Deficit down €29 million

The deficit fell by €29.4 million to total €107.1 million in January when compared to the same month last year.

The National Statistics Office said the drop was due to a €4.2 million rise in revenue and a €25.2 million drop in expenditure.

It said revenue in January totalled €137.3 million after income tax yielded an additional €5.7 million, VAT receipts were up €3.8 million and social security contributions increased by €1.9 million.

Expenditure stood at €244.4 million as a result of a drop of €25.2 million on capital projects spending.

Government debt at the end of January stood at €3,877.1 million, that is, an increase of €295.2 million over the same month last year.

Short- and long-term borrowing rose by €43.6 million and €261.7 million respectively while foreign lending fell by €13.6 million.

Euro coins issued by the Treasury, which are considered a liability, amounted to €36.6 million, €4.3 million more than last year.