Finance minister: public finances deficit should not exceed 3 percent of GDP

This year’s deficit of Czech public finances should not exceed 3 percent of gross domestic product, Finance Minister Miroslav Kalousek said on Friday. Mr Kalousek’s remarks came in a reaction to an estimate by the European Commission which predicted the deficit would reach 3.1 percent of the country’s GDP. Keeping the gap below 3 percent would bring an end to the excessive deficit procedure launched against the Czech Republic by the European Commission in 2009, Mr Kalousek said. The finance minister however warned the target could only be met provided that European economy does not experience any dramatic downturn.

Author: Jan Richter