First Quarter of 2018 shows solid revenue growth and good expenditure management
- Today’s Exchequer Returns show that for the first quarter of 2018 the Exchequer recorded a deficit of €1,114 million which is €211 million higher when compared to the same period in 2017.
- Taxes received in the first quarter of 2018 are up 3.5% or €400 million in annual terms.
- Gross voted expenditure on public services and infrastructure is down 2.3% on profile but up 3.7% year-on-year.
Speaking about the Exchequer figures today, the Minister for Finance and Public Expenditure & Reform, Paschal Donohoe stated:
“Today’s Exchequer figures illustrate solid growth in tax revenues, which in turn is underpinned by an improving economy. These provide the resources to fund our public services and the investment to enhance our growth potential and address key infrastructural bottlenecks, with gross expenditure for the quarter up 3.7% year-on-year”
“These first quarter figures represents a good start to the year and provide a platform to help achieve our annual targets. However, potential challenges, including Brexit, exist, making it even more important that the Government continues its careful stewardship of the public finances. We will continue to focus on prudent management of the economy and on implementing competitiveness-oriented policies to ensure we remain resilient in the years ahead.”
Fiscal Monitor - March 2018
End-March 2018 Exchequer Returns Presentation