Exchequer deficit hits €10.5bn

LATEST figures from the Department of Finance, released yesterday, showed that the Exchequer deficit widened to €10.59 billion as of the end of May.

This figure, covering the first five months of the year, was up from a deficit of €3.6bn for the same period last year. However, although the Government’s tax revenues were also down on a year-on-year basis, they were in line with recent Department estimates.

Tax revenue for the five months to the end of May amounted to €13.53bn (€17.1bn for the corresponding period in 2008).