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Financial Mirror (Cyprus) - - FRONT PAGE -

The gen­eral gov­ern­ment deficit last year was smaller than first in­di­cated, data from the statis­tics ser­vice ELSTAT showed un­der new Euro­pean ac­count­ing rules.

The deficit - ex­clud­ing money spent to bail out up banks - was 1.8% of GDP, the agency said, adding that this was in line with the es­ti­mate of 1.9% in­cluded in the 2015 draft bud­get, and down from the pre­vi­ous es­ti­mate of 2.1%.

In­clud­ing state support to banks, the deficit stood at 12.2%, down from an ini­tial 12.7%.

The Sa­ma­ras ad­min­is­tra­tion ex­pects to shrink the gen­eral gov­ern­ment deficit to 0.8% of GDP this year and 0.2% in 2015, while ELSTAT re­leased re­vised data on GDP last week that showed a milder 3.3% re­ces­sion last year com­pared to a pre­vi­ously es­ti­mated 3.9%.

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