End of Q2 2017 shows taxes in-line with target & spending being managed within expectations – Donohoe

04.07.17

End of Q2 2017 shows taxes in-line with target & spending being managed within expectations – Donohoe

  • Today’s Exchequer Returns show that for the second quarter of 2017 the Exchequer recorded a surplus of €2,485 million, a year-on-year improvement of €3,628 million, underpinned by proceeds of the AIB share disposal;
  • Tax receipts in the first half of 2017 are on-profile and up nearly €900 million year-on-year underpinned by an improving economy;
  • Gross voted expenditure is being managed within expectations, and is up 4.4 per cent in the year, reflecting the Government’s commitment to investing in our public services and infrastructure.

Speaking about the Exchequer figures today Minister for Finance and Public Expenditure & Reform, Paschal Donohoe T.D. stated: ‘At the mid-point of the year the healthy tax performance is now largely on target, while expenditure remains within expectations. This means that we are currently on track to meet our fiscal targets for 2017 while also balancing the need to invest in capital projects and public services’.

“Today’s headline Exchequer numbers are boosted by the successful sale of part of AIB which represents a recovery of some of the State’s support to the banking sector. This will be used to help reduce our debt burden and provides ‘shock absorption’ capacity to the public finances to meet challenges, such as Brexit, which may lie ahead.

“The Summer Economic Statement is due to be published shortly. This will set out the Government’s economic and fiscal approach, which seeks to ensure the continuation of sound and sustainable public finances as the cornerstone of ensuring continued improvements in domestic living standards.”

Ends

4 July, 2017