Minister Donohoe welcomes solid 2017 Exchequer Returns showing continued strengthening and improvement in the economy

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  • Exchequer surplus of €1.909 billion. Year-on-year improvement of €2.927 billion.
  • Underlying deficit of €1.525 billion giving an underlying year-on-year improvement of €1.093 billion.
  • Tax revenues of €50.7 billion on profile, up 6.0%(€2.872 billion) year-on-year
  • Gross voted expenditure on public services and infrastructure up 0.8% vs profile and up 4.6% year-on-year.

Commenting on the end-December 2017 Exchequer Returns today (Wednesday) the Minister for Finance and Public Expenditure and Reform Mr. Paschal Donohoe, T.D. said: ‘I welcome today’s Exchequer returns for 2017 which represent a very solid performance and clearly underscores the improving economy. This in turn translates into strong revenues which is funding our delivery of public services and investment in key infrastructure’. 

“Tax revenues have performed robustly and at €50.7 billion represents a 6 per cent year-on-year increase which is slightly ahead of expectations. Reflecting our broadly-based recovery, all tax headings have recorded annual growth, with overall receipts now 60 per cent above our 2010 low point.  

“On the spending side, gross voted expenditure at €58.6 billion is up 4.6 per cent reflecting the Government’s commitment to deliver services that meet critical social and economic needs. Demonstrating this Government’s priority to meeting our housing pressures, gross voted expenditure by the Department of Housing, Planning & Local Government is up 52 per cent year-on-year.         

“This fiscal outturn provides a good platform to start 2018. However, we remain vigilant to the potential challenges we face, including Brexit. We will continue careful management of the public finances, including the focus on reducing our debt burden and continuation with competitiveness-oriented policies”.

 

Fiscal Monitor – December 2017

ENDS

3rd January 2018

 

Contact:

Aidan Murphy, Press Officer, Department of Finance

085 886 6667, pressoffice@finance.gov.ie

Ben Sweeney, Press Officer, Department of Public Expenditure and Reform

085 806 9313, pressoffice@per.gov.ie