Fiscal Monitor (Incorporating the Exchequer Statement) July 2017

An Exchequer surplus of €3,366 million was recorded to end-July 2017. This compares to a surplus of €862 million in the same period last year. This year-on-year improvement of €2,505 million is primarily due to the recent sale of over 28% of the State’s shareholding in AIB.

Tax revenues for the month of July closed the month just 2.6% or €119 million below target. As a result, cumulative tax revenue is just 0.8% or €230 million below profile, which represents a solid year-on-year increase of 4.5% or €1,201 million.

Overall, total net voted expenditure to end-July 2017, at €25,507 million, was 0.9% or €244 million below target, but up 4.7% or €1,138 million in year-on-year terms.