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Exchequer's deficit reaches €6...

Coronavirus

Exchequer's deficit reaches €6.1bn but tax revenues are up 1.3% on May 2019

Rebecca Noonan
Rebecca Noonan

04:01 3 Jun 2020


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The exchequer's deficit reached €6.1 billion in May, as pressure on the government's finances continues with the Covid-19 pandemic.

However latest figures show tax revenues are up 1.3% on May last year, due to an unexpected increase in the amount of corporation tax collected.

Spending is up 19% on what was planned, largely due to health and income supports like the €350 weekly Pandemic Unemployment Payment.

Finance Minister Paschal Donohoe says while the signs are positive, it's too early to say how the economy is coping with Covid-19:

Exchequer's deficit reaches €6.1bn but tax revenues are up 1.3% on May 2019

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