The current account surplus on the balance of payments in the first half of this year was £83 million, data released yesterday showed.

The surplus, or excess of taxes over spending, was £103 million in the second quarter of the year, from a deficit of £20 million in the first quarter.

The surplus in the second quarter of last year has been revised up to £314 million.

The figures mean the Government is well on its way to achieving an expected £200 to £250 million surplus on the current account over the whole of 1996.

Overall in the first six months there was a merchandise trade surplus of £3.9 billion and an "invisibles deficit" of £3.8 billion. This deficit was mainly the result of high profit levels from Irish based US multi nationals and to the timing of EU structural funds.

Mr Alan McQuaid, economist at Bloxham Stockbrokers, said he had now revised his estimate for this year's current account surplus to just over £500 million.