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Government deficit drops to 5.6% of GDP

That’s down from 7.9% this time last year.

IRELAND’S GOVERNMENT DEFICIT fell to 5.6% of GDP in the first quarter (Q1) of 2014, down from 7.9% in the same period last year.

Figures published today by the Central Statistics Office (CSO) show that government revenue for Q1 was €14.6 billion, up €736 million from this time last year.

That increase was mainly accounted for by revenue from taxes and social contributions.

Government expenditure in Q1 decreased by €158 million to €17 billion, when compared to the January-March 2013 period.

The following graph shows the trend in the General Government Deficit over the last five quarters:

[image alt="generalgovtdeficit" src="http://cdn.thejournal.ie/media/2014/07/generalgovtdeficit-145x145.png" width="145" height="145" wp-size="size-thumbnail" credit-url="" credit-source="CSO" credit-via="" credit-via-url="" caption="" title="" wp-id="wp-image-1595391" class="alignnone" /end]

Meanwhile, Gross Government Debt stood at €215 billion, or 122.2% of GDP, at the end of Q1 2014. The same figure at the end of the previous quarter was €215.5 billion, or 123.3% of GDP.

General Government Net Debt was €160.9 billion, or 91.4% of GDP, as opposed to €160.8 billion (92% of GDP) in Q4 of 2013.

Read: Central Bank revises GDP forecast upwards>

“Less cutbacks, less tax increases” needed for Budget 2015 — Noonan>

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