Government deficit falls to 3.8 per cent of GDP

Ireland's Government deficit fell to 3.8 per cent of gross domestic product in the second quarter of 2014, according to new figures from the Central Statistics Office (CSO).

Separate statistics issued on Tuesday by CSO show a Government deficit or €9.967 billion or 5.7 per cent of GDP in 2013. This marks an improvement on the 2012 position of €13.9 billion or 8 per cent of GDP in 2012.

The deficit - the difference between what the Government takes in and what it spends - amounted to €1.7 billion in the second quarter of 2014, the figures show.

This compares to a deficit of €1.87 billion, or 4.4 per cent of GDP for the same quarter a year earlier.

In the first quarter of 2014, Government deficit fell to 5.6 per cent of GDP or €2.4 billion.

The latest figures from the CSO show Government revenue for the second quarter rose by €760 million to €16 billion. This compares with revenues of €15.2 billion for the same quarter a year earlier. The rise was attributed to increased revenue from taxes and social contributions.

Government expenditure rose by €660 million compared to the same quarterl ast year to €17.8 billion.

Government net debt amounted to €162.9 billion or 90.7 per cent of GDP. For the previous quarter, net debt totalled €161.1 billion or 91.4 per cent of GDP.

The general Government gross debt was 116.7 per cent of annualised GDP, or €209.7 billion by the end of June, compared to a level of €215 billion or 121.9 per cent of GDP in March.

Government revenue increased from €59.08 billion in 2012 to €60,83 billion in 2013 driven by increased tax and social contribution revenues. Expenditure decreased from €72,98 billion to €70,8 billion over the same period with decreases observed in most expenditure categories except interest and current transfers.

The general Government gross debt stood at €215.5 billion or 92.1 per cent of GDP in 2013. up from €210.2 billion at the end of 2012, or 121.7 per cent of GDP.

Net debt amounted to €160.9 billion, or 92.1 per cent of GDP.