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New Exchequer figures show the Government recorded a deficit of $958m (\u20ac823m) to the end of June.<\/p>\nNew Exchequer figures show the Government recorded a deficit of $958m (\u20ac823m) to the end of June.<\/p>\n
This compares to a surplus of over $2.33bn (\u20ac2bn) for the same period last year.<\/p>\n
However, the Departments of Finance say when adjusted for sale of AIB shares last June, the exchequer balance is down by just $376m (\u20ac323m).<\/p>\n
Meanwhile, tax revenues are up 5.4% and gross expenditure on public services and infrastructure is also up 7.6% year-on-year.<\/p>\n
Minister for Finance and Public Expenditure and Reform Paschal Donohoe said the figures “represent solid performance underpinned by an improving economy”.<\/p>\n
He added: “This in turn translates into strong revenues which are funding the delivery of our public services and investment in key infrastructure. Today\u2019s figures provide a basis for the achievement of Budget day tax forecasts by year-end.<\/p>\n
“Tax revenues have performed robustly and at \u20ac24.9 billion represent a 5.4% year-on-year increase, which is slightly ahead of expectations. Reflecting our broadly-based recovery, most tax headings have recorded annual growth.”<\/p>\n