Czech state deficit below CZK 20 billion
The Czech state deficit in 2008 was just below 20 billion crowns, over 1 billion US dollars, the lowest in the past eleven years. The Finance Ministry initially anticipated a deficit of 70.8 billion crowns and even raised the estimate to 71.3 billion crowns over the summer. Last year’s deficit of 19.4 billion crowns is the lowest since 1997, when the government of Václav Klaus posted a deficit of 15.7 billion crowns. The country’s public budget deficit in 2008 was 1.2 percent of GDP, fulfilling one of the basic conditions for the adoption of the euro.