Ireland’s fiscal surplus fell sharply in 2025 due to one-time Apple tax revenues in 2024, with underlying deficits worsening amid rising spending.

Ireland’s Exchequer surplus dropped to €1.4 billion by September 2025, down from €5 billion a year earlier, mainly due to one-time Apple tax receipts in 2024. Excluding those, the underlying deficit was €1.9 billion, €6.9 billion worse than last year, driven by transfers to long-term investment funds. Tax revenue rose 7.1% to €73 billion, but underlying receipts were €71.3 billion. Total expenditure reached €89.8 billion, with gross voted spending up 7.6%. The government plans a €9.4 billion Budget 2026 package, including €7.9 billion in new spending, while the Central Bank, IFAC, and ESRI warn of potential economic overheating.