Government posts €5bn surplus in State's finances for 2022

Finance Minster Michael McGrath said the increase reflects strong growth in tax revenues and a decline in Covid-related expenditure. Picture: Naoise Culhane

An upswing of €12.4bn in the State’s finances saw the Government post a €5bn surplus in 2022, following the re-opening of the country after Covid-19 restrictions.

Turning a €7.5bn deficit into a significant surplus occurred even with the Government’s €11bn giveaway budget in late September, but was largely due to a massive windfall in corporation tax receipts.