An exchequer deficit of 7.1 billion euros was recorded in the first quarter of 2011, comparing to an exchequer deficit of 3.9 billion euros (about 5.538 billion U.S. dollars) in the corresponding period in 2010, said a government statement on Monday.
The exchequer deficit in the first quarter of the year, at just under 7.1 billion euros, is "broadly in line with my department's expectations at this point in the year and means that we have met the target set under the joint EU/IMF (the International Monetary Fund) program of financial support," said Minister for Finance Michael Noonan.
In November last year, the EU and IMF offered Ireland a 85- billion-euro bailout to be used for the country's banking sector and its public finances.
The Irish minister said tax receipts in the period to end-March at 7.5 billion euros were some 270 million euros above the same period in 2010, but 136 million or 1.8 percent below expectations.
"In the overall context, this is not a significant shortfall. However, today's figures show a mixed performance in the individual tax categories. VAT and income tax have shown signs of weakness and given their importance, their performance will need to be closely monitored in the coming months," said Noonan.
However, corporation tax and excise duties have continued the good performance of last year in the opening months of 2011, he said. (1 U.S. dollar = 0.704225 euros)