Economy buoyant despite hiccup

THE economy remains buoyant, but profits from Irish businesses are one of the few clouds on the horizon, according to Department of Finance figures released yesterday.

The quarterly Exchequer returns showed continued strength in the tax take from consumer spending, property and income tax, but corporation tax revenues were down 12% on last year at €3 billion.

Department of Finance officials said a third of all corporation tax was normally paid in the last quarter and that the full-year outturn would be difficult to predict. Friends First economist Jim Power said the corporation tax take was disappointing but the fall-off in revenues may be down to timing factors.