The Department of Finance and the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation have published the Fiscal Monitor for February 2026 which confirms an Exchequer deficit of €1.8 billion to the end of February 2026. This compares to a surplus of €3.2 billion recorded for the same period in 2025.
While a decline of €2.0 billion was recorded in the underlying Exchequer balance (after receipts from the Apple State Aid case are excluded), this reduction is mainly due to transfers to the Future Ireland Fund and Infrastructure, Climate and Nature Fund.
Overall tax receipts collected to the end of February 2026 were €13.6 billion. While this was €1.6 billion lower than the same period last year, if the once off receipts arising from the Apple case are excluded, then total tax receipts were up on last year by 1.1 percent.
Income tax of €2.9 billion was collected in February 2026, 10.3 percent ahead of February 2025. On a cumulative basis, income tax receipts of €6.0 billion were 5.4 percent ahead of the same period last year. Corporation tax receipts for February 2026 were €0.8 billion which is expectedly on the lower end given that February is not generally a significant month for corporation tax payments.
February is also a non-VAT due month and receipts of €0.5 billion only were received in the month. Importantly, on a cumulative basis, VAT receipts of €4.7 billion are ahead of last year by €0.2 billion.
Commenting on the figures, Tánaiste and Minister for Finance, Simon Harris said:
“Today’s figures confirm that, despite external headwinds, the domestic economy grew strongly last year, with Modified Domestic Demand expanding by almost 5 per cent for the year as a whole.
While the headline figures may somewhat overstate the economy’s underlying growth, I am encouraged that consumer spending grew by a solid 3 per cent last year. This reflects rising real incomes and the strength of our labour market, with a record 2.83 million people in employment at the end of 2025.
While today’s figures are positive and reflect the resilience of the Irish economy, we cannot become complacent. Indeed, recent developments clearly illustrate that uncertainty is likely to be a feature of the economic landscape for some time”.
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