The economic performance – sharp drop in capital expenditure

Deficit reduction target achieved

The government's revenue at the end of the year is expected to be slightly lower than projected in the Budget speech last year, but significantly lower spending means that the target to reduce the deficit to 2.8% of GDP will be achieved.

Figures tabled with the Budget speech today show that the government's revenue is projected to reach €2,695,734,000 from a projected €2,791,700,000. Actual revenue last year was €2,525,356,000.

Recurrent expenditure is projected to reach €2,588,327 at the end of this year from a projected €2,547,222.

Debt servicing costs have risen to €213,604,000 from a projected €208,496,000.

Significantly, capital spending by the end of this year will reach €303,005 from a projected €440,024 so that total spending will be €2,891,332, down from the projected €2,987,246.

 

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