Irish economy

July’s exchequer returns a mixed bag


July’s exchequer returns were a mixed bag, showing tax revenues still relatively resilient, down 18.6% on the year, but outperforming the conservative assumptions in April’s Stability Programme Update. However, spending accelerated in July, with total expenditure of €5.6bn up an enormous 37% on the year, demonstrating the cost of COVID-19 and related welfare supports. Nonetheless, the exchequer balance in the first seven months was only €7.4bn, illustrating the flexibility the government still has versus its fiscal targets.

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Aug 6 2020, 06:50 IST/BST