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This release has been compiled during the COVID-19 crisis. The results contained in this release reflect some of the economic impacts of the COVID-19 situation. For further information see Background Notes.
Total revenue of general government grew by €15.5 billion (18.7%) to stand at a record high of €98.8 billion in 2021. Revenue levels rebounded due to a strong upturn in tax revenue after a 5.7% decline in 2020. Total tax revenue surpassed pre-pandemic levels, with increases across nearly all tax categories. Taxes on income, profits and capital gains were up €8.4 billion (23.1%), with year on year VAT receipts up €3.9bn (30.2%). Care should be taken with a direct year on year comparison due to the impact of COVID-19 restrictions on the 2020 data.
A comparison with the pre-pandemic 2019 revenue levels also shows strong increases, with total revenue up €10.5 billion (11.9%). Again, this is due mainly to a strong upturn in tax revenue of €11.0 billion (17.1%), negating a downturn of €1.0 billion (20.1%) in sales of goods and services, and a €1.0 billion (69.7%) decrease in investment income This latter category is largely due to the Central Bank of Ireland surplus transfer to the Exchequer (see background notes).
General government expenditure rose by €3.9 billion (3.8%) in 2021 to €105.8 billion, a more modest rise than the 17.9% increase reported in 2020 which reflected the increases in COVID-19 related expenditure witnessed at the onset of the pandemic.
Increases in expenditure for 2021 included a €1.7 billion (6.9%) rise in compensation of employees and a €0.9 billion (6.0%) increase in spending on goods and services (Table 2.2).
Direct expenditure on COVID-19 measures stood at €12.5 billion in 2021, down from €14.7 billion in 2020, the decrease aided by a €1.1 billion decline in expenditure under the Pandemic Unemployment Payment scheme.
A level shift in expenditure can be seen when comparing 2021 to 2019, with total expenditure €19.3 billion (22.3%) higher in 2021 than 2019. This is largely due to increases in COVID-19 related expenditure in social benefits (Pandemic Unemployment Payment), subsidies (Employment Wage Subsidy Scheme) and intermediate consumption (including health expenditure). Excluding the COVID-19 related expenditure (€12.5 billion) leaves an increase of €6.8 billion between 2019 and 2021.
Total Revenue | Total Expenditure | |
2016 | 27.3 | 28.1 |
2017 | 25.9 | 26.2 |
2018 | 25.5 | 25.3 |
2019 | 24.7 | 24.3 |
2020 | 22.3 | 27.3 |
2021 | 23.2 | 24.8 |
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