TNBiz (TNBiz)
Macroeconomics  |  May 31, 2012 14:15:05

MF: Budget deficit this year would drop to three percent of GDP


PRAGUE (MEDIAFAX) - The government will continue to reduce the deficit of public budgets, the outlook for 2012 was lowered from 3.5 percent of GDP to 3.0 percent. In its current fiscal outlook, on Thursday said the Ministry of Finance (MoF).

For the years 2013 and 2014 confirmed this year's update of the Convergence program budget targets on the values ??of 2.9%, respectively. 1.9% of GDP. The 2015 deficit target was set at 0.9% of GDP, a year later already should be a balanced general government finances.

In 2011 there was a significant annual reduction in the deficit by 1.7 percentage points. While the strategy envisaged fiscal deficit at 4.2 percent of GDP, according to the April fiscal notification of the general government deficit by 1.1 percentage points lower.MF idol is largely stabilizing effect of government action, on the other hand, are less apparent but investment activity of local budgets, organizations and public universities, these subjects than expected.

"So if someone claims that the government is saving too much, should carefully analyze the various influences on the larger than expected deficit. Also, you need to realize that despite austerity measures structural deficit reaches around two percent of GDP. Therefore, we must not rest in the set consolidation of public budgets and further promotion of savings, "said Finance Minister Miroslav Kalousek. He said the government is preparing growth promotion, which will not result in a risk of budgetary targets.

Tomas Cizek, cizek@mediafax.cz

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