Government approves 2013 draft budget

The cabