Business News

Government posts €337 million deficit in first quarter

9th July 2020

Statistics show the Exchequer is usually in the red in the first three months of the year.

Government deficit was just below the €337 million mark in the first quarter of this year, when revenue dropped by €193.6 million, expenditure was up €99.5 million and debt grew by €97.2 million.

The statistics show that the Exchequer is usually in the red in the first three months of the year. In fact, figures published by the National Statistics Office indicate a deficit at every first quarter of the year since 2015, bar in 2017, when a surplus was recorded. However, the deficits were nowhere near this year’s, the highest being €152.5 million in 2015.

Total revenue between January and March was €949.9 million, with drops in revenue registered in almost all categories, primarily due to the impact of the COVID-19 pandemic. The largest decreases were in current taxes on income and wealth (€138.1 million), market output (€20.5 million), and net social contributions (€18.9 million).

The Government spent €1.3 billion in the period under review, with increases in expenditure recorded in subsidies payable (€47.7 million), mostly in relation to the COVID-19 wage supplement amounting to €36.9 million, intermediate consumption (€40.8 million), social transfers in kind (€14.3 million), compensation of employees (€11.6 million) and current transfers payable (€8.6 million).

General Government debt at the end of March stood at €5.9 billion and general Government guaranteed debt amounted to €1 billion.


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Government posts €337 million deficit in first quarter