Figures from the Department of Finance show that the Exchequer deficit for the first 11 months of this year was just over €22 billion, compared with just under €7.9 billion at the same stage last year.
Total tax receipts for the period were just under €30.8 billion, almost €1.36 billion behind the target set out at the time of the April Budget. The Government earlier this year lowered its tax take forecast for the year to around €32 billion, but tonight Finance Minister Brian Lenihan said the final figure would not be as low as this.
Total tax receipts are 20.8% below the figure for the same period last year, compared with a 17% drop in the first ten months.
Read more details of the department's tax figures here
Income tax receipts were €575m behind the April Budget expectations, while VAT was almost €750m lower. All other categories, except corporation tax, are also short of the April targets.
But total spending - at €42.5 billion - came in almost €700m behind what was expected in April, despite a 15% increase in social welfare spending from last year as unemployment rises.
The figures also show that interest payments on the national debt rose from €1.6 billion in the period to November last year to €2.7 billion in the first 11 months of this year.
The Exchequer deficit has been swollen by the €4 billion paid to Anglo Irish Bank to save it from going under and €3 billion from the National Pension Reserve Fund to help recapitalise the banks. A breakdown of the tax figures showed that total receipts are 17% lower than in the same period last year. A breakdown of the tax figures showed that total receipts are 17% lower than in the same period last year.
Figures 'not as bad as feared'
Ulster Bank economist Lynsey Clemenger said the full-year tax shortfall looked likely to come in at around €1.5 billion, as the November figures were not as bad as some had feared. Davy's Rossa White forecast a shortfall of €1.75 billion. He added that the general government deficit was likely to dip below 12% of GDP, helped by what he called a 'sneaky' saving of €400m on capital spending.
