Ireland government deficit at 7.2% of GDP in 2013

Ireland's government deficit stood at 7.2 percent of GDP at the end of 2013, according to official statistics released on Monday. Figures from the Central Statistics Office indicated that the total figure of 11.78 billion euros (16.28 billion U.S. dollars) represented an improvement on the 13.44 billion euros at the end of 2012, when the deficit stood at 8.2 percent of GDP. Government revenue increased from 56.62 billion euros in 2012 to 58.87 billion euros in 2013, due to increased revenue from taxes, social contributions and investment income offset by decreases in other revenue. Expenditure increased from 69.84 billion euros to 70.37 billion euros over the same period. Gross debt stood at 202.9 billion euros or 123.7 percent of GDP in 2013, compared to a level of 204.5 billion euros or 124.3 percent of GDP in 2012.