Tuesday 12 December 2017

Increase in tax revenues helped reduce Irish budget deficit in 2016

(Stock picture)
(Stock picture)

Sean Duffy

An increase in tax revenues helped reduce the Irish budget deficit for the first nine months of 2016, according to latest data released by the Central Statistics Office.

The government recorded a deficit of €3.1bn –equivalent of 1.5pc of GDP-for the first nine months of 2016.

That compares to a figure of a €3.2bn deficit for the same period in 2015.

In the first nine months of last year, government revenue increased by 1.8pc to €911m compared with the same period in 2015.

Read more: Brendan Keenan: Sense of foreboding hangs over 2017 - but grounds for hope too

Contributions from taxes and social contributions increased by 4.6pc over the period. The level of Government expenditure also increased, with an extra €734m spent between January and September of last year, a rise of 1.4pc.

Finance Minister Michael Noonan
Finance Minister Michael Noonan

The Government’s gross debt now stands at €202bn, 77pc of national GDP. There was a reduction of almost 8pc in the amount the country owed compared to the same period in 2015.

Net debt, which takes into account amount of assets owned by the Government, increased to €173bn from €164bn a year previously.

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