)
Figure 3: EU-28 quarterly general government financial transactions (assets, liabilities and net financial transactions) in billions of euro - Source: Eurostat (gov_q_ggfa), seasonally adjusted data: Eurostat estimates
Figure 4: EU-28 quarterly general government stocks of financial assets and liabilities in billions of euro and as a percentage of annualised quarterly GDP - Source: Eurostat (gov_q_ggfa)
Figure 5: EA-18 quarterly general government stocks of financial assets and liabilities in billions of euro and as a percentage of annualised quarterly GDP - Source: Eurostat (gov_q_ggfa)
Figure 6: EU-28 quarterly general government stocks of financial assets by financial instrument as a percentage of annualised quarterly GDP - Source: Eurostat (gov_q_ggfa)
Figure 7: EA-18 quarterly general government stocks of financial assets by financial instrument as a percentage of annualised quarterly GDP - Source: Eurostat (gov_q_ggfa)
Figure 8: EU-28 quarterly general government stocks of financial liabilities by financial instrument as a percentage of annualised quarterly GDP - Source: Eurostat (gov_q_qfagg)
Figure 9: EA-18 quarterly general government stocks of financial liabilities by financial instrument as a percentage of annualised quarterly GDP - Source: Eurostat (gov_q_ggfa)
Figure 10: General government gross debt as a percentage of annualised quarterly GDP - Source: Eurostat (gov_q_ggdebt)

Main statistical findings

In the first quarter of 2014, the seasonally and working day adjusted general government deficit to GDP ratio stood at 2.7 % in the euro area (EA-18), a slight increase compared to the fourth quarter of 2013 (2.6 %).

In the EU-28, the deficit to GDP ratio decreased from 3.1 % of GDP in the fourth quarter of 2013 to 1.9 % of GDP in the first quarter of 2014, largely due to one-off effects.

Quarterly non-financial accounts for general government

Government revenue and expenditure

Both total revenue and expenditure exhibit a clear seasonality. In order to interpret trends for the most recent quarters, seasonally adjusted data is presented in addition to the raw data transmitted by EU Member States (see explanation below).

In the first quarter of 2014, total government revenue in the euro area amounted to 46.8 % of GDP, compared with 46.9 % in the fourth quarter of 2013. Total government expenditure in the euro area stood at 49.5 % of GDP, stable in comparison with the previous quarter.

In the first quarter of 2014, total government revenue in the EU-28 was 46.6 % of GDP, compared with 45.7% of GDP in the fourth quarter of 2013. Total government expenditure in the EU-28 was 48.5 % of GDP, down from 48.8 % in the previous quarter.

From 2010Q4 onwards, a decrease in the level of the total expenditure-to-GDP ratio is visible, reflecting an absolute decrease in total expenditure as well as the effects of renewed growth in the EU and the euro area(all seasonally adjusted).

In the fourth quarter of 2012 and in the second quarter of 2013, total expenditure increased slightly in both areas, influenced by interventions to support the banking sector in several Member States, notably in Spain in the fourth quarter of 2012 and in Greece in the second quarter of 2013.

Social welfare spending accounted for over 40 % of EU total government expenditure in the first quarter of 2014. This category typically covers risks or needs such as sickness, disability, old age, family support and unemployment and – not surprisingly - was responsible for a large part of the increase of the expenditure-to-GDP ratio recorded during the crisis.

General government deficit

The difference between general government revenue and expenditure is known in ESA95 terminology as general government net lending (+)/ net borrowing (-) (ESA95 category B.9) and is usually referred to as government deficit (or surplus). This figure is an important indicator of the overall situation of government finances. It is usually expressed as a percentage of GDP.

In the first quarter of 2014, the seasonally and working day adjusted general government deficit to GDP ratio stood at 2.7 % in the euro area (EA-18), a slight increase compared to the fourth quarter of 2013 (2.6 %).

In the EU-28, the deficit to GDP ratio decreased from 3.1 % of GDP in the fourth quarter of 2013 to 1.9 % of GDP in the first quarter of 2014, largely due to one-off effects.

