Revenue and Expenditure results for the first half of the year show that the public finances are on target to achieve the revised 2016 forecast, as set out in the Summer Economic Statement.
Tax Revenues are up 3.4% on profile and up 9.2% on a year on year comparison while Gross Voted Expenditure is on profile and expenditure on the provision of services to the public is up 2.2% on a year on year basis.
Exchequer deficit is at €1.14bn which is an improvement of €1.29bn on 2015. This fits well with our target of 0.9% as a deficit for 2016.
Commenting on the end-Quarter 2 2016 Exchequer Returns Minister for Finance Michael Noonan T.D. said: ‘The Exchequer Returns for the first half of 2016 show our plans to fund vital public services are on track and that collecting revenues from a broad base continues to pay dividends for Irish taxpayers’.
“The main types of taxes are all performing broadly as anticipated and that has resulted in cumulative tax receipts being up €742 million (3.4%) on profile, which represents a 9.2% (€1,901 million) increase when compared to the same period in 2015.
“The results being published today support our financial position for this year and also support our plans for 2017’s budget.”
Minister for Public Expenditure and Reform, Paschal Donohoe T.D. said: ‘The latest returns indicate that 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. We are now halfway through the year and just under 50% of Departmental allocations spent. For the second half of the year Ministers and Departments are conscious of the importance of managing the delivery of public services within their annual allocations’.
Ends