€8.3bn deterioration in public finances due to pandemic

Spending up €8.6bn year-on-year.

An €8.3bn deterioration in the public finances over the past year is being blamed on the coronavirus.

Latest Exchequer figures show the deficit was €7.4bn euro in July, compared to a surplus of €896m in the same month last year.

The fall largely due to the cost of the State’s response to the Covid-19 pandemic, with spending up €8.6bn year-on-year.

Finance Minister Paschal Donohoe says the figures are not surprising.