2 March 2010 - Publication of end-February Exchequer Returns
The Exchequer deficit was €2,407 million at end-February 2010 compared to €2,085 million at end-February 2009.
- Tax receipts collected in the first two months are about €1 billion less than the same period last year, but this was anticipated. Expenditure is some €800 million lower than last year and reflects the various decisions taken to control public expenditure. In overall terms, the Exchequer had to borrow €323 million more in the first two months of this year.
Tax Revenue
- In terms of tax revenue performance, €4,736 million in tax receipts were collected by the end of February, against a target of €4,800 million. In annual terms, taxes to end-February are down 17.8 per cent.
- February is one of the smaller months of the year in terms of tax collection and a significant year-on-year decline was expected in the initial months of 2010, with tax revenues forecast to end the year 6 per cent down on 2009.
Voted Expenditure
- Total net voted expenditure at end-February 2010 was €7,191 million, representing a decline of €818 million or 10.2 per cent on the same period in 2009.
- The Revised Estimates Volume, published on 18 February, projected a 1.9 per cent reduction in total net voted spending for the year as a whole.
- Net voted current expenditure has been reduced from €7,009 million in the first two months of 2009, to €6,442 million in the same period in 2010, an 8.1 per cent decrease.
- Net voted capital expenditure has also seen a decline from €1,000 million at end-February 2009 to €749 million at end-February 2010, a 25.1 per cent decrease.
- These significant year-on-year reductions are mainly due to both the expenditure policy changes implemented over the past 12 months and timing issues.
