According to the Department of Finance, an Exchequer deficit of just over €6 billion was recorded to the end of September, an improvement of just over €3 billion on the same period last year.

On a twelve month rolling basis, the Exchequer deficit was €9.153 billion at the end of last month.

Total tax receipts to the end of September are ahead of target by 5.8% or €2.5 billion and €6.3 billion or 15.9% ahead of the same period last year.

According to a statement from the Department of Finance, the lifting of public health restrictions has led to a ‘more rapid rebound than previously assumed.’

VAT receipts are €893 million or 7.7% ahead of target to the end of September, while corporation tax is just over €1billion or 15% ahead.

Meanwhile, there continues to be an underspend across government departments.

At the end of September, this stood at almost €2 billion (€1.986 billion) or 3.2% below profile.