Exchequer figures show huge slump
The Exchequer recorded a deficit of €344m for the first six months of 2003 - compared to a surplus of €507m for the same period last year.
The Department of Finance now fears a shortfall in revenue of up to €500m may arise at the end of this year.
Philip Hammell from the Department of Finance has said there have been notable revenue falls from drink and cigarettes.
