An Exchequer deficit of €9,373 million was recorded to end-September 2020. This compares with a surplus of €38 million in the same period last year. The €9,411 million year-on-year deterioration in the Exchequer balance is primarily driven by increases in voted current and capital expenditure. Cumulative tax receipts for the year are €39,568 billion, down by €1,213 million, or 3 per cent, on the same period last year. Receipts-to-date have benefitted from a strong performance in January and February as well as solid corporate tax receipts, which have compensated — to an extent — for sharp declines in other tax heads, notably VAT and excise receipts.