The deficit grew by €62.5 million last September when compared to the same period a year earlier, figures out yesterday show.

In election year, the deficit rose to €241 million in nine months as higher revenue was offset by a substantial increase in expenditure.

The National Statistics Office recorded expenditure at almost €2.3 billion until September, up €155 million over the previous year. Revenue stood at just over €2 billion, an increase of €93 million.

In the third quarter, the largest expenditure increases were recorded in social benefits (€40 million) and wages (€22 million). On the revenue side, consumption taxes recorded higher proceeds of €21 million in the three months to September but income tax receipts dropped by €12 million.

Debt stood at €5.4 billion in September as borrowing added another €509 million when compared to the same period in 2012.

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