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Revenue and Expenditure results for Quarter 1 are generally in line with expectations

Tax Revenues are up 1.1% on profile and up 6.4% on a year on year comparison while Gross Voted Expenditure is down 0.1% on profile and down 0.3% on profile

Revised forecasts will be available as part of the Stability Programme Update.

Commenting on the end-Quarter 1 2016 Exchequer Returns Finance Minister Michael Noonan said:

Today’s Exchequer Returns highlight the continued growth in the Irish economy and the benefits of collecting revenues from a broad base. Each of our key tax headings are close to target and collectively our tax take is on track.

A comparison of the exchequer deficit shows that the result for the first quarter of 2016 displays an improvement of €267m over the exchequer deficit from the first quarter of 2015.

Again these results demonstrate that the hard work of Ireland’s people is paying off and that the country’s finances continue to improve.

Public Expenditure and Reform Minister, Brendan Howlin said:

Spending is being managed by Departments broadly in line with the allocations set out in the revised estimates volume, with overall expenditure on delivering public services and investing in infrastructure slightly below profile. At this stage of the year, with only just over 23% of Departmental allocations spent, it is too early to assess spending figures trends for the year. However, it continues to be the case that Ministers and Departments are well aware of the importance of managing the delivery of public services within their annual allocations.