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• An Exchequer surplus of €5.0 billion was recorded to end-July. This compares to a deficit of €5.7 billion recorded to end-July 2021, an improvement of €10.7 billion.  (The increase reflects strong growth in tax revenues and a decline in voted current expenditure due to the unwinding of Covid-19 supports. 

• On a 12-month rolling basis, a better indicator of the trend, the Exchequer surplus stands at €3.4 billion.

• Gross revenue to end-July stood at €58.2 billion, an increase of €5.7 billion or 11 per cent compared to end-July 2021.

• Tax revenue to end-July stood at €43.5 billion, which was €8.3 billion or 23½ per cent ahead of the same period last year. The increase is driven by very strong growth in corporation tax, income tax and VAT.

• Non-tax revenue and capital resources for the first seven months of the year stood at €6 billion, down from €8.4 billion in 2021. Appropriations-in-aid of €8.7 billion brought total other revenue to €14.7 billion.

• Total expenditure to end-July was €53.2 billion. Of this, gross voted expenditure stood at €45.3 billion, which was €1.8 billion below the same period in 2021. Non-voted expenditure accounted for €7.9 billion, €3.2 billion below the same period in 2021. Fiscal Monitor July 2022

ENDS