Government Finance Statistics Quarterly Results

Up up and away

cso.ie/en/releasesandpublication … efW9H9uh2E

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

8DD

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.

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

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?

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

Damn banks, its all their fault

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

13.8% x 4 = 55.2%

:laughing:

:laughing: 8DD

From Constantin…

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

irishtimes.com/news/politics … -1.1468914

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

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.

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).

•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!!