merrion street

• Tax Revenue up €415m (4.7%) on Q1 2013
• Net Voted expenditure down €670m (6.1%) on Q1 2013
• Overall, solid start to 2014

The Exchequer Statement for the first quarter of 2014 was published today . The Exchequer Statement shows that the Exchequer deficit at end quarter 1 2014 stood at €2,316 million, an improvement of €1,379 million compared to quarter 1 2013. Both total tax revenue of €9,232 million and the net voted expenditure outturn are in line with targets.

Commenting on the end-March Returns, Finance Minister Michael Noonan and Public Expenditure Minister Brendan Howlin said:

The Exchequer returns for the first quarter of the 2014 represent a solid start to the year. 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.

Ensuring Debt sustainability is a key pillar of the Medium Term Economic Strategy and this Government is committed to reducing the deficit to under 3% by 2015. Significant progress has been made in restoring order to the public finances and today’s figures highlight that this remains a key priority into 2014.