New figures show that the Exchequer recorded a deficit in October of €2.9 billion euro.
Factors contributing to the shortfall were a €0.5 billion payment to the European Stability Mechanism (ESM) and €1.3 billion spent on debt interest.
According to figures published by the Department of Public Expenditure and Reform this afternoon, for the year to the end of October the Exchequer deficit was €14 billion compared to €22 billion at the same time last year.
The decrease is down to the fact that the July 2011 banking recapitalisation payments did not happen again this year and because of the settlement of the 2012 Irish Bank Resolution Corporation Promissory Note.
At the end of October total government spending was €36.7 billion, that's €88m or 0.2% over target. The Departments of Social Protection and Health overspent by €447m and €304m respectively. The Department of Transport, Tourism and Sport overspent by €10m, while spending at all other departments came in under forecast.
Tax revenues for the year to the end of October were €28.35 billion. That's €1.6 billion or 6.3% ahead of the same period last year and €96m or 0.3% ahead of targets.
For the month of October though tax revenues at €2.2 billion were 11.4% behind target, driven largely by Corporation Tax being 51.7% below target. This underperformance was expected, and the Exchequer Statement points out that November is the key month of the year for corporation tax, when close to €1.2 billion, or 30%, of the annual target is profiled for collection.
Capital Acquisitions tax was 31.2% below target at €58m.
The government took in slightly more than expected in VAT and Stamp Duty.
