Government revenue rises on back of increases in taxes

The Government recorded a €3.1 billion deficit in the first nine months of 2016, equivalent to 1.6 per cent of GDP, new figures show.

This compares with a €3.2 billion deficit for the same period in 2015.

In the first nine months of 2016, Government revenue rose by 1.8 per cent, or €911 million, largely due to a 4.6 per cent increase in taxes and social contributions, which was partially offset by a decline in investment income.

New data from the Central Statistics Office (CSO) show Government expenditure was up by 1.4 per cent, or €734 million, versus the corresponding period in 2015.

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Government gross debt stood at €202.1 billion, equivalent to 77.1 per cent of GDP at the end of September 2016. This compares with a debt level of €203.2 billion, or 85.6 per cent of GDP, at the end of the third quarter in 2015. CSO attributed the fall in ratio to increased GDP.

At the end of last September, Government net debt was €173.7 billion, equivalent to 66.3 per cent of GDP. For the same period a year earlier, the debt level stood at €164.8 billion, or 69.4 per cent of GDP.