Davy Research

Irish economy

Buoyant January tax receipts reflect Christmas spending

DAVY VIEW

Irish exchequer returns for January show that the public finances began the year on a solid footing. Tax revenues were 5.2% higher than the same month in 2017, driven by strong growth in VAT revenues from the Christmas spending season. VAT receipts reached a record high while income tax continued to grow at a robust 6.6% pace. Government spending overall was up 5.4% year-on-year but the exchequer related to the general government still recorded a surplus of €607m, a significant improvement on last year.

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