July Exchequer Returns

The Irish Times reports

Tax revenues collected by the Government up to the end of July are €575 million lower than the Department of Finance expected a little over three months ago, with the shortfall in receipts trebling over the last month.

DoF report here.

This looks like bad news but I have to admit that short-term revenue forecasting spreadsheets are not one of my hobbies. So, anyone with better expertise than me care to weigh in? What’s our 2009 budget deficit looking like after this?