States’ Exchequer Deficit Widens to €4.2bn
- The underlying exchequer deficit more than doubled year-on-year to €4.2 billion for the first 10 months of 2025, largely consequently of cash transfers to two new sovereign funds,...
- The out-turn also excludes the windfall received by the public coffers after Europe's highest court ruled late last year that US tech giant Apple owed the Revenue commissioners...
- The exchequer recorded a headline deficit of €900 million for the 10-month period, compared to a surplus of €1.3 billion a year earlier, with the year-on-year comparison affected...
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Ireland’s Exchequer Deficit Doubles in First 10 Months of 2025
Table of Contents
Key Findings & Context
The underlying exchequer deficit more than doubled year-on-year to €4.2 billion for the first 10 months of 2025, largely consequently of cash transfers to two new sovereign funds, according to the Department of Finance.
The out-turn also excludes the windfall received by the public coffers after Europe’s highest court ruled late last year that US tech giant Apple owed the Revenue commissioners back-taxes and interest totalling about €14 billion.
The exchequer recorded a headline deficit of €900 million for the 10-month period, compared to a surplus of €1.3 billion a year earlier, with the year-on-year comparison affected by higher Apple revenues in October, 2024, as the money started to be transferred from an escrow account.
Revenue & Expenditure Breakdown
Tax receipts, the main source of exchequer revenue, rose 3.2 per cent on the year to €78.8 billion. This was driven by a 6.3 per cent increase in corporation taxes to €19.4 billion, excluding money stemming from the Apple tax case.
However, gross voted expenditure, the biggest source of spending, surged 7.7 per cent to €87.1 billion. Total expenditure came to €100.3 billion for the first 10 months.
| Category | 2024 (EUR Billion) | 2025 (EUR Billion) | Change (%) |
|---|---|---|---|
| Tax Receipts | 76.3 | 78.8
|