end 2017 exchequer returns...gross voted current expenditure of €53,968 million€million end 2017...

End 2017Exchequer Returns

Wednesday, 3rd January 2018

Exchequer surplus of €1,909 million. Underlying year-on-year improvement of €1,093 million.

Total Revenue of €70,638 million Total Expenditure of €68,730 million

Exchequer Statement

Analytical Exchequer Statement

€58,376 million €56,468 million

€12,262 million €12,262 million

* Excludes excess receipts over expenditure of €775 million

€ billion 2017 Profile 2016

Tax revenue 50.7 50.6 47.9

A-in-A's* 12.3 12.1 12.0

Non-tax revenue 2.9 2.6 3.1

Capital resources** 4.8 1.2 2.7

Total 70.6 66.6 65.7

* Excludes surplus receipts over expenditure in SIF and NTF (See Appendix II Analytical Statement)

** Excludes repayment of loans to Social Insurance Fund

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0

2016

Profile

2017

End 2017 gross receipts vs profile and year-on-year

Tax revenue A-in-A's* Non-tax revenue Capital resources**

Tax Receipts of €50,737 million

Income Tax, 39%

Value Added Tax, 26%

Excise Duty, 12%

CT, 16%

LPT, 1% Other tax heads, 6%

€ million End 2017 Outturn Vs Profile Year on Year

Income Tax 20,009 -236 -1.2% 840 4.4%

Of which Income tax PAYE & total USC 16,793 +3 0.0% 1,330 8.6%

Value Added Tax 13,303 -72 -0.5% 883 7.1%

Excise Duty 5,925 -60 -1.0% 214 3.7%

CT 8,201 486 6.3% 850 11.6%

LPT 477 17 3.6% 13 2.8%

Other tax heads 2,821 -19 -0.7% 72 2.6%

Total 50,737 116 0.2% 2,872 6.0%

Non-Tax Revenue and Capital Resources

• Non-tax Revenue of €2,865 million was down 7.7 % (€238 million) year-on-year, due to base effects from the redemption of the last contingent convertible capital note in 2016.

• Capital Resources of €4,775 million up €685 million (16.8%) year-on-year, driven by the sale of AIB shares.

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0

2016

Profile

2017

End 2017 gross expenditure vs profile and year-on-year

Gross voted current expenditure Gross voted capital expenditure Debt Servicing Other non-voted expenditure*

€ billion 2017 Profile 2016

Gross voted current expenditure 54.0 53.5 51.8

Gross voted capital expenditure 4.6 4.5 4.2

Debt Servicing 6.2 6.4 6.8

Other non-voted expenditure* 4.0 4.2 3.9

Total 68.7 68.7 66.7

*excludes loans to Social Insurance Fund

Gross voted current expenditure of €53,968 million

€ million End 2017 Outturn Vs Profile Year on Year

Employment Affairs and Social Protection 19,911 65 0.3% 109 0.5%

Health 14,346 193 1.4% 656 4.8%

Education and Skills 8,905 61 0.7% 450 5.3%

Remaining Ministerial vote groups 10,806 116 1.1% 966 9.8%

Total Gross Voted Current Expenditure 53,968 436 0.8% 2,180 4.2%

Social Protection, 37%

Health, 27%

Education and Skills, 17%

Remaining Ministerial Vote

Groups, 20%

Gross voted capital expenditure of €4,585 million

€ million End 2017 Outturn Vs Profile Year on Year

Transport, Tourism and Sport 1,124 -6 -0.5% -45 -3.9%

Education and Skills 692 -1 -0.2% -12 -1.7%

Business, Enterprise and Innovation 546 -9 -1.5% -1 -0.2%

Housing, Planning and Local Government 792 98 14.2% 325 69.6%

Remaining Ministerial vote groups 1,431 -38 -2.6% 123 9.4%

Total Gross Voted Capital Expenditure 4,585 44 1.0% 391 9.3%

Transport, Tourism and Sport, 25%

Education and Skills, 15%

Business, Enterprise and Innovation, 12%

Housing, Planning Local Government,

17%

Remaining Ministerial Vote Groups, 31%

Non-Voted Expenditure

• Total Non-voted Expenditure of €10,177 million• €1,913 million down y-o-y • €472 million below profile

• €6,224 million• €215 million (3.4%) below profile• €621 million (9.1%) down year-on-year.

• €3,953 million• €256 million (6.1%) below profile

– driven by lower EU Budget contribution.• €1,292 million (24.6%) down year-on-year due to

no requirement for short term cash flow loans to the SIF.

Summary

• Exchequer surplus of €1,909 million. Year-on-year improvement of €2,927 million.

• Underlying deficit of €1,525 million giving an underlying year-on-year improvement of €1,093 million.

• Tax revenues of €50.7 billion on profile

up 6.0% (€2,872 million) year-on-year

• Gross voted expenditure on public services and infrastructure up 0.8% vs profile and up 4.6% year-on-year.

• Currently on track to meet Budget 2018 estimate of a general government deficit of 0.3 of GDP for 2017.