Fiscal Monitor (Incorporating the Exchequer Statement) May 2018

An Exchequer deficit of €24 million was recorded to end May 2018. This compares to a surplus of €383 million in the same period last year. The €407 million year-on-year decrease in the Exchequer balance was primarily due to an increase in expenditure (both voted and non-voted), which was somewhat offset by increased tax revenue.
Tax revenues of €20,544 million were collected to end-May 2018, an annual increase of 5.0% or €973 million on end-May 2017. This was in line with profile, up 0.4% or €77 million.
Overall, total net voted expenditure to end-May 2018, at €19,336 million, was 1.3% or €249 million below profile, and up €1,504 million or 8.4% in year-on-year terms.
Combined receipts from non-tax revenue and capital receipts of €3,322 million were up 8.4% (€258 million) year-on-year.
Non-voted expenditure of €4,554 million was up year-on-year by 7.6% or €320 million. This annual increase was driven by a higher EU budget contribution due to both Ireland’s increased share of EU budget obligations and timing associated with the call-up of funds by the Commission, and an expected increase in debt servicing costs.

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