An Exchequer deficit of €1,697 million was recorded to end-October 2019. This compares to a deficit of €2,694 million in the same period last year. The €998 million year-on-year improvement is driven by increases across all revenue streams; tax, non-tax and capital receipts, and somewhat offset by increases in both current and capital voted expenditure.
Tax revenues of €44,973 million to end-October 2019 were ahead of target by 1.6% or €706 million and exceeded the 2018 performance by 6.7% or €2,810 million.
Total net voted expenditure to end-October 2019, at €43,224 million, was up €3,082 million or 7.7% in year-on-year terms, comprised of a 6.0% increase in current spending and a 23.9% increase in capital spending. This was slightly below profile, by 1.3% or €575 million.