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Fiscal Monitor (Incorporating the Exchequer Statement) October 2017

An Exchequer surplus of €326 million was recorded to end-October 2017. This compares to a deficit of €2,429 million in the same period last year. This year-on-year improvement of €2,755 million is primarily due to the recent sale of over 28% of the State’s shareholding in AIB.
There was also a significant one-off transaction in the comparable period in 2016. Excluding these, the underlying Exchequer position shows a year-on-year improvement of €921 million, driven by increased tax revenues and reduced debt servicing expenditure. This is somewhat offset by increases in voted and non-voted expenditure.
Tax revenues for October closed the month 6.2% or €219 million ahead of target. As a result, cumulative tax revenues of €38,986 million are now on profile (up €7 million or 0.0%). This represents a solid year-on-year increase of 6.2% or €2,283 million.
Overall, total net voted expenditure to end-October 2017, at €36,767 million, was 1.0% or €386 million below target, but up 5.0% or €1,758 million in year-on-year terms.
Combined receipts from non-tax revenue and capital receipts are up 14.5% (€868 million) year-on-year, primarily due to the recent sale of over 28% of the State’s shareholding in AIB.
Non-voted expenditure is down year-on-year by 13.5% or €1,362 million. This is mainly due to the absence of a requirement in the year-to-date for any short-term cash flow loans to the Social Insurance Fund and reduced debt servicing costs.

Fiscal Monitor – October 2017