Deficit drops 30% since last year

The exchequer deficit fell by 30% year-by-year during the first half of 2013, with tax revenues 1% ahead of Government expectations, latest Department of Finance figures show.

Updated exchequer returns published yesterday show the deficit stood at just over €6.59bn as of the end of June, down from €9.44bn at the same time last year.

The State’s overall tax revenues for the first half of this year amounted to just under €17.6bn; an improvement of €585m or 3.4% on the first six months of 2012.