Irish January-Oct Budget Deficit Widens To EUR22.7B Vs EUR11B
Tue, Nov 3 2009, 16:42 GMT
http://www.djnewswires.com/eu
DUBLIN (Dow Jones)--The Irish government said Tuesday its budget deficit widened to EUR22.7 billion for the first 10 months of the year from a deficit of EUR11 billion in the same period a year earlier.
The figures show the rapid decline in the state of the public finances continues as the government grapples to deal with a fragile banking sector, a crash in the property market and rising unemployment.
Tax revenue continues to fall. It totaled EUR26.1 billion in the first 10 months of the year compared to EUR31.5 billion a year earlier, as Ireland's unemployment rate continues to soar.
The government forecasts the general government deficit for 2009 at around 12% of gross domestic product. The European Commission said earlier Wednesday it forecasts the 2009 deficit at 12.5% of GDP.
-By Quentin Fottrell, Dow Jones Newswires; +353-1-676 2189; quentin.fottrell@dowjones.com
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(END) Dow Jones Newswires
November 03, 2009 11:42 ET (16:42 GMT)
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