Figures released by the Department of Finance yesterday evening show that there was an Exchequer surplus of €880m in the first three months of this year.
This compares with €272m in the same period last year. Finance Minister Brian Cowen is forecasting a deficit of just under €3 billion for the full year.
Total tax receipts for the first quarter were just over €9 billion, €221m ahead of Budget projections. A better than expected VAT performance accounted for €139m of this. Income tax receipts were slightly lower than projected at just under €2.5 billion.
Tax receipts were 12.6% ahead of the same period last year, compared with a targeted increase of 9.9%.
Current spending for the quarter was €300m below target at €7,126m. Spending is targeted to rise 11% this year.
Capital spending was €414m. In addition, another €131m was spent in respect of unspent money carried over from last year. As a result, total capital spending of €545m was €175m behind the target set out at Budget time.
