Davy Research

Irish economy

Public finances remain in healthy position

DAVY VIEW

Exchequer returns for April show that the deficit related to the general government was €257m better than expected, flattered somewhat by delayed EU payments. Spending discipline has been broadly maintained, but tax revenues were €344m (-2.4%) below target and up 1.2% on the year on an underlying basis. Overall, the tax performance is a little disappointing, but the annual payment of surplus income from the Central Bank to the exchequer in May is set to be ahead of target, offsetting some of the tax shortfall year-to-date. The government is still on track to hit its full year deficit reduction forecasts.

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