Fiscal deficit shows €1.2bn improvement

The fiscal deficit at the end of May was €5.3bn, which is a €1.2bn improvement on the same period in 2012, according to the latest figures released by the Department of Finance.

There were few surprises in the latest exchequer returns as tax receipts and expenditure came in broadly in line with expectations.

Tax revenues came in at €14.8bn for the five months to the end of May, which was a €366m or 2.5% increase on the same period in 2012 and €105m ahead of expectations. However, most of the increase in tax receipts has been attributed to timing issues because they include property tax returns of €121m for the first five months. Excluding property tax, total returns are in line with expectations.