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Press Release

Exchequer figures for first half of 2019 show economy growing strongly & spending in line with expectation

Published: 2 July 2019
From: Department of Finance

End of Q2 2019 shows annual tax growth across all major tax headings with spending being managed within expectations

 

  • The Exchequer recorded a surplus of €260 million in the first half of 2019, an improvement of €1.1 billion in year-on-year terms.
  • Today’s Exchequer Returns show that tax receipts in the first quarter of 2019 are up €1.7 billion (6.9 per cent) year-on-year underpinned by a strong economy;
  • Gross voted expenditure is being managed within expectations, and is up 5.9 per cent or €1.7 billion on the same period last year, reflecting the government’s continued commitment to investing in our public services and infrastructure to meet our people’s needs

 

Speaking about the Exchequer figures today (Tuesday) Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, stated:

“I welcome today’s Exchequer returns for the first half of 2019 which represent a solid performance underpinned by a strong economy. This in turn translates into a strong revenue base which is funding our delivery of public services and investment in key infrastructure. Today’s figures provide a basis for the achievement of Budget day tax forecasts by year-end."
"Tax revenues have performed robustly and at €26.7 billion represent a 6.9 per cent year-on-year increase which is broadly in line with expectations. Almost all tax headings have recorded annual growth, reflecting the broad based nature of the recovery."
"On the spending side, gross voted expenditure at €31.3 billion is being managed within expectations and showing annual growth of 5.9 per cent reflecting the government’s commitment to deliver services and infrastructure that meet critical social and economic challenges."
"This fiscal outturn provides a good platform for the remainder of the year. However, we remain vigilant to the potential challenges we face including Brexit. We will continue careful management of the public finances, including the focus on reducing our debt burden and competitiveness-oriented policies."

 

ENDS

Notes to the Editor:

Fiscal Monitor - June 2019

Powerpoint presentation by DoF officials is here End June 2019 Exchequer Returns Presentation

Contact:

Claire Godkin, Press Officer, Department of Public Expenditure and Reform – 085 806 3969

Aidan Murphy, Press Officer, Department of Finance – 085 886 6667 – pressoffice@finance.gov.ie