Finance Minister: Economic slow-down could cause drop in tax revenue of up to 15 billion Czech crowns
In an appearance on the commercial TV station Prima on Sunday, Finance Minister Miroslav Kalousek said that the recent slow-down in economic growth could lead to drops in tax revenue of up to 15 billion Czech crowns. He added that further budget cuts will most likely not be necessary, since the planned budget cuts for 2012 should be enough to compensate for a growth in GDP that has been slower than expected. The finance minister said that Europe could be hit by another recession. In the second quarter of 2011, the Czech GDP grew by 2.2 percent, which falls 0.1 percent short of preliminary estimates.