Ireland has higher budget surplus than any other country

DUBLIN, Ireland: Ireland reported a higher budget surplus than any other country in 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 spent on capital investment, public services and debt repayments.

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

In the three months to September 2022, only six other nations had surpluses, according to Eurostat, including Portugal 1.3 percent Lithuania 1 percent Denmark 0.9 percent, the Netherlands 0.4 percent and Sweden 0.3 percent.

The EU countries had a budget deficit of 3.2 percent.

Ireland's Department of Finance estimates the country's surplus reached 5.2 billion euro, a surprise for officials who expected the surplus to reach 4 billion euros.

Stockbrokers Goodbody believes that Ireland will not go through a recession in 2023 due to the record household savings haul and the ability for government support due to the best budget position in the euro area of Ireland's 'war chest. The Goodbody report expressed concerns about a decrease in foreign direct investment in Ireland from the UK and the US because of their high risk of a recession this year.