Ireland has been in lockdown for less than two weeks, but the effects are already being felt in the exchequer as VAT receipts plunge and spending surges. At the same as revenues fell sharply, current spending rose dramatically, by 11.5pc, pushing overall spending top €13.6bn, a figure that was €960m more than the Government had expected at the end of the first quarter. “An Exchequer deficit of €2,535m was recorded to end-March 2020. This compares to a deficit of €966m in the same period last year,” the Department of Finance said in a statement. “At this stage, the €1,569m year-on-year deterioration is driven by increases in current and capital voted expenditure,” it said.

Source: Irish Independent April 02, 2020 12:56 UTC