Exchequer deficit climbed to €9.5bn by end of August

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The public finances recorded a deficit of €9.5bn at the end of August according to the latest Exchequer Returns.

This compares to a deficit of €625m recorded at the same point last year.

The €8.8bn deterioration is largely due to increases in government spending.

The increase in spending is concentrated in the departments of Health and Employment Affairs and Social Protection.

Compared to last year, there has been an increase in overall government spending of 28% or €9.46bn.

But tax revenues continue to come in better than expected.

Tax revenue in August was only down marginally by €11m or 0.4% compared to August of last year.

Cumulatively in the year to the end of August, the total amount of tax collected was 2.3% or €802m down compared to the same period in 2019.

This is a result of a bigger than expected increase in corporation tax recorded earlier in the summer and a strong tax take before the pandemic struck.

 
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