in the fourth quarter of 1999:
- public sector surplus on current budget was£5.6bn
- public sector net borrowing was minus£4.5bn
- public sector net debt was equivalent to 39.5% of GDP
This first release updates information previously shown in the monthly public sector finances first release, published on 18 February 2000, and gives more details from national accounts.
1. This first release gives provisional estimates of the public sector components of the national accounts and updates figures given in the monthly public sector finances first release. The final figures will be given in the first release public sector accounts, which will be published on 27 March 2000 along with the rest of the quarterly national accounts. Figures have been revised back to the start of 1998 compared to previous publications.
2. The statistics in this release are published in accordance with the European System of Accounts 1995 (ESA95). This is the system used for UK national accounts. Presentations of public sector finances on an ESA95 basis also appear in financial statistics and the monthly public sector finances first release. Further information can be found in monthly statistics on public sector finances. a methodological guide, no 12 in the government statistical service methodology series (price£5).
3. The presentation is consistent with the format for public finances in pre-budget report (HM Treasury, November 1999): see table B 16 on pages 160-161. The public sector surplus on current budget is equivalent to net saving in national accounts plus capital tax receipts. Net investment is capital expenditure, including net
stockbuilding, net acquisition of land, and payments of investment grants, less sales of capital assets and capital consumption. General government net borrowing is as defined in national accounts.
4. Data are not seasonally adjusted but seasonally adjusted series will be available electronically via the ONS databank service after the publication of final figures on 27 March.
5 . The public sector consists of central government, local authorities and public corporations. General government is central government and local authorities. Details of which organisations are in each sector can be found in sector classification for national accounts (1999).
6. The general government net borrowing figures will be consistent with the estimates of government deficit sent to the European Commission under the requirements of the Maastricht Treaty. These figures are published in the government deficit and debt under the Maastricht Treaty first release today.