Deficit drops to 5.6% of GDP


Ireland’s Central Statistics Office (CSO) has published figures which show that the General Government Deficit has fallen to €2,432 million or 5.6% of GDP in the first quarter of 2014. That is down from €3,326 million deficit or 7.9% of GDP in the first quarter of 2013.

Unemployment stood at 11.6% for June 2014 down from 13.3% in June 2013.

The full press release of the government deficit position as published on the Central Statistics Office (CSO) website is as follows:

“Government Deficit of 5.6% of quarterly GDP in Q1 2014

Ireland’s General Government Deficit (GG Deficit) amounted to €2,432 million in the first quarter of 2014 representing 5.6% of quarterly GDP. In the corresponding quarter of 2013, the deficit had amounted to €3,326 million or 7.9% of quarterly GDP.

Government revenue for the period at €14,599 million was higher by €736 million than Q1 2013 revenue of €13,863 million mainly due to increased revenue from taxes and social contributions. Government expenditure decreased by €158 million compared to Q1 2013, standing at €17,031 million in Q1 2014, with a decrease observable in most categories of expenditure (Table 1).

All the results in this release are now presented under the new ESA 2010 standards. See box below and Background Notes for further information.

Gross Government Debt at 122.2% of GDP at end Q1 2014

Ireland’s General Government Gross Debt (GG Debt) stood at €215.0 billion or 122.2% of annualised GDP at the end of Q1 2014, compared to a level of €215.5 billion or 123.3% of GDP at the end of the previous quarter.

General Government Net Debt amounted to €160.9 billion in Q1 2014, or 91.4% of GDP compared to €160.8 billion or 92.0% of GDP in Q4 2013.”

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