Due to the economic and financial crisis, which started in 2008, EU government's deficits steadily deteriorated and reached a record levels of -7.6 % of GDP (seasonally adjusted) in 2010Q3. The beginning of the consolidation of public finances which can be observed from 2010Q4 onwards is due to a reduction in government expenditure not only in terms of GDP but also in absolute terms as well as continued growth in absolute revenue (seasonally adjusted absolute numbers), which outpaced the growth in GDP. However, from 2011Q3 onwards, general government total expenditure resumed growth when measured in absolute terms.

While by the second quarter of 2013, the government deficits of the euro area and the EU had nearly converged, largely due to a positive influence on the deficit in the United Kingdom due to dividends from the Bank of England Asset Purchase Facility in 2013Q1 and 2013Q2, a wider gap is observed in the third and fourth quarters of 2013.

The differing evolution of the EA-17 and EU-27 in 2012Q2 is largely due to a one-off event in the United Kingdom. The nationalisation of the Royal Mail pension scheme and corresponding assumption of assets in 2012Q2, recorded as a capital transfer to the general government sector, had a positive impact of about 30 billion GBP on the EU-27 total.

In the first quarter of 2014, the differing evolution of EU and euro area deficits is largely due the pension reform in Poland, during which general government assumed assets and future obligations of pension schemes.

Seasonally adjusted general government deficit

It should be noted that annualised seasonally adjusted data is not in general equal to annualised non-adjusted data. When using annualised figures, it is more appropriate to use non-seasonally adjusted data. Using seasonally adjusted data is on the contrary more appropriate when looking at quarter-on-quarter growth rates.

In 2014Q1, among the countries for which the seasonally adjusted deficit is published, surpluses are recorded for Poland (37.6 % of GDP) and Estonia (0.4 % of GDP). The largest deficits were recorded in Malta (-6.1 % of GDP) and the United Kingdom (-5.7 % of GDP).

The surplus recorded by Poland in the first quarter of 2014 is largely due to the pension reform. Under ESA95 rules, the assets of pension schemes taken over by government are recorded as revenue, positively influencing the surplus/ deficit.

The large deficit for Slovenia in the fourth quarter of 2013 is mainly caused by capital injections to support financial institutions. This is also the reason for the relatively large deficit in 2013Q1. In contrast to this, 2013Q3 is positively influenced by dividends from the National Central Bank.

The largest quarter-on-quarter decreases in the deficit were recorded by Portugal (+4.3 pp of GDP, influenced by a tax amnesty increasing revenue in the fourth quarter), Bulgaria (+2.7 pp of GDP), Latvia (+2.4 pp of GDP) and Belgium (+1.8 pp of GDP).

The 2012Q4 deficit for the Czech Republic is negatively influenced by a capital transfer in the context of the restitution of assets to churches.

On Eurobase, seasonally adjusted and calendar day adjusted total revenue and total expenditure data of Member States and EFTA countries, which provide seasonally adjusted and calendar day adjusted data for total revenue, total expenditure and net lending (+)/ net borrowing (-) in addition to the legal requirements of the ESA95 transmission programme, is presented in full detail. This data is provided on a voluntary basis by the National Statistical Institutes.

Quarterly financial accounts for general government

Financial transactions - assets, liabilities and net financial transactions

The government financial accounts notably allow an analysis of how governments finance their deficits or invest their surpluses. They include data on financial transactions (net acquisition of financial assets and the net incurrence of financial liabilities) and balance sheet items (stocks of financial assets and liabilities outstanding at the end of each quarter) for general government and its sub-sectors. Variations in stocks are explained both by the transactions and by other factors such as holding gains and losses and other changes in volume. The aim of this section is to present the main characteristics of the general government financial accounts.

The economic and financial crisis led to significant increases in the fluctuations of net incurrence of liabilities and net acquisition of financial assets.

From the fourth quarter of 2008 onwards, the fluctuation of transactions in both assets and liabilities has increased sharply. The gap between the volume of transactions in assets and liabilities has widened sharply, giving rise to increasing negative figures in net financial transactions (B.9f), which is interpreted as the government deficit/ surplus derived from financial accounts. The increase and peaks in transactions in financial assets can be explained by governments having acquired assets to support financial institutions.

