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Ireland cuts 2021 deficit forecast to 3.1% of GDP By Reuters

© Reuters. FILE PHOTO – A view of the crowded streets as retail opens fully after coronavirus (COVID-19), restrictions ease. This was taken in Dublin, Ireland on May 17, 2021. REUTERS/Clodagh Kilcoyne/File photo

DUBLIN (Reuters), Ireland’s budget deficit was cut to 3.1% for 2017 from a projection it had made in March of 5.1%. The reduction is due to less-than-expected spending, strong tax receipts, and increased economic growth.

In recent weeks, the government indicated that they expected to reduce their deficit forecast. This was after the state had collected 5.8% more taxes than anticipated during the first nine month of the year and spent 3.2% less than predicted.

The deficit will be around 5.9% of modified gross national income (GNI*), which the government sees as a better reflection of the real economy as it strips out distortions caused by the country’s large multinational sector, a government pre-budget paper published on Saturday said.

That was down from an earlier forecast of 9.4% of GNI*.

On Tuesday, the government will publish its annual budget.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.