The Exchequer Statement for 2013 was published today (Friday, 3rd January 2014) by the Department of Finance and the Department of Public Expenditure and Reform. The Exchequer Statement shows an Exchequer deficit of €11.5 billion, €3.4 billion lower than 2012. Total tax revenue and the net voted expenditure outturns are broadly in line with targets.
With regard to the performance of tax revenues, Minister Noonan stated:
“Overall, the exchequer returns show that the tax base continues to grow in line with targets and provides a solid foundation going into 2014. Of particular note is the performance of income tax which is up 3.8% year-on-year. As there has been no increase in the rate of income tax, the strong performance is reflective of the improving labour market conditions”.
Commenting on voted expenditure management in 2013 Minister Howlin stated:
"These figures reflect the Government's commitment to on-going strong expenditure control, with net voted expenditure being well within profile for the year. Overall net voted expenditure of €43.1 billion was €321 million and 0.7% below the budget profile for 2013. Expenditure of €43.1 billion in 2013 represents a decrease of almost €1.9 billion or 4.2% when compared to 2012. These figures demonstrate that expenditure is continuing to be managed effectively in line with the Government's fiscal objectives and bailout exit strategy".
In conclusion, the two Ministers added:
“Overall, the exchequer performance in 2013 is evidence of the significant progress that has been made in stabilising and now growing the economy and creating jobs. Ireland exited the bailout and for the third consecutive year, we have come in below against our deficit target. Nevertheless, it remains the case that we still have a sizeable deficit in our public finances that we must continue to be vigilant and disciplined in our management of the public finances. However, looking to the future, it is important that we look beyond consolidation and continue to put in place the conditions that will allow the economy to grow sustainably and facilitate further job growth, the number one priority of Government”
3rd January 2014