Net financial transactions continued to deteriorate steadily from 2008Q2 to 2009Q3. From 2010Q4 onwards a decrease is visible.

Government financial balance sheet

A significant rise in the stocks of liabilities has been observed since the end of 2008, together with an increase in assets which was less pronounced.

At the end of the first quarter of 2014, the EU-28 stock of general government financial assets reached EUR 5 283 billion, while the stock of liabilities amounted to EUR 13 387 billion.

At the end of the first quarter of 2014, the resulting net financial worth was negative at EUR -8 104 billion, and decreased by EUR 248 billion compared to the fourth quarter of 2013.

In the euro area (EA-18), the stock of financial assets amounted to EUR 3 848 billion while the stock of liabilities stood at EUR 10 519 billion, leaving net financial worth at EUR -6 671 billion at the end of 2014Q1. Compared to the end of the fourth quarter of 2013, a decrease in net financial worth of EUR -243 billion is observed.

The stocks of financial assets had previously been quite stable, but from 2009Q1 onwards increases are observed for this indicator.

In the EU-28, the stock of financial liabilities increased at 101.8 % of annualised quarterly GDP (i.e. quarterly GDP summed over the previous four quarters), while the stock of financial assets was equivalent to 40.2 % of annualised quarterly GDP.

In the euro area, the stock of financial liabilities stood at 106.2 % of annualised quarterly GDP in 2013Q4, while the stock of financial assets was equivalent to 39.5 % of annualised quarterly GDP.

In the EU-28, the most important component of government financial assets is 'shares and other equity', which was equivalent to 16.8 % of annualised quarterly GDP at the end of 2014Q1. The next largest categories of EU-28 government financial assets are 'loans' (this instrument contains both short-term and long-term loans), equivalent to 6.7 % of GDP at the end of 2014Q1, 'currency and deposits' and 'other financial assets', the latter two equivalent to 6.8 % and 6.9 % of GDP respectively in 2014Q1.

'Currency and deposits' shows a seasonal pattern, explained by bank accounts of government units and pensions guaranteed and notably of treasuries maintaining abundant liquid assets that can fluctuate very quickly and by large amounts. In the third and fourth quarters a decline is often observed. It is evident that governments had acquired greater assets in currency and deposits during 2009 and to a lesser extent in 2010 due to an increase in liquidity.

Finally, for 'securities other than shares' (3.0 % of GDP in the EU-28 in 2014Q1) lower amounts are recorded. The percentage share of this component has been fairly stable over the years, which is explained by the asset investment strategies. Nevertheless, during the recent crisis, the GDP shares of both instruments have increased and continue to increase, reflecting loans to other sectors of the economy.

The main component of EU-28 financial liabilities is 'securities other than shares', which made up around 78.0 % of the total stock of liabilities at the end of 2014Q1 – this in turn is mainly government bonds and bills. This category is also mostly responsible for the increase of total liabilities in the financial crisis.

The three other components of liabilities – 'currency and deposits', 'loans' and 'other liabilities' – have proven to be fairly stable over time.

Quarterly gross debt for general government

At the end of the first quarter of 2014, the government debt to GDP ratio in the euro area (EA-18) stood at 93.9 %, compared with 92.7 % at the end of the fourth quarter of 2013. This increase comes after two consecutive quarters of decrease. In the EU-28, the ratio increased from 87.2% to 88.0%. Compared with the first quarter of 2013, the government debt to GDP ratio rose in both the euro area (from 92.5% to 93.9%) and the EU-28 (from 86.2 % to 88.0 %).

Data sources and availability

Quarterly accounts of general government

Eurostat releases quarterly flow and stock data for the general government sector, using an integrated structure which combines the data from quarterly non-financial accounts for general government (QNFAGG), quarterly financial accounts for general government (QFAGG) and quarterly government debt (QGD). An integrated publication combining data from all three tables is released quarterly on the dedicated Government Finance Statistics (GFS) section of the Eurostat web site and on the dedicated Statistics Explained page Integrated government finance statistics presentation.

