State budget deficit for the period January-December 2010 is EUR19.603mn, reduced by 36.5% compared to EUR30.871mn in 2009, the Ministry of Finance announced on Monday.
Based on preliminary data, the btate budget execution indicates a larger than projected fiscal adjustment, as the targeted annual reduction was set at 33.2%.
With this reduction, the budget deficit is lower than that estimated in the 2011 Budget Law by over 1 billion.
The deficit reduction during the period January – December 2010 is mainly due to the significant reduction of expenditures, according to Ministry’s announcement. More specifically, ordinary budget expenditures declined by 9.0% year-over-year against a targeted reduction of 7.5%. While primary expenditures decreased by 10.7% against an estimated 9.0% annual decline.
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