Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Bailed-out Ireland's tax revenues up  Join our daily free Newsletter

MENAFN - AFP - 02/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Irish tax revenues in the 10 months to November were slightly ahead of target, it was announced Friday, while overspending continues to threaten Dublin's deficit targets.

Tax revenues over the period were 1.6 billion euros (2.05 billion), or 6.3 percent ahead of last year and 96 million euros (0.3 percent) ahead of the forecast.

The figures will be broadly welcomed by Dublin, which remains on track to hit a budget deficit target of 8.3 percent of gross domestic product (GDP) this year.

However, the overall surplus tax take was offset by continued government overspending with departmental expenditure coming in 1.2 percent above target, mainly due to the swollen health and social protection budgets.

There was a deficit for the month of October of 2.9 billion euros.

Dublin entered an 85 billion euro European Union-International Monetary Fund bailout programme in November 2010. The Irish economy was badly exposed to a downturn in global markets and an over-reliance on the construction sector.

Merrion Stockbrokers in Dublin said the government was nonetheless likely to hit its targets for the year.

"We still believe that as long as day-to-day spending is kept under control the government will at the very least meet its 8.3 percent of GDP deficit target," it said.

"We expect tax receipts to rebound in November."

Overall, the exchequer deficit at the end of October is 8.1 billion euros less than the same period last year.

The main factor behind the large decrease is that there has been no repeat of the state's July 2011 capital injection into struggling Irish banks.


 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help