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Revenue Collection Up 5.5% In Third Quarter

Greek government revenue collection rose 5.5% in the third quarter of the year despite the country΄s recession, the country΄s deputy finance minister said Wednesday.
“In the third quarter, with a recession of 5.5%, we saw a 5.5% increase in revenue,” Pantelis Economou told the Greek parliament΄s finance committee, without specifying whether the increase was on a quarterly or an annualized basis.
The figures confirm recent monthly data that show a steady narrowing in Greece΄s budget deficit as revenue collections–thanks mainly to new taxes imposed in the past few months–have risen.
Even so, Greece΄s state budget deficit for the 10 months to the end of October was still 11.2% wider than the same period last year, according to finance ministry data.
For 2011, Greece΄s government expects the overall budget deficit to hit 9% of gross domestic product, or about EUR19.68 billion–above the EUR17.1 billion the country has promised its international creditors.
Greece is now entering its fifth year of a protracted recession that has hamstrung its efforts to meet its deficit goals in part because of weak revenue collection.
(source: Dow Jones)

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