Government deficit up by €80.1m

The government had a shortfall of €256.3 million between recurrent revenue and total expenditure in the first half of this year, official figures published today show. That is an increase of €80.1 million when compared to the same period of 2007. The NSO said that an increase of €137.8 million in total expenditure was only partly offset by an increase of €57.7 million in recurrent revenue. The Consolidated Fund recorded increases in revenue of €26.2 million and of €16.1 million from income tax and from Value Added Tax respectively. Social Security Contributions also added €12.1 million. At the same time, revenue from licences and fines declined by €6.5 million while revenue classified under Miscellaneous Receipts declined by €9.9 million. Recurrent expenditure amounted to €1,033.6 million, an increase of €123.2 million... [read full story]