Public Finances Deteriorate By...

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Public Finances Deteriorate By €8.3 Billion In Past year

Niall Colbert
Niall Colbert

5:12 PM - 5 Aug 2020



The public finances have deteriorated by €8.3 billion in the past year.

Latest Exchequer figures show the deficit was €7.4 billion in July, compared to a surplus of €896 million in the same month last year.

The fall is being blamed on the cost of the State's response to the Covid-19 pandemic, with spending up 8.6 billion euro year-on-year.

Cumulative tax receipts for the year are €31,153 million, down by €791 million, or 2.5 per cent, on the same period last year.

The Department of Finance says solid corporate tax receipts have compensated to an extent for sharp declines in other tax heads, particularly on VAT and excise receipts.

Finance Minister Paschal Donohoe says the figures were to be expected and confirm that the Covid 19 pandemic continues to have a major impact on the country’s finances.

The Minister says "The extraordinary increase in public expenditure is a result of the Government’s commitment to supporting our health service and the wider economy through this unprecedented period, as demonstrated with the recent announcement of the July stimulus plan to support businesses and get people back to work. A deficit of this magnitude underlines the extent of the fiscal challenge we face in placing the public finances on a sustainable and credible trajectory as the economy recovers".



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Exchequer Finance Paschal Donohoe Public Finances

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