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Government Finance Statistics Report

A report from the Central Statistics Office (CSO) shows at end Q2 2014, Ireland’s Government deficit fell to 3.8% of gross domestic product in the second quarter of 2014 with Government Debt at 116.7% of GDP.

Government Deficit of 5.7 % of GDP in 2013

General Government experienced a deficit of €9,967 million (5.7% of GDP) in 2013 – an improvement on the 2012 position of €13,901 million (8.0% of GDP). Government revenue increased from €59,083 million in 2012 to €60,837 million in 2013 driven by increased tax and social contribution revenues, while expenditure decreased from €72,984 million to €70,804 million over the same period with decreases observable in most expenditure categories except interest and current transfers. Taxes and social contributions, the largest component of revenue over the period, represented just under 87% of total government revenue in 2013. Social benefits, the biggest expenditure category, accounted for just over 40% of government spending in 2013.

Government Debt at 123.3% of GDP in 2013

The gross debt of General Government stood at €215,550 million at the end of 2013, or 123.3% of GDP, up from €210,226 million at the end of 2012, or 121.7 % of GDP. General Government Net Debt for 2013 amounted to €160,962 million or 92.1% of GDP.  This net debt figure is obtained by deducting the values of the financial assets from the corresponding categories of financial liabilities in General Government Gross Debt

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