merrion street

• An Exchequer deficit of €3,430 million was recorded to end April 2018. This compares to a deficit of €2,537 million in the same period last year. The €893 million year-on-year decrease in the Exchequer balance was primarily due to an increase in expenditure (both voted and non-voted expenditure), which was somewhat offset by increased tax revenue. 
• Tax revenues of €14,737 million were collected to end-April 2018, an annual increase of 3.6% or €516 million on end-April 2017. This was slightly below profile, down just 1.4% or €202 million. 
• Overall, total net voted expenditure to end-April 2018, at €15,407 million, was 0.2% or €29 million below profile, and up €1,217 million or 8.6% in year-on-year terms. 
• Combined receipts from non-tax revenue and capital receipts of €1,139 million were up 2.5% (€28 million) year-on-year. 
• Non-voted expenditure of €3,900 million was up year-on-year by 9.5% or €337 million. This annual increase was primarily driven by a higher EU budget contribution due to both Ireland’s increased share of EU budget obligations and timing associated with the call-up of funds by the Commission.

Fiscal Monitor – April 2018