Exchequer figures for May published yesterday evening show a deficit of €1.25 billion in the public finances after five months of the year.
Despite this large shortfall the figures also show that the Government has underspent by as much as €680m compared with its targets for the year to date. In addition the amount of revenue collected by the Government through taxation is also running €230m below expectations.
The figures show that spending is behind schedule in 13 out of 15 Government departments, with a shortfall of €180m in spending by the Department of Health in the first five months, and a shortfall of €90m by the Department of Transport.
On the taxation side the figures show that the amount collected through income tax is running €206m below target while the amount collected through excise duties on cigarettes, alcohol and petrol is running €228m short of expectations.
Total tax receipts were €11.5 billion. Spending is running 4% ahead of the same period last year at just under €11.6 billion.
Most of the major tax areas fell short of target, with income tax just over 6% below target at €3.15 billion. The exceptions are receipts from VAT - marginally ahead of target at €4.5 billion - and stamp duties, which are nearly 18% higher than expected as the housing market continues to be strong.
