Public finances €4.8bn better off than last year

The State could be able to stop borrowing in 2017

Exchequer, tax take, November, economy, borrowing, Michael Noonan

Michael Noonan | Image:

The Government is reporting a surplus in the public finances for the first time in eight years and is now €4.8bn better off than this time last year.

Official figures published this evening confirm the coalition has taken in €3bn more in taxes than planned in the first 11 months of the year.

Today the Department of Finance announced it ahd a surplus of €343m, up from a deficit of €5.8bn in 2014. 

The Exchequer returns show most of the extra money coming from Corporation Tax and VAT.

The welcome figures mean the State will probably be able to stop borrowing in 2017, a year ahead of schedule.

Newstalk Political Correspondent Páraic Gallagher reports: 

Enda Kenny says the credit for the recovering economy goes to the Irish people:

Meanwhile, the Cabinet has signed off on a €665 million bailout for the health service at a special meeting.