Ireland had highest EU budget surplus in third quarter 2022

Robert Besser
26 Jan 2023, 01:48 GMT+10

Ireland reported a higher budget surplus than any other country among the 27-member European Union for the third quarter of 2022, according to Eurostat
Budget surplus is defined as more money being received in taxes and other revenue than was spent on capital investment, public services and debt repayments
Ireland's budget surplus was reported at 3.1 percent of gross domestic product

DUBLIN, Ireland: Ireland reported a higher budget surplus than any other country among the 27-member European Union for the third quarter of 2022, according to Eurostat.

Budget surplus is defined as more money being received in taxes and other revenue than was spent on capital investment, public services and debt repayments.

Ireland's budget surplus was reported at 3.1 percent of gross domestic product.

Only six other nations had surpluses, said Eurostat, including Portugal (1.3 percent), Lithuania (1 percent), Denmark (0.9 percent), the Netherlands (0.4 percent) and Sweden (0.3 percent) during the three months to September 2022.

Further, the average among EU countries was a budget deficit of 3.2 percent.

Ireland's Department of Finance estimates the country's surplus reached 5.2bn euros, surprising officials who expected the surplus to reach 4bn euros.

In a statement, Stockbrokers Goodbody expects Ireland to avoid a recession in 2023 due to "a record household savings haul and the ability for government supports due to the best budget position in the euro area Ireland's 'war chest."

At the same time, the Goodbody report expressed "concerns" about diminishing foreign direct investment into Ireland from the UK and US, because of their "high risk of recession" this year.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Beijing Bulletin.

More Information

22 ℃

Fair in Beijing/Capital

Technology

Section

Apple's appeal on fines over App Store rejected by Dutch regulator

AMSTERDAM, The Netherlands: This week, Dutch competition regulator, the ACM, rejected an appeal by Apple against fines worth €50 million. ...

Japanese startup develops robot resembling 'Mobile Suit Gundam'

TOKYO, Japan: Tokyo-based startup Tsubame Industries has developed a four-wheeled robot that resembles the "Mobile Suit Gundam" from the popular ...

Ireland sees new Intel chip plant celebrates opening

DUBLIN, Ireland: Taoiseach Leo Varadkar has said that Intel's new factory in Co Kildare will play a "strategic" role in ...

FTC takes Amazon to court for monopolizing online marketspace

SEATTLE, Washington: As part of Washington's efforts to stop Big Tech from monopolizing the most lucrative parts of the internet, ...

Musk set to expand internet services in Africa Bloomberg

Starlink will reportedly sell terminals and connectivity kits in several countries on the continentElon Musk's SpaceX will partner with e-commerce ...

Even before deepfakes, tech was a tool of abuse and control

Of the many "profound risks to society and humanity" that have tech experts worried about artificial intelligence (AI), the spread ...

Business

Section