Exchequer deficit €267m up on forecast

The 2013 budget deficit was €11.5bn — an improvement of €3.4bn on 2012 — though the gap between revenue and expenditure was higher than projected.

“The overall exchequer deficit was €267m higher than the figure of €11,230m forecast in the Irish Stability Programme Update published in April and it was €197m higher than the projected out-turn for 2013 of €11,300m included in the Budget 2014 document on Oct 15 last,” said Merrion Stockbroker economist Alan McQuaid.

“The weaker than expected out-turn in the main reflects lower than anticipated tax receipts but the savings on the expenditure side is a welcome development, and a sign that the Government is not going to spend money just for the sake of it.”