Sunday 21 July 2019

What was in the Summer Economic Statement

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:: The economy is on course to grow by 3.9pc this year.

:: There are now more than 2.3 million people at work, nearly 2.2 million of whom work outside of construction.

:: A Rainy Day Fund is budgeted to have €2bn by the end of year.

:: Exchequer tax returns in 2019 are estimated to be €58.4bn, a 5.2pc increase on last year.

:: Total expenditure to the end of May was €26.1bn, broadly in line with expectations.

:: There will be €2.8bn extra available to the Government next year.

:: €700m of the extra money is already assigned to capital expenditure.

:: €200m of next year's budget will be set aside for the Children's Hospital and broadband.

:: The SES predicts a surplus of 0.4pc of GDP next year and a budgetary pack of €700m once pre-committed current and capital expenditure is accounted for.

:: Under a disorderly Brexit, the surplus would be turned into a deficit in the region of -0.5pc to -1.5pc.

Irish Independent

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