merrion street

Commenting on today’s figures, Finance Minister Michael Noonan said:

Today’s Exchequer Returns and in particular the performance of income tax, VAT and excise highlight the progress that has been made stabilising the public finances and growing the economy. The Government’s focus on job creation and making work pay is benefitting families across the Country and is increasing activity and spending in the domestic economy.

Overall, taxes have grown by 7.3% in January this is an improvement when compared to the same period last year and to the Budget 2016 projection of a 5.8% increase in tax take for 2016. Taken in conjunction with today’s fall in the unemployment rate to 8.6% (lowest since December 2008), it is clear that the strong end to 2015 for the economy is continuing into 2016.

Public Expenditure and Reform Minister Brendan Howlin said:

It is pleasing to see that the momentum with which we ended 2015 is carrying into 2016. In particular it is particularly pleasing to see the broad based nature of the taxation growth.

While it is too early to read anything significant into the spending figures, Ministers are well aware of the importance of meeting their targets this year.
The latest unemployment figures released today by the CSO show that the seasonally adjusted unemployment rate for January 2016 was 8.6%, down from 8.8% in December 2015 and down from 10.1% in January 2015. This provides further evidence of the progress made in securing sustainable economic growth that can benefit all sections of society.