New exchequer figures are giving a mixed picture of the economy.
Tax revenues for the month of July (€4.4bn) were €119m below target.
However, the year-on-year figures show the tax take up by €1.2bn (to at total of €28bn to the end of July), compared to this time last year.
The exchequer also recorded an improved €3.4bn surplus at the end of last month, largely down to the sale of a 28% stake in AIB.
Excluding the AIB effect,increased tax revenue and lower interest on the national debt meant the State was €671m better off than in July last year.
The State spent €25.5bn to the end of July, which was 4.7% more than in the same period last year. However, the figure was €244m less than forecast.