State took in €50.7 billion in tax revenue during 2017

The Finance Minister welcomed a "very solid performance"

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Paschal Donohoe. Photo: Leah Farrell/RollingNews.ie

17:05 3 Jan 2018 Stephen McNeice 17:05 Wednesday 3 January 2018

The state took in €50.7 billion in tax revenue last year, a 6.0% increase compared to 2017.

The Department of Finance has published the 2017 Exchequer returns, saying tax revenue was slightly ahead of the predicted figure of €50.6 billion.

It also reports gross voted expenditure at €58.6 billion - up 4.6% on the previous year.

An Exchequer surplus of €1.9 billion was recorded for 2017, compared to a deficit of more than €1 billion in 2016.

The department noted that the improvement is primarily due to the sale of more than 28% of the state’s AIB shares.

In a statement, Finance Minister Paschal Donohoe said: "I welcome today's Exchequer returns for 2017 which represent a very solid performance and clearly underscores the improving economy. This in turn translates into strong revenues which is funding our delivery of public services and investment in key infrastructure.

"This fiscal outturn provides a good platform to start 2018. However, we remain vigilant to the potential challenges we face, including Brexit."

He added: "We will continue careful management of the public finances, including the focus on reducing our debt burden and continuation with competitiveness-oriented policies".