Origo : Quarterly Non - Financial Accounts of General Government, 3rd Quarter 2019

HELLENIC REPUBLIC	Piraeus, 21 January 2020

HELLENIC STATISTICAL AUTHORITY

PRESS RELEASE

Quarterly Non-Financial Accounts of General Government

3rd Quarter 2019

The Hellenic Statistical Authority (ELSTAT) with the present press release announces the quarterly non-financial accounts of General Government for the third quarter of 2019 (Table 1 & Table 2) as well as data on General Government debt at the end of that period (Table 3). These data have been produced on the basis of the Regulation ESA 2010 (549/2013) for the System of National Accounts, which became obligatory as of 01.09.2014.

Since the first quarter of 2009, the quarterly non-financial accounts of General Government have been compiled by ELSTAT based mainly on direct data sources. The data are compiled in full consistency with the European System of Accounts - ESA2010. It should be noted that the methods used to compile data on a quarterly basis are consistent with the methods used to compile the annual data.

The quarterly non-financial accounts of General Government provide information on the aggregates constituting General Government revenue (taxes, social contributions, capital transfers, etc) and expenditure (compensation of employees, intermediate consumption, social benefits, interest payments, etc).

Graph 1: Overall and Primary Balance of General Government (in million EUR)

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-5000						Overall Balance
-10000						Primary Balance
-15000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011	2012	2013	2014	2015	2016	2017	2018	2019

Information on methodological issues:	Information for data provision:
Division of National Accounts	Tel: [phone], 2308, 2310
Section of General Government Accounts	Email:[e-mail]
Head of Section: Konstantinos Chrissis
Tel: [phone]
Fax: [phone]
Email:[e-mail]

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TABLE 1: Quarterly non-financial accounts of General Government

2017 Q1 − 2019 Q3 (million EUR)

ITEMS

Total Revenue

Taxes on production and imports

Taxes on income and property

Social contributions

Other

Capital transfers

Total Expenditure

Primary expenditure

Compensation of employees

Social benefits

Goods and Services

Subsidies

Other current transfers

Capital transfers

Interest

Primary Balance (excluding interest)1

Overall Balance

Memorandum Item:

Support to financial institutions 2

	2017				2018				2019
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
18,122	20,437	23,074	25,158	19,053	20,214	23,258	26,047	17,536	22,511	23,986
5,792	7,031	8,367	9,401	6,438	6,837	8,714	9,342	6,565	7,240	8,803
3,309	4,839	4,938	4,648	3,556	4,652	5,405	4,984	2,747	5,035	5,453
6,467	6,445	6,602	6,449	6,562	6,521	6,533	6,683	6,536	6,737	6,837
2,330	1,955	2,430	3,324	2,098	2,080	2,159	3,304	1,506	3,121	2,465
224	167	737	1,336	399	124	447	1,734	182	378	428
19,093	20,230	20,567	25,602	19,568	20,319	20,763	26,096	19,331	22,211	20,860
17,663	18,824	19,284	24,155	18,149	18,670	19,332	24,521	17,913	20,685	19,566
5,188	5,315	5,432	5,579	5,339	5,388	5,449	5,544	5,254	5,617	5,475
9,109	9,250	9,365	10,702	9,298	9,103	9,508	10,371	9,113	10,299	9,440
1,479	2,069	2,008	3,738	1,439	1,907	1,987	3,129	1,346	2,283	1,960
283	440	525	453	310	444	429	371	412	463	534
665	632	712	654	905	595	772	1,118	892	587	796
939	1,118	1,242	3,029	858	1,233	1,187	3,988	896	1,436	1,361
1,430	1,406	1,283	1,447	1,419	1,649	1,431	1,575	1,418	1,526	1,294
459	1,613	3,790	1,003	904	1,544	3,926	1,526	-377	1,826	4,420
-971	207	2,507	-444	-515	-105	2,495	-49	-1,795	300	3,126
-27	-27	-29	-23	-21	-39	-18	-19	-20	-18	-4

Graph 2: Total Revenues and Expenditure of General Government (in million EUR)

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					Total Expenditure
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Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2011	2012	2013	2014	2015	2016	2017	2018	2019

1. General Government primary balance is defined here as ESA 2010 General Government balance minus interest expenditure of General Government entities to other sectors. It differs from the definition of primary balance used under the Economic Adjustment Program for Greece.
2. Sign is negative when expenditures of the support exceed revenues. When the impact of the support to financial institutions is positive for the General Government balance, this is due to the fees accruing on the inter-bank lending guarantees and the bond loan scheme, and the revenues from bank preference shares being greater than the expenditures accrued.

