Stock Groups

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.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, futures, indexes or Forex. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. Because prices might not reflect the market, they may be incorrect. This means that prices cannot be considered indicative and are inappropriate for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



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.