The Exchequer surplus in 2000 was £2,403 million, the largest on record according to figures published today by the Department of Finance.
The surplus is £794 million greater than the 2000 Budget target but £75 million lower than the £2,478 million estimated surplus published in the Budget of December 6th 2000.
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Minister for Finance, Charlie McCreevy |
Commenting at the publication of the Exchequer statement today, the Minister for Finance Mr McCreevy said "The 2000 results show the highest ever Exchequer Surplus . . . The General Government Surplus of 4.6 per cent of Gross Domestic Product is the best performance in the European Union."
Total current receipts amounted to £21,741 million, an excess on the December 1999 Budget day target of £1,162 million but £191 million below the estimate published on December 6th 2000.
Overall tax revenue of £21,321 million was ahead of the Budget 2000 target by a very substantial £1,171 million. Tax revenue for the year was 14.9 per cent ahead of 1999 compared to a Budget 2000 target of 9.6 per cent.
Most tax streams performed ahead of target, largely reflecting stronger economic growth than that projected at the time of the 2000 Budget, the report said.
The detailed figures show that Health and Children, Education, and Public Enterprise are the principal areas where expenditure exceeded the Budget estimate in 2000. These have been partially offset by savings on other Departments’ spending, mainly Social, Community and Family Affairs, Finance and Justice, Equality and Law Reform.
The additional expenditure on Health and Children is a result of increased pay from the PPF and extra costs due to the settlement of the non-consultant hospital doctors’ dispute and overruns on demand-led drugs schemes.
Public Enterprise exceeded its Budget estimate due to an extra subvention payment to CIE, the Department said.