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Mon 01 Jan 2009Lenihan predicts economy to shrink by 4% in 2009
The Government's end-of-year returns have shown a tax revenue shortfall of €8.13 billion, it was confirmed this afternoon. Publishing the worse-than-anticipated figures today, Minister for Finance Brian Lenihan predicated the economy would shrink by a further four per cent this year and said that “decisive and sustained” Government action was urgently required.
The revenue shortfall had been forecast to be around €6.5 billion as recently as early October when Mr Lenihan unveiled his first budget as finance minister. A worse than expected decline in revenue in November and December was responsible for the worsening state of the economy, he said.
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