Exchequer Returns to end June highlight the continued improvement in public finances with tax receipts continuing to grow and expenditure within profile
- Deficit of just under €5 billion in first half of 2014; €1.7 billion improvement on last year
- Tax Revenue up €868 (4.9%) on Q2 2013 and €221 (1.2%) ahead of profile
- Growth in Income tax and PRSI receipts in line with growth in jobs across the economy
- Net Voted expenditure down €450m (2.1%) year on year
The Exchequer Statement for the first half of 2014 was published today (Wednesday, 2nd July 2014) by the Department of Finance and the Department of Public Expenditure and Reform.
The Exchequer Statement shows that the Exchequer deficit at end quarter 2 2014 stood at €4,938 million, an improvement of €2,015 million compared to the first half of 2013. Both total tax revenue of €18,467 million and the net voted expenditure outturn are slightly better than profiled.
Commenting on the end-June Returns, the Minister for Finance, Mr. Michael Noonan, T.D. and the Minister for Public Expenditure and Reform, Mr. Brendan Howlin, T.D stated:
“The Exchequer returns for the first half of the 2014 represent a solid performance in terms of both tax and expenditure. In line with the improvement in the domestic economy, the reduction in the live register and the increase in employment levels, tax revenues are growing and expenditure on public services is within Budget.
The steps taken to stabilise the public finances over the last number of years have laid the foundation for the improvements in the domestic economy and, most importantly, the increase in jobs that we are now seeing. With the gap between the income and expenditure of the State running at just under €5 billion for the first half of this year, this Government is committed to narrowing this gap, reducing our borrowing and meeting the deficit target of under 3% by 2015.”