The regulations on these three data transmissions are available on the Eurostat web site in the section dedicated to government statistics.

ESA95

Fiscal non-financial and financial accounts data are compiled in accordance with national accounts rules, as laid down in the 1995 European System of Accounts (ESA95) adopted in the form of a Council and Parliament Regulation (EC) No 2223/1996 of 25 June 1996. The full text of ESA95 is available on the Eurostat web site.

Pre-announcement In line with the worldwide guidelines on national accounting, EU National Accounts data, which includes government deficit/surplus and GDP, will be published based on a new methodology (ESA2010) from Autumn 2014 onwards. See here for more details. It should be noted that many Member States will also use this opportunity to carry out major revisions or make other methodological improvements in the compilation of their data.

Methodological changes in ESA2010 include the treatment of assets of pension schemes transferred to general government as a partial compensation for taking over pension obligations. While the transfer of assets has been treated as a non-financial transaction under ESA95, under ESA2010 such lump sum transfers from (public) corporations are treated as financial, with no impact on general government net lending (+)/ net borrowing (-). Furthermore, the difference between the value of assets received by government and the value of the pension obligations has to be treated as a capital transfer from government to the concerned corporation. For more information, please see the Eurostat decision on the issue: here.

Quarterly non-financial accounts for general government (QNFAGG)

The aim of QNFAGG is to compile, report and present quarterly government expenditure, revenue and their components. Government revenue and expenditure are concepts used to analyse fiscal policy. Total revenue and total expenditure are defined in ways such that the ESA95 government net lending (+)/ net borrowing (-) (ESA95 B.9), is equal to the difference between the former and the latter. Government quarterly revenue and expenditure, and their components are reported in the framework of the European Parliament and Council Regulation (EC) No 1221/2002 on quarterly non-financial accounts for general government (QNFAGG).

Quarterly financial accounts for general government (QFAGG)

Quarterly financial accounts for general government include data on financial transactions and balance sheet items for general government (consolidated and non-consolidated) and its sub-sectors. The primary classification of financial instruments comprises: Monetary gold and special drawing rights (AF.1), Currency and deposits (AF.2), Securities other than shares (AF.3), Loans (AF.4), Shares and other equity (AF.5), Insurance technical reserves (AF.6), and Other accounts receivable/ payable (AF.7). The reliability of data reported by Member States has been assessed and reported to the European Parliament and the Council. The most recent reports are available on the Eurostat web site in the section dedicated to government finance statistics. The QFAGG data is reported in the framework of Regulation (EC) No 501/2004 of the European Parliament and of the Council of 10 March 2004 on quarterly financial accounts for general government (Text with EEA relevance).

Quarterly government debt (QGD)

Quarterly government debt is constituted by the liabilities of general government in the following categories: AF.2 (currency and deposits), AF.33 (securities other than shares, excluding financial derivatives) and AF.4 (loans). QGD must comply with ESA95 regulations concerning the classification of institutional units, consolidation rules, classification of financial liabilities and recording time. However, the valuation rules are different from those of ESA95. While in ESA95 assets and liabilities must generally be recorded at their market value at the end of the accounting period, QGD is recorded at nominal (face)value. The market value is the price of a security as determined dynamically by buyers and sellers in an open market while the nominal value is considered equivalent to the face value of liabilities for securities. It is therefore equal to the amount (contractually agreed) that the government will have to refund to creditors at maturity. Moreover, in the definition of Maastricht debt, interest accrued on liabilities is not accounted for in the nominal valuation, unless explicitly credited. QGD data is the subject of a dedicated press release] and is thus not covered in detail in this article. The quarterly government debt is reported in the framework of Council Regulation (EC) No 1222/2004 of 28 June 2004 concerning the compilation and transmission of data on the quarterly government debt.

General government

QNFAGG and QFAGG statistics cover data for general government.

According to ESA95, paragraph 2.68 "the sector general government (S.13) includes 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".

