Government confirms economic downturn
There was an economic decline in the economy in 2001, it has been confirmed.
The Exchequer today revealed its returns for 2001, which showed that government coffers received €650m last year.
Some government departments have had to tighten their belts to the tune of a collective €150m.
The government surplus dropped dramatically from €3.1bn in 2000 to €650m. And although tax revenue was 3.2% higher than in 2000, this revenue, together with VAT and excise duty, raised €13m less than expected.
