Rise in government borrowing and VAT fall drives Ireland's €3.3bn deficit-CSO

Government sale of bonds in response to Covid-19 led to the biggest rise in short term borrowing since 2009

The government recorded a deficit of €3.3bn in the first quarter of 2020; the equivalent of 3.7% of quarterly gross domestic product (GDP).

The government has recorded a deficit of €3.3bn in the first quarter of 2020 driven mainly by a fall in tax receipts for March, April and May. 

This is according to the latest data released by the Central Statistics Office (CSO).