The Exchequer returns for February 2021 showed a €1.7 billion deterioration year-on-year in the Exchequer balance, as an Exchequer deficit of €721 million was recorded in February. With a decline in tax receipts and an increase in public expenditures, the February position reflects the continued impact of the pandemic on public finances.

The Fiscal Monitor February 2021 shows:

• Tax revenues to end-February were down €830 million, or nearly 9 percent, on the same period last year;
• VAT receipts to end-February were down by €400 million, or 13 percent;
• Similarly, excise duties were down by €130 million, or 15 percent;
• Income tax receipts remain resilient, slightly ahead, by over 1 percent, of the same period in 2020;
• Total net voted expenditure to end-February was just under €9 billion, €890 million, or 11 percent ahead on the same period last year;
• Spending by the Department of Employment Affairs and Social Protection was up €1.8 billion year-on-year;
• The 12-month rolling Exchequer deficit stands at just over €14 billion.

The joint press release from the Department of Finance and the Department of Public Expenditure and Reform includes further comments.