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The Exchequer Statement for the first half of 2013 was published today by the Department of Finance and the Department of Public Expenditure and Reform. The Exchequer Statement shows that the Exchequer deficit at end June 2013 stood at €6,595 million, which is €2,848 million lower than the same period last year. Total tax revenue of €17,599 million and Departmental expenditure are in line with targets.

Commenting on the end June Returns, Finance Minister Michael Noonan and Minister for Public Expenditure and Reform Minister Brendan Howlin stated:

The Exchequer Statement for the first half of 2013 highlights the consistent improvement in Ireland’s public finances with the gap between income and expenditure continuing to narrow. Encouragingly, tax revenues continue to perform to expectations and expenditure remains below profile. Restoring stability and order to the public finances is a necessary pre-condition for our return to economic growth, job creation and the strengthening of international confidence in this country. It is clear that we are making significant progress in closing the gap between the State’s income and the cost of providing necessary public services.

Nevertheless, with the Exchequer borrowing in excess of €1 billion each month we must continue with our efforts to reduce the deficit to below 3% of GDP by 2015.

With regard to the performance of tax revenues, Minister Noonan stated:

The Exchequer has collected just under €17.6 billion in taxes in the first half of this year; €166 million ahead of profile. This is a solid performance. The performance of corporation tax is impressive and the performance of income tax, the largest source of revenue, is reflective of the gradual improvement in employment levels evident in recent months.

Commenting on voted expenditure in the second quarter of 2013 Minister Howlin stated:

I am pleased that spending is being managed by Departments in accordance with levels decided by Government in the Budget. Expenditure overall is on target and in line with expectations – including in the big spending Departments. This is an encouraging sign half way through the year of the determination of Government to adhere to targets set.

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