The Department of Finance says the public finances have shown a more than €400m improvement in the first month of the year.

The exchequer recorded a surplus of almost €1.2bn in January.

That is up from €781m in 2015.

Income tax was up by 8.7%, VAT increased by 6.6% and general Government expenditure was down by 7.6%

Commenting on the figures Minister for Finance Michael Noonan believes they show the “stabilising the public finances”.

“Today’s Exchequer Returns and in particular the performance of income tax, VAT and excise highlight the progress that has been made stabilising the public finances and growing the economy,” said Noonan.

“The Government’s focus on job creation and making work pay is benefitting families across the Country and is increasing activity and spending in the domestic economy.”

For his part Minister for Public Expenditure and Reform, Brendan Howlin praised “the broad based nature of the taxation growth.”

“It is pleasing to see that the momentum with which we ended 2015 is carrying into 2016,” said Howlin.

“In particular it is particularly pleasing to see the broad based nature of the taxation growth.

“While it is too early to read anything significant into the spending figures, Ministers are well aware of the importance of meeting their targets this year.”

You can read the figures in full here.