Five-month gov­ern­ment deficit widens

Kathimerini English - - Business & Finance -

Greece’s cen­tral gov­ern­ment deficit widened 13 per­cent year-on-year in the first five months of 2011, miss­ing an in­terim bud­get tar­get, the Fi­nance Min­istry said yes­ter­day.

The cen­tral gov­ern­ment deficit stood at 10.28 bil­lion eu­ros for the Jan­uary-May pe­riod, higher than the 9.07-bil­lion-euro tar­get, the Fi­nance Min­istry said in a state­ment.

Net bud­get rev­enues dropped 7.1 per­cent year-on-year to 18.36 bil­lion eu­ros, com­pared with a 20.52-bil­lion-euro tar­get. The min­istry at­trib­uted the rev­enue short­fall to a worse-than-ex­pected re­ces­sion and one-off road taxes that boosted rev­enue in early 2010.

The bud­get data concern the state bud­get deficit, which ex­cludes lo­cal authorities and so­cial se­cu­rity spend­ing and does not co­in­cide with the gen­eral gov­ern­ment short­fall.

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