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State revenue 40% higher than pre-virus levels

The general government balance showed a surplus of €7.5 billion or 1.5% of Gross Domestic Product (GDP) in 2023, a decrease on the record surplus of €8.6 billion in 2022, CSO statistics show.

Total government revenue increased to €123.5 billion in 2023 – €7.6 billion higher than 2022.

Total government expenditure also rose to €115.9 billion – €8.6 billion more than the previous year.

Gross general government debt fell to €220.7 billion at the end of 2023, the statistics show.

Statistician Stephen McDonagh said: "Today’s results for the year 2023 shows revenue was 40% higher than pre-pandemic levels, while expenditure was 34% higher.

He added that the increase in revenue was driven by the continued increase in tax revenue, which grew by €4.7 billion in 2023.

Increases

The rise in spending was due to increases across most expenditure items – including compensation of employees, intermediate consumption, social benefits and gross fixed capital formation, he added.

Subsidies showed a large reduction in 2023, due to the end of COVID-19 related schemes, but cost-of-living measures and supports for Ukrainian refugees contributed to growth in expenditure.

This resulted in an overall government surplus of €7.5 billion for 2023, down 12% on 2022, with rising revenue offset by a greater increase in expenditure.

Gross general government debt fell by €4.1 billion to €220.7 billion at the end of 2023. This was equivalent to 43.3% of Gross Domestic Product (GDP), the CSO statistician said.