Fiscal Monitor End September 2020

• An Exchequer deficit of €9,373 million was recorded to end-September 2020. This compares to a surplus of €38 million in the same period last year. The €9,411 million year-on-year deterioration in the Exchequer balance is primarily driven by increases in voted current and capital expenditure.

• Tax revenues for the month of September amounted to €5,320 million, which was down by 7.2% or €411 million compared to September 2019, with declines across most tax heads.

• Total net voted expenditure to end-September, at €48,126 million, was ahead of profile by €7,472 million, or 18.4%. In year-on-year terms, this was up €9,595 million, or 24.9%, comprised of a 25.9% increase in current spending and a 16.9% increase in capital spending.