Irish Budget deficit for first 7 months 2012 half the 2011 number

[DCon]

Good news surely

Jan-July budget deficit €9.1B vs €18.96 last year

http://www.forexlive.com/blog/2012/0...ficit-in-half/

[jpc]

Anyone read the true economics blog recently?
I'm not too convinced by this.

[Sam Lord]

Could the 6 month budget deficit last year really have been 18.96 billion?

I thought the whole year was something like 25 billion.

[ang]

If you strip out last years bank recaps and PN's you will find that we are actually worse off this year.

As jpc has pointed out above the True Economics blog shines a light on these figures in fact CG is none too impressed by how the media have presented these figures today -

Tweet- @GTCost

I am doing a note on this. Exchequer performance is worse in 2012 than in 2011 & media are claiming it is better. This is bogus!

Blog -

All in, Irish Exchequer finances have most likely deteriorated on comparable terms by around €80million in 7 months through July 2012 compared to 2011.

These are then the colossal savings that the headlines like "Ireland Cuts Deficit in Half" simply mis-represent.

http://trueeconomics.blogspot.ie/201...g-reality.html

[barrym]

Anyone read the true economics blog recently?
I'm not too convinced by this.

Or McWilliams?? http://www.davidmcwilliams.ie/2012/0...m_medium=email

quote - "If this trend continues, Ireland will become an economy where there is a highly profitable multinational sector, a large public sector and a smaller and smaller private domestic economy. The private sector will be turned into the debt servicing agency – a type of extractive industry where rent will be extracted to pay for the public sector but where profitability will be tampered by high local costs and an exchange rate, which although now weakened, is still far too strong for our domestic conditions."

part of his read on the latest data...

His analysis of the "booming exports" is sobering.

Actually the blog entry is about the EU's economic policy, even more sobering.

[Apjp]

Or McWilliams?? http://www.davidmcwilliams.ie/2012/0...m_medium=email

quote - "If this trend continues, Ireland will become an economy where there is a highly profitable multinational sector, a large public sector and a smaller and smaller private domestic economy. The private sector will be turned into the debt servicing agency – a type of extractive industry where rent will be extracted to pay for the public sector but where profitability will be tampered by high local costs and an exchange rate, which although now weakened, is still far too strong for our domestic conditions."

part of his read on the latest data...

His analysis of the "booming exports" is sobering.

Actually the blog entry is about the EU's economic policy, even more sobering.

McWilliams has written there that he's wary of why Ireland-meaning our elites- would allow its domestic economy to come to a near halt. Seems to hint that the core countries are making debt slaves of the periphery in order to force a superstate on us. Not to worry Dave, nothing we wouldn't vote yes to anyways.

[Dr. FIVE]

why Ireland-meaning our elites- would allow its domestic economy to come to a near halt. Seems to hint that the core countries are making debt slaves of the periphery in order to force a superstate on us. Not to worry Dave, nothing we wouldn't vote yes to anyways.

Soros has a piece in the last issue of Prospect (in the shops or behind a paywall here) where he says real economy of the EZ is declining while Germany is still booming. That divergence between the central economies and us is getting wider. He compares this crisis to that of the Latin American and Asia when global finance forced hardship on those countries to protect themselves and says that Germany is doing the same now. Shifting the entire burden of adjustment onto the periphery to avoid their own responsibility for the imbalances.

This is not down to some big plan for a superstate but rather a lack of planning from 92 onward. He lays responsibility for the crisis on the 'core' countries as they are the architects of Euro and flaws therein that have us beggared. He says Germany will do enough to hold the whole thing together but even then we will be left with division between creditor and debtor with solidified and us becoming permanently depressed, with no chance of regaining competitiveness as the field is tilted against us.

[Dr. FIVE]

It's probably here why, in the context of internal devaluation, we see the inertia over small 'business going to the wall' etc etc It's not just because we cannot devalue currency but also the core maintaining its advantage. We are trying something new here, to totally wreck the Irish economy to get back a competitiveness (sigh, I know) which we can probably never achieve.

Being reminded why I've stopped following the economy it detail.

coming up to four years now since 2008 god help us

[C. Flower]

Soros has a piece in the last issue of Prospect (in the shops or behind a paywall here) where he says real economy of the EZ is declining while Germany is still booming. That divergence between the central economies and us is getting wider. He compares this crisis to that of the Latin American and Asia when global finance forced hardship on those countries to protect themselves and says that Germany is doing the same now. Shifting the entire burden of adjustment onto the periphery to avoid their own responsibility for the imbalances.

This is not down to some big plan for a superstate but rather a lack of planning from 92 onward. He lays responsibility for the crisis on the 'core' countries as they are the architects of Euro and flaws therein that have us beggared. He says Germany will do enough to hold the whole thing together but even then we will be left with division between creditor and debtor with solidified and us becoming permanently depressed, with no chance of regaining competitiveness as the field is tilted against us.

The layer of politicians who govern now see their bread as being buttered from the EU and US business more so than at home. They don't give a damn about the local economy: the more unemployment and more desperate a work force, the better for these people, as it forces wages down. We are no different in that respect to the people of Haiti whose future they mean to be as wage slaves in US factories.

[Dr. FIVE]

Yeah meant to say that. Pro big business rather then pro business innit

[C. Flower]

Yeah meant to say that. Pro big business rather then pro business innit

Yes - the EU was always meant to be that.

[PaddyJoe]

The Exchequer deficit at the end of August was €11.3 billion. Tax revenues for the first eight months of the year were slightly ahead of target(€365 million) but is behind last year for the June to August period.
Dan in the IT:

Since peaking in the early months of the year, growth in tax revenue has trended downwards. In the June-August period, tax revenue was below the same period last year. This is the first time since 2010 that a year-on-year decline in revenue has been registered for a three-month period.

Although the negative trend has been exaggerated by timing issues surrounding corporation tax and pension-levy payments, even allowing for these factors there is some cause for concern that full-year targets may not be met.

On the spending side, the department said the underlying voted expenditure position in the first eight months of the year was just over €200 million (1.1 per cent) above limits set in the budget. Total voted spending stood at €29.6 billion in the January-August period.

http://www.irishtimes.com/newspaper/...323611363.html

[Saoirse go Deo]

Where can I find year end budget surplus/deficit figures for the past 30 years?

[Dr. FIVE]

you can't. They never ever release complete or proper figures

[Saoirse go Deo]

you can't. They never ever release complete or proper figures

What a joke, why is that?