Economy emerging from crisis rapidly as tax revenues soar

Three of the big four tax sources helped deliver €39.5bn this year, leaving State finances in good shape ahead of Budget 2022

Finance Minister Paschal Donohoe said Budget 2022 will set out to rein in the deficit and invest in capital projects, as the CSO and Department of Finance released numbers suggesting the economy is making a remarkable recovery. Picture: Gareth Chaney/Collins

Ireland is emerging from the Covid-19 crisis faster than anywhere else in Europe, the latest economic indicators show. 

The Government took in €5.2bn more in tax revenues in the first eight months this year compared with the same Covid-ridden period in 2020, according to the exchequer returns from the Department of Finance. And new figures from the CSO showed the Irish economy expanded at the fastest rate in Europe in the spring quarter.