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TABLE 2: Quarterly non-financial accounts of General Government

2017 Q1−2019 Q3 - Percentage contribution

		2017				2018				2019
ITEMS	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
As percentage of Total Revenues
Taxes on production and imports	32.0	34.4	36.3	37.4	33.8	33.8	37.5	35.9	37.4	32.2	36.7
	18.3	23.7	21.4	18.5					15.7	22.4	22.7
Taxes on income and property	18.7	23.0	23.2	19.1
Social contributions	35.7	31.5	28.6	25.6	34.4	32.3	28.1	25.7	37.3	29.9	28.5
Other	12.9	9.6	10.5	13.2	11.0	10.3	9.3	12.7	8.6	13.9	10.3
Capital transfers	1.2	0.8	3.2	5.3	2.1	0.6	1.9	6.7	1.0	1.7	1.8
As percentage of Total Expenditure
Primary expenditure	92.5	93.0	93.8	94.3	92.7	91.9	93.1	94.0	92.7	93.1	93.8
Compensation of employees	27.2	26.3	26.4	21.8	27.3	26.5	26.2	21.2	27.2	25.3	26.2
Social benefits	47.7	45.7	45.5	41.8	47.5	44.8	45.8	39.7	47.1	46.4	45.3
Goods and Services	7.7	10.2	9.8	14.6	7.4	9.4	9.6	12.0	7.0	10.3	9.4
	1.5	2.2	2.6	1.8					2.1	2.1	2.6
Subsidies	1.6	2.2	2.1	1.4
	3.5	3.1	3.5	2.6					4.6	2.6	3.8
Other current transfers	4.6	2.9	3.7	4.3
Capital transfers	4.9	5.5	6.0	11.8	4.4	6.1	5.7	15.3	4.6	6.5	6.5
Interest	7.5	7.0	6.2	5.7	7.3	8.1	6.9	6.0	7.3	6.9	6.2

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Graph 3: Total Revenues and Expenditure of General Government by category (in million EUR)

Revenues

Capital transfers

Other

Social contributions

Taxes on income

and property

Taxes on production

and imports

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

2011

2012

2013

2014

2015

2016

2017

2018

2019

Expenditure

Interest

Capital transfers

Other current

transfers

Subsidies

Goods and

Services

Social benefits

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Compensation

2011

2012

2013

2014

2015

2016

2017

2018

2019

of employees

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Table 3 below presents the evolution of the consolidated General Government Debt. The analysis of Debt in the categories currency and deposits, securities other than shares and loans, short-term and long-term, is according to the European System of Accounts (ESA2010). It should be noted that the information on debt is presented as the stock of debt at the end of each reference period.

TABLE 3: Quarterly General Government Debt

2017 Q1 − 2019 Q3 (million EUR)

		2017				2018				2019
Nominal value of debt	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
310,661	309,090	313,495	317,484	322,579	323,401	335,033	334,721	337,412	335,518	334,261
outstanding at end of quarter
Currency and deposits	5,917	6,039	6,064	6,008	5,764	5,958	6,130	6,245	6,278	6,287	6,485
Debt Securities	56,732	56,193	53,765	54,938	56,529	56,902	54,404	52,882	61,491	60,859	60,118
Short-term (<1 year)	10,116	10,991	13,170	14,261	12,986	13,313	12,668	11,144	11,590	13,024	13,542
Long-term (>1 year)	46,616	45,202	40,595	40,677	43,543	43,589	41,736	41,738	49,901	47,835	46,576
Loans	248,012	246,858	253,666	256,538	260,286	260,541	274,499	275,594	269,643	268,372	267,658
Short-term	456	421	297	2,036	771	853	685	2,241	809	695	624
Long-term	247,556	246,437	253,369	254,502	259,515	259,688	273,814	273,353	268,834	267,677	267,034

Graph 4: General Government Debt - quarterly (in million EUR)

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360000
340000
320000
300000
280000
260000
240000	General Government Debt
220000
200000	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019

References

Detailed table is available on the website of ELSTAT:

http://www.statistics.gr/en/statistics/-/publication/SEL05/-

Note:

Measure of the primary balance under the Economic Adjustment Program for Greece

A measure of the primary balance as defined under the Economic Adjustment Program for Greece is not calculated by ELSTAT and is not shown in this statistical Press Release. The calculation of the primary balance as per the Economic Adjustment Program calls for a statistical treatment of certain expenditure and revenue items (such as revenue from privatisation of assets, transactions relating to bank recapitalisation, and revenues from transfers related to the income of euro-area national central banks from their investment portfolio holdings of Greek Government securities) that deviates from the typical ESA2010-compliant practice followed in the compilation of the quarterly fiscal figures that are presented in this statistical Press Release.

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