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Govt deficit 5.6pc of GDP in 1st Quarter

Tuesday, July 29 12:43:08

Irelandís General Government Deficit amounted to E2,432 million in the first quarter of 2014 representing 5.6pc of quarterly GDP, latest CSO figures show.

In the corresponding quarter of 2013, the deficit had amounted to E3,326 million or 7.9pc of quarterly GDP but the 5.6pc still leave a way to go to reach the EU and Government target of around 3pc of GDP by 2015.

Government revenue for the period at E14,599 million was higher by E736 million than Q1 2013 revenue of E13,863 million mainly due to increased revenue from taxes and social contributions. Government expenditure decreased by E158 million compared to Q1 2013, standing at E17,031 million in Q1 2014, with a decrease observable in most categories of expenditure.

Irelandís General Government Gross Debt (GG Debt) stood at E215.0 billion or 122.2pc of annualised GDP at the end of Q1 2014, compared to a level of E215.5 billion or 123.3pc of GDP at the end of the previous quarter.

General Government Net Debt amounted to E160.9 billion in Q1 2014, or 91.4pc of GDP compared to E160.8 billion or 92.0pc of GDP in Q4 2013

For more visit: www.businessworld.ie