The end of August Exchequer Statement of 2015 were published today (Wednesday, 2nd of September 2015) by the Department of Finance and the Department of Public Expenditure and Reform. The Exchequer Statement shows that position of the exchequer continues to improve with the deficit of just under €1.3 billion recorded in the first eight months of the year. This represents a very significant reduction over the same period last year, and excluding once off measures, an improvement of €3.5 billion in the underlying exchequer position was recorded.
Commenting on the strong performance of tax revenues, Minister for Finance Michael Noonan T.D. stated:
“Overall, the tax performance for the first eight months of 2015 is ahead of expectations, with a very strong performance across all the major tax heads. The tax take is ahead of profile and is up by 10% or just under €2.5 billion year on year. This is driven primarily by improvements in the underlying strength of the economy, job creation and the positive impact this is having on consumers, and businesses. The performance of income tax is particularly welcome and comes on the back of targeted reductions in income tax and USC in Budget 2015.
The recent strong economic and jobs data, coupled with the strong exchequer performance to date means we are well on track to exceed our targets for 2015. The public finances are in a strong position as we prepare to deliver Budget 2016 next month.”
Commenting on the Exchequer Returns Minister for Public Expenditure & Reform Brendan Howlin T.D. stated:
Today’s figures, alongside the latest CSO figures on employment, are the surest sign yet that economic recovery is well underway. Consumer sentiment as reported by the ESRI is also up today. The public finances are well on course now to meeting the 3% deficit target and will allow us to exit the Excessive Deficit Procedure at year end – a further normalisation of our public finances. Spending remains within profile and trends will continue to be monitored by Government for the remainder of the year.
Ends
2nd September 2015
