Monday, November 12, 2012

Government Sector Non-Financial Accounts

The non-financial general government accounts in the Institutional Sector Accounts give a cash-based view of the general government sector which is more complete in scope than the Exchequer Accounts.  The general government accounts used for the Excessive Deficit Procedure are accruals-based.

Below the fold are the current accounts of the general government sector since 2007 (noting that the figure for ‘Value of Output’ is the sum of subsequent items in the accounts rather than a starting input, as most government output is non-market).

Government ISA Currents Accounts 07-11

The current cash deficit of the general government sector has declined in each of the past two years (albeit slowly).   Here are the capital accounts for the same period.

Government ISA Capital Accounts 07-11

The largest item in the capital account in recent years has been “other capital transfers” which reflects the direct capital injections into the banks (excluding those made via share acquisition).  These transfers were €4 billion to Anglo in 2009, the €31 billion of Promissory Notes to Anglo/INBS in 2010 and around €5 billion of the AIB/EBS recapitalisation in 2011.

Investment expenditure by the government sector has declined markedly since 2008, and once depreciation of existing capital is accounted for, the net capital formation of the government sector in 2011 was just €1.8 billion.

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