End of Quarter 3 Exchequer Returns Evidence of Improving Economic Conditions

Issued 2 October 2014

Minister for Finance Michael Noonan and Minister for Public Expenditure and Reform Brendan Howlin today published the Exchequer Statement up to the end of Q3 2014. The Exchequer Statement shows a deficit of €6.0 billion, an improvement of €2.5 billion on the same period in 2013, when once off payments are excluded. Total tax revenue is ahead of target while the net voted expenditure outturn is broadly in line with target.

With regard to the performance of tax revenues, Minister Noonan stated:

The policies pursued by government over the past three years have resulted in an improving economic environment. The economy is growing, more people are at work, and consumer confidence is rising and this is reflected in today’s exchequer figures. The increases in VAT and Excise duties which are both up 6.5% respectively on the same period last year, are particularly encouraging. We now enter the final quarter of 2014 in a good position”.

Commenting on voted expenditure management Minister Howlin stated:

Expenditure continues to be managed in line with profile. At this juncture, three quarters of the way through the year, approximately the same percentage of allocations have been disbursed. This is in line with plans as set out at the beginning of the year”.

In conclusion, the two Ministers added:

Overall, the exchequer performance in the first nine months of 2014 is evidence of the significant progress that has been made in stabilising and growing the economy and creating jobs. Nevertheless, it remains the case that we still have a deficit in our public finances that we must continue to be vigilant and disciplined in our management of the public finances. However, looking to the future, it is important that we look beyond consolidation and continue to put in place the conditions that will allow the economy to grow and create jobs”.