The latest Exchequer figures show that the Government fell further behind its targets for revenue in April.
By the end of March the tax take was €600m behind target, but that had grown to €736m by the last day in April.
The national deficit is now running at €3.7 billion, compared to a deficit of €638m this time last year.
The worsening deficit is mainly attributable to the decline in Capital Gains Tax and Value Added Tax. The shortfall on CGT was €333m at the end of April, while the shortfall on VAT was running at €276m.
The housing slump is shown again in disappointing stamp duty receipts, which are €52.5m lower than expected at just over €677.5m.
The amount taken in stamp duty is almost €500m below where it was last April.
The Minister for Enterprise, Trade & Employment, Micheál Martin, acknowledged that there is a 'rebalancing' taking place in the economy.
However, he insisted the Government is acting to meet the situation with a twin-track approach, investing in Irish-owned industry and winning investment from overseas.
Reacting to the figures, employers' group IBEC said the final exchequer deficit will now be much larger than previously forecast.
IBEC's chief economist David Croughan said 'it now looks increasingly likely that the Government finances will be in the range of €2 billion weaker than expected on Budget Day.'
