The projected general Government balance for 2002, as set out in Budget 2003, is for a deficit of €397 million or 0.3% of GDP. The estimate made in budget 2002 was for a surplus of €837 million or 0.7% of GDP. The elements which have caused changes to the budget 2002 projection relate in the main to: the projected shortfall of €992 million or 0.8% of GDP in tax revenue; the non-counting for general Government balance purposes of euro changeover receipts of €610 million or 0.5% of GDP; an increase in the net borrowing position of the local government sector of €208 million or 0.2% of GDP; offset by receipts of €208 million – net present value – or 0.2% of GDP from the sale of 3G phone licences and; a €361 million or 0.3% of GDP lower EU budget contribution than originally anticipated.