Tuesday 14 August 2018

State spending outstripped revenue by €227m in the first seven months of the year - new figures reveal

State spending in the first seven months of the year outpaced revenue collected by €277m
Stock image
State spending in the first seven months of the year outpaced revenue collected by €277m Stock image
Donal O'Donovan

Donal O'Donovan

State spending in the first seven months of the year outpaced revenues collected by €277m.

That compared to a surplus of €3.366bn at the same time last year – although that included the proceeds from the sale of AIB shares. 

Stripping out the AIB deal, the Exchequer balance showed an underlying annual decrease of €210m. That dis-improvement was primarily due to higher spending.

The Governor of the Central Bank warned last week that the Exchequer should be in surplus.

Tax revenues of €29.7m were collected in the year to the end of July, that was 5.5pc higher than a year earlier.

Total net voted expenditure to the end of July 2018 was up 8.2pc in year-on-year terms. 

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