Exchequer surplus of €217 million recorded

An Exchequer surplus of €217 million was recorded to the end of February 2018, according to figures released by the Department of Finance.

This compares to a surplus of €587 million in the same period last year.

The €370 million year-on-year reduction in the Exchequer balance was primarily due to an increase in current expenditure (both voted and non-voted expenditure), which was somewhat offset by increased tax revenue.

Tax revenues of €7,814 million were collected to end-February 2018, an increase of 3.0% or €228 million on February 2017.

This is broadly in line with profile, off marginally by 0.5%.

Overall, total net voted expenditure to end-February 2018, at €7,361 million, was 1.3% or €100 million below profile, but up €349 million or 5% in year-on-year terms.

Combined receipts from non-tax revenue and capital receipts of €1,051 million were up 2.1% (€22 million) year-on-year.

Non-voted expenditure of €1,286 million was up year-on-year by 36.9% or €347 million.

This year-on-year increase was driven by a higher EU budget contribution due to both Ireland’s increased share of EU budget obligations and a timing issue associated with the call up of funds by the Commission.

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