Boom time again? Big increase in consumer spending earns the state €3 billion

A massive surge in consumer spending in 2015 will see the state earn around €3 billion from the taxes placed on items. Finance Minister Michael Noonan is expected to show figures that were forecast as late as October which will show a huge surge in money raised from consumer spending.

Ireland has seen more spending amongst the public than most other countries in the past 12 months, with Irish shares also outperforming their counterparts in Europe.

The country's finances are now believed to be in the best shape that they have been in since the days of the Celtic Tiger boom years, while last yea's deficit is expected to come in at around just €28 million according to the Irish Independent.

There has been an increase of over €800 million in the amount of money raised from VAT, with the figure standing at €12 billion now. There was no increase in the rate of VAT in 2015, which means that people are just spending more money again.