Tommy Broughan (Dublin North East, Labour)
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Question 143: To ask the Tánaiste and Minister for Finance his views with regard to the Exchequer returns for 2007 on the rapid deterioration to the tune of €3,883 million in the public finances, from an Exchequer surplus of €2,264.6 million in 2006 to an Exchequer deficit of €1,618.6 million in 2007; and if he will make a statement on the matter. [2309/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The change in the public finances in 2007 compared with 2006 reflected firstly a significant increase in Government outlays across all public services and secondly a more moderate change in overall tax receipts reflecting the adjustment in economic conditions as the housing market commenced a return to more normal market conditions. The public finances are sound with a General Government surplus recorded in 2007 while a moderate deficit is envisaged this year. The General Government debt level is one of the lowest in the euro area.