Today’s Exchequer figures have met with criticism from opposition parties, who accused the Government of "squandering" Ireland’s economic boom.
Mr Pat Rabbitte, Labour’s trade and employment spokesman, said the figures confirmed the "drift" in public finances and showed no sign of a predicted economic recovery.
He claimed the end of year surplus of €650 million had been artificially boosted by the Government not spending any money during December.
"Rarely before has a finance minister got his figures so badly wrong," he said. "Mr McCreevy may have entered office as Champagne Charlie, but he will be leaving government as Flat Beer Charlie," he jibed.
Fine Gael’s spokesman on finance, Mr Jim Mitchell, accused the Government of trying to buy the next election through "unsound economic policies". He said the prediction by the Minister for Finance, Mr McCreevy, was "knowingly false"
"His raids on the social insurance fund, the central bank reserves and the capital appreciation account cannot be repeated," Mr Mitchell said, and the net result would be a deficit balance of €1.9 billion by the end of 2002.