Seasonal adjustment of selected data series

Quarterly government finance statistics are reported to Eurostat in the form of non-seasonally adjusted (raw) figures. However, a certain number of the reported series contain seasonal patterns (explained by the link with the seasonality of economic activity and by the budgetary planning and accounting practices of national governments), which make it difficult to carry out a direct meaningful cross-country and time series analysis using non-adjusted data. The same is true for GDP, which reflects the seasonal pattern of all economic activities in the economy.

To overcome this difficulty and thus to gain a better understanding of trends in addition to the non-seasonally adjusted data, seasonally adjusted data is presented for the EU-27 and EA-17 in this article. The seasonal adjustment aims to remove the seasonality linked to this quarterly data.

It should be noted that annualised seasonally adjusted data is not in general equal to annualised non-adjusted data. When using annualised figures, it is more appropriate to use non-seasonally adjusted data. Using seasonally adjusted data is more appropriate when looking at quarter-on-quarter growth rates.

The seasonal adjustment for total revenue and total expenditure is done using an indirect procedure (at country level using Tramo-Seats in Demetra+). Where available, National Statistical Institutes own estimates are used as input for the aggregates. Some country level estimates as well as data for the EU aggregates are published on Eurobase. Net lending (+)/ net borrowing (-) is derived indirectly from the accounting identity: Net lending (+)/ net borrowing (-)= total revenue - total expenditure.

Where available, National Statistical Institutes own estimates are used as input for the aggregates, which are supplied to Eurostat on a gentlemen's agreement basis. Some country level estimates as well as data for the EU aggregates are published on Eurobase. These estimates are supplemented by Eurostat's own estimates for those countries, which do not yet supply their own estimate. This data is labelled confidential and not published.

Net lending (+)/ net borrowing (-) is derived indirectly from the accounting identity: Net lending (+)/ net borrowing (-) = total revenue - total expenditure.

As concerns GDP, no independent estimate is derived.

EU-28 seasonally adjusted data have been estimated using EU-27 seasonally adjusted data and the available quarterly pattern for Croatia. Croatian quarterly data are available from first quarter 2012.

For the following countries, the estimates are produced by the respective National Statistical Institute, which all follow the “ESS guidelines on seasonal adjustment”:

Belgium: The seasonally adjusted series are computed following an indirect approach. The components of the revenue and of the expenditure of the General Government are seasonally adjusted by means of "Tramo-Seats", taking into account the presence of possible outliers and calendar effects. The model of each component (>20) has been individually validated (no automatic modelling). The absence of residual seasonality after aggregation has been checked. The data are benchmarked on annual totals of the non-adjusted series. The annual benchmarking is computed on each component by means of a multiplicative Denton procedure.

Bulgaria: Tramo-Seats on Demetra +. Total expenditure: ARIMA model [(1,0,0)(0,1,1)], outliers: AO[2007-IV], AO[2008-IV]. Total revenue: ARIMA model [(0,1,0)(0,1,1)], outlier: LS[2007-I]. Bulgarian national calendar is used.

Czech Republic: Tramo-Seats on Demetra +. Total expenditure: No trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outliers: AO[2003-I], AO[2003-III], AO[2012-IV], TC[2001-IV]. Total revenue: No trading days effects, no Easter effect, ARIMA model [(1,1,0)(0,1,1)], outliers: AO[2003-I], TC[2007-III], AO[2008-III].

Denmark: X12-ARIMA. Total expenditure: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outliers: AO[2008-I], TC[2012-II].Total revenue: Log-transformation, trading days effects, no Easter effect, ARIMA model [(0,1,0)(0,1,1)], outliers: AO[2008-II], AO[2009-I], AO[2009-IV].

Estonia: Tramo-Seats on Demetra +. Total expenditure: National calendar used, trading days effects (1 variable), no Easter effect, ARIMA model [(0,1,0)(0,1,1)], AO[2008-IV]. Total revenue: No trading days effects, no Easter effect, ARIMA model [(1,1,0)(0,1,0)], outliers: AO[2009-IV].

France: Seasonally adjusted data is transmitted. Working day adjustment is also done when relevant. An indirect method is used. Seasonal adjustment is done using X-12-ARIMA. For more information, you can read INSEE's methodology (starting on page 21) at the following link (the document is available in both English and French): here.

Latvia: Tramo-Seats on Demetra +. Total expenditure: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outliers: LS[2009-III], LS[2006-IV], LS[2005-IV]. Total revenue: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,0)(0,1,1)].

Malta: Tramo-Seats on Demetra+. Total expenditure: no trading days effects, no Easter effects, ARIMA model [(0,1,1)(0,1,1)], Detected outliers: AO[2003-IV], TC[2007-IV]. Total revenue: no trading days effects, no Easter effects, ARIMA model [(0,0,0)(0,1,1)], outlier AO[2013-IV].

Austria: Tramo-Seats on Demetra +. Total expenditure: no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outliers: AO[2004-IV]. Total revenue: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,0)], outlier: LS[2009-I].

Portugal: X13-ARIMA on Demetra+. A manual pre-treatment is performed by identifying and deducting one-off measures. Additional pre-treatment is applied for outlier detection and correction. The seasonal adjustment is applied to total revenue, expenditure except compensation of employees and compensation of employees. Total revenue: no trading day effect; no Easter effect; ARIMA model [(011)(011)]; outliers: AO[2003 IV], AO[2004 IV]. Expenditure except compensation of employees: no trading day effect; no Easter effect; ARIMA model [(001)(011)]; outliers: AO[2002 III], AO[2002 IV], AO[2009 III], LS[2012 I]. Compensation of employees: no trading day effect; no Easter effect; ARIMA model [(011)(011)]; outliers: SO[2012 II IV].

Slovenia: Tramo-Seats on Demetra +. Model for total revenue: Log transformation, 6 variables for trading days effects, Slovenia holidays, Easter effect (6 days), outliers: LS[2008-IV], ARIMA(0,1,0)(0,1,1) model. Model for total expenditure: Log transformation, no trading days effects, no Easter effect, 3 pre-specified outliers (AO[2001-I], AO[2011-I], AO[2013-I]),AO[2013-IV], ARIMA(1,1,0)(0,1,1) model.

Slovakia: Tramo-Seats on Demetra +. Total expenditure: no trading days effects, Easter effect (4 days), ARIMA model [(1,0,0)(0,1,0)], outliers: LS[2000-IV], AO[2002-IV]. Total revenue: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,0)(0,1,1)].

Finland: Tramo-Seats on Demetra 2.2. Pre-treatment is done if necessary, for example for outlier detection and correction. Total revenue and expenditure are estimated indirectly on the basis of their components and on sub-sector data.

Sweden: Tramo-Seats on Demetra +. Total expenditure: no trading days effects, no Easter effect, ARIMA model [(1,1,0)(0,1,1)], outlier AO[2010-IV]. Total revenue: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(1,0,0)(0,1,0)], outlier: LS[2009-I].

United Kingdom: Adjustment using X-11 algorithm in X-13ARIMA-SEATS. Net borrowing: No trading day effects, no Easter effect, additive, ARIMA model [(0,1,1)(0,1,1)], outliers: LS[2009Q1], seasonal moving average: 3x5, trend moving average: 5. Total expenditure: No trading day effects, no Easter effects, additive, ARIMA model[(0,1,1)(0,1,1)], outliers: LS[2008Q3], seasonal moving average: 3x3, trend moving average: 5. Total revenue: no trading day effects, no Easter effects, log transformation, ARIMA model[(0,1,1)(0,1,1)], outliers: AO[2008Q3], LS[2009Q1], AO[2012Q2], seasonal moving average: 3x5, trend moving average: 5. For the purpose of calculation the EU aggregates, B.9 is derived indirectly. Annualised seasonally adjusted data is benchmarked on the annualised non-adjusted data.

Switzerland: The data reported is trend-cycle data. A Denton-Cholette method is used to temporally disaggregate annual data. The quarterly data is extrapolated using smoothed indicators.

Net financial transactions is derived using a direct method of seasonal adjustment for the EU-27 and EA-18 (Tramo-Seats on Demetra+).

As concerns GDP, no independent estimate is derived.

Revision policies/ country notes

The differing revision policies of EU Member States and EFTA countries reporting quarterly GFS data can be viewed in the QNFAGG and QFAGG manuals as well as in the respective metadata files on Eurobase. Revisions are generally accepted by Eurostat at any time.

The majority of countries revise quarterly QNFAGG, QFAGG and QGD data once more detailed sources used for the compilation of annual general government accounts become available; that is with the provision of quarterly data for the fourth quarter. A number of countries revise also previous years' data outside the transmission periods for annual data. Thus timing differences with annual tables arise.

Greece: D.9pay for 2012Q3 is mainly due to amounts transfered by Hellenic Financial Stability Fund (HFSF, classified in S.13), in particular its transfer to Piraeus Bank (classified in S.12) to cover the funding gap between the assets and liabilities of Agricultural Bank of Greece that were transferred to Piraeus Bank. D.9 pay for 2013Q1 is due to amounts transferred by HFSF to S.12, in particular for the resolution case of New Post Bank as well as for the share capital increase of New Post Bank. D.9pay for 2013Q2 is mainly due to amounts transferred by Hellenic Financial Stability Fund (HFSF, classified in S.13), in particular to NBG, Eurobank and Alpha Bank for recapitalisation purposes as well as provisional amounts for the resolution of First Business Bank. D.9pay for 2013Q3 is mainly due to ammounts transferred by HFSF to S.12; in particular to Piraeus Bank for recapitalisation purposes as well as provisional amount for the resolution of Probank and the share capital increase of New Proton prior to its sale to Eurobank. All resolution cases will be revised once the audited estimations for the recoverable amounts of bad assets under liquidation are available.

Croatia: Due to the on-going process of quality improvement of the general government reporting system (including data sources) for quarterly GFS data, Eurostat publishes Croatian data with a provisional flag.

Cyprus: Eurostat and CYSTAT mutually agree to provisionally classify the signature bonus payments related to fossil fuel exploration contracts in the Cypriot EEZ as K.2 in 2013Q1 until the methodological discussion on its treatment is concluded. The increase in debt is largely due to European Stability Mechanism loans disbursed under the financial assistance package for Cyprus.

The Netherlands: The Dutch government nationalised the financial corporation SNS Reaal on 1 February 2013. The capital injections by the Dutch government into SNS Reaal (billion EUR 2.2) are currently recorded as financial transactions (AF.5) in 2013Q1. In the context of the Excessive Deficit Procedure, Eurostat is expressing a reservation on the quality of the government deficit data reported by the Netherlands, due to uncertainties on the statistical impact of the government interventions relating to the nationalisation and restructuring of SNS Reaal in 2013. The size of the impact is being clarified with the Dutch statistical authorities. Based on currently available information, Eurostat expects that the resulting increase in the government deficit for 2013 would not exceed 0.3% of GDP.

Ireland and the Netherlands: ESA95 data for 2014 Q1 have been transmitted to Eurostat, but have been labelled as non-publishable due to an early national publication of ESA2010 data for 2014 Q1. See also: here. Published ESA95 data for these two countries are not revised and correspond to the April 2014 publication.

In addition to Ireland and the Netherlands, some other Member States have already published data under ESA 2010 nationally.


Please refer to the country notes on EMIS for more important information at country level.

Gross domestic product

Throughout this publication, gross domestic product (GDP) at current prices (nominal) is used, either using the non-seasonally adjusted or the seasonally and working-day adjusted forms as appropriate.

See also

Further Eurostat information

Publications


Main tables

Annual government finance statistics (t_gov_a)
Government deficit and debt (t_gov_dd)
Quarterly government finance statistics (t_gov_q)

Database

Annual government finance statistics (gov_a)
Government deficit and debt (gov_dd)
Quarterly government finance statistics (gov_q)

Dedicated section

Methodology / Metadata

Other information

External links

Views