The Government has confirmed that the deficit will be 32 per cent for 2010.
The General Government deficit, projected to amount to minus €50.3 billion this year, is projected to fall to minus €20 billion – or 12.2 per cent of gross domestic product (GDP) in 2011.
The exchequer balance will be €18,744 in the red for 2010 and will rise to minus €22,445 billion in 2011, the White Paper on receipts and expenditure shows.
Tax revenue amounts to €31,525 million for 2010, slightly more than expected. The figures are based on end-November exchequer data.
Speaking this afternoon Minister for Foreign Affairs Micheal Martin said he wasn't surprised at the size of the deficit.
Mr Martin said the figure was "well flagged" because of the banking situation and it "underlined" the importance of the Government's four-year plan.
"There is no other alternative given the size of these deficit figures but to go on that pathway which ultimately, I think, will enable us to come out of this particular crisis," Mr Martin told RTE radio.
The paper estimates tax revenues of €33,110 million in 2011. The figure is based on current tax law and does not take account of information laid out in the National Recovery Plan which was published last week.
The Government will spend €4.8 billion on servicing the national debt in 2010. The figure is forecast to jump to €5.1 billion next year, as the Government seeks to stabilise Ireland’s budget deficit.
