Government debt rises in third quarter of 2013

Ireland's general Government deficit fell to 6.8 per cent of gross domestic product in the third quarter of 2013, new figures from the Central Statistics Office showed today.

The data showed the debt stood at €2.86 billion in the three-month period, down from €3.05 billion in the same period in 2012, or 7.4 per cent of GDP.

The general Government gross debt was 124.8 per cent of annualised GDP, or €204.7 billion by the end of the quarter, up from €191.8 billion or 117.1 per cent of GDP a year earlier.

Revenue for the quarter was down year on year, falling to €13.8 billion from €13.96 billion a year earlier, despite increased tax revenue.

But Government spending also fell, reaching €16.6 billion in the third quarter of last year compared to almost €17 billion in 2012.

Government net worth fell to -€88.6 billion from -€84.5 billion at the end of the previous quarter.