Donohoe says Government will broadly balance its books this year

There needs to be as much focus on the €62 billion which the Government currently spends each year as there is on plans to increase expenditure in various areas, the Minister for Public Expenditure Paschal Donohoe has said.

Mr Donohoe on Thursday published the Mid-Year Expenditure Report (MYER) for 2018 as well the Government’s Spending Review 2018 which covers expenditure in a selected number of areas.

Mr Donohoe said the country’s public finances were in good health and that with more than 2.2 million people at work, the Government would “broadly balance the books this year”.

“A headline deficit of 0.1 per cent of GDP is being projected for 2019 and the Government, with a focus on how the domestic economy is performing and the challenges that are on the global horizon, has adopted a cautious approach to the public finances, clearly stating that we will not adopt taxation and spending measures that result in a larger deficit than this,” he said.

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“Given the uncertainties in the external environment, it is of fundamental importance that the Government ensures ongoing sustainability in the public finances and prioritises expenditure that enhances the resilience of the economy, making us better able to deal with whatever the future holds.

“There needs to be as much focus on the existing level of expenditure, which amounts to almost €62 billion for 2018, as there is on the year-on-year incremental increases in spending.”