Government Finance Statistics Quarterly Results

[NegativeEquity]

Up up and away

cso.ie/en/releasesandpublication … efW9H9uh2E

[Renting_And_Proud]

Ireland’s General Government Deficit (GGDeficit) amounted to €5,387 million in the first quarter of 2013 representing 13.8% of quarterly GDP. This was almost €360 million greater than the corresponding figure for the first quarter of 2012.

But on the plus side:

• we’re having our last “austerity” budget this year
• we’re “on track” to exit the bailout
• property prices have bottomed

[Eschatologist]

Bottom line:

Government revenue: up €973 million
Government expenditure: up €1,299 million

So the deficit is up 2.5% (as a proportion of revenue) over 12 months ago, and currently stands at 42% of revenues.

Which makes a complete mockery of the idea that the government debt is being brought under control.

Things are getting worse.

[Renting_And_Proud]

@Eschatologist

Which makes a complete mockery of the idea that the government debt is being brought under control.

Anyone who is isn’t blinkered knows that *no attempt is being made to bring debt under control

*The Irish economy is a confidence trick, all the Irish Times articles trumpeting bullshit can’t wish away these type of figures.

You can’t talk yourself into a recession but you also can’t bullshit your way out of one

[Renting_And_Proud]

Ireland’s General Government Deficit (GGDeficit) amounted to €5,387 million in the first quarter of 2013 representing 13.8% of quarterly GDP. This was almost €360 million greater than the corresponding figure for the first quarter of 2012.

Obviously an annual figure isn’t as simple multiplying this by 4 but is there any kind of indication on what the full year deficit will be?

[Renting_And_Proud]

[*IMF urges Government to adhere to €3.1bn adjustment * (IMF urges Government to adhere to €3.1bn adjustment – The Irish Times)

The Government should stick with its plan for a €3.1 billion adjustment in the October budget, the International Monetary Fund has stressed.

This is in spite of savings on Ireland’s debt repayments that will reduce its borrowing costs by €40 billion over the next decade and yield substantial savings in the cost of servicing our national debt.

In a conference call following the completion of its 11th review of Ireland’s bailout programme, Craig Beaumont, head of the IMF’s mission here, said it “would attach priority to the amount of adjustment” rather than percentage deficit target that Ireland is aiming to hit. He said discussions on this figure were “ongoing” with the Government.

Strangely there’s no mention of the figures NE posted yesterday in this article, they’re a separate story altogether reportiong that which isn’t given as much attention on its home page

[*National debt rises by €18.5bn in 2012 * (National debt rises by €18.5bn in 2012 – The Irish Times)

Ireland’s national debt rose by €18.5 billion in 2012 to a record €137.6 billion, according to figures published yesterday by the National Treasury Management Agency (NTMA).

The bill for servicing Ireland’s national debt also rose by just under €1.1 billion to €6.5 billion last year.

The biggest component in the increase in our national debt last year was €14.9 billion borrowed to fund the exchequer deficit. This was used to pay the day-to-day bills of the State.

Damn banks, its all their fault

[gaius]

@Renting And Proud!

[*IMF urges Government to adhere to €3.1bn adjustment * (IMF urges Government to adhere to €3.1bn adjustment – The Irish Times)

The Government should stick with its plan for a €3.1 billion adjustment in the October budget, the International Monetary Fund has stressed.

This is in spite of savings on Ireland’s debt repayments that will reduce its borrowing costs by €40 billion over the next decade and yield substantial savings in the cost of servicing our national debt.

In a conference call following the completion of its 11th review of Ireland’s bailout programme, Craig Beaumont, head of the IMF’s mission here, said it “would attach priority to the amount of adjustment” rather than percentage deficit target that Ireland is aiming to hit. He said discussions on this figure were “ongoing” with the Government.

Strangely there’s no mention of the figures NE posted yesterday in this article, they’re a separate story altogether reportiong that which isn’t given as much attention on its home page

[*National debt rises by €18.5bn in 2012 * (National debt rises by €18.5bn in 2012 – The Irish Times)

Ireland’s national debt rose by €18.5 billion in 2012 to a record €137.6 billion, according to figures published yesterday by the National Treasury Management Agency (NTMA).

The bill for servicing Ireland’s national debt also rose by just under €1.1 billion to €6.5 billion last year.

The biggest component in the increase in our national debt last year was €14.9 billion borrowed to fund the exchequer deficit. This was used to pay the day-to-day bills of the State.

Damn banks, its all their fault

That’s for 2012.
How much did the IBRC liquidation add to the increase this year?

[coc]

@Renting And Proud!

Ireland’s General Government Deficit (GGDeficit) amounted to €5,387 million in the first quarter of 2013 representing 13.8% of quarterly GDP. This was almost €360 million greater than the corresponding figure for the first quarter of 2012.

Obviously an annual figure isn’t as simple multiplying this by 4 but is there any kind of indication on what the full year deficit will be?

13.8% x 4 = 55.2%

[yoganmahew]

@coc

@Renting And Proud!

Ireland’s General Government Deficit (GGDeficit) amounted to €5,387 million in the first quarter of 2013 representing 13.8% of quarterly GDP. This was almost €360 million greater than the corresponding figure for the first quarter of 2012.

Obviously an annual figure isn’t as simple multiplying this by 4 but is there any kind of indication on what the full year deficit will be?13.8% x 4 = 55.2%

[Eschatologist]

From Constantin…

trueeconomics.blogspot.ie/2013/0 … ts-on.html
trueeconomics.blogspot.ie/2013/0 … ficit.html

[TheJackal]

irishtimes.com/news/politics … -1.1468914

Enda Kenny: ‘This will be the last difficult budget’

[dipole]

I expect the exceptionally good weather to help Revenue but it will only be a blip.
Retailers will be seeing better takings as a result of the last few good weeks of weather.
I know a retailer who is happy to be busier than usual these last few months.

[superman]

@TheJackal

Enda Kenny: ‘This will be the last difficult budget’ – The Irish Times

Enda Kenny: ‘This will be the last difficult budget’

Or
“Our plan is to have as light an austerity budget as possible, hopefully then we can have a light one to buy the election, once we are in again austerity is back on”.
(Or at least I hope that is what he means- hopefully even they don’t believe in magic growth).

[lord_vader]

@Eschatologist

From Constantin…

trueeconomics.blogspot.ie/2013/0 … ts-on.html
trueeconomics.blogspot.ie/2013/0 … ficit.html

https://4.bp.blogspot.com/-ratPfwKD6Bk/UekjnB9HVqI/AAAAAAAAQD4/3h7La6EeHmQ/s1600/Screen+Shot+2013-07-19+at+10.16.45.png

•Deficit is up (from EUR5.029bn to EUR5.387bn)
•General Government Debt (GGD) is up (from EUR174.15bn to EUR204.05bn)
•GGD is now in excess of 125% of GDP (few years back when I predicted it will be above that marker, there was a sound of hissing and sniggering coming from the ‘outraged economists’ corner of Irish academia)
•General Government Net ‘Worth’ is down to EUR81.13 bn.

Small corrective bit: based on Q1 2013 GDP/GNP gap the above level of debt is at 149% of GNP.

and the party isnt over yet!! Wait for the next round of bank black holes( or that Anglo guys arse) to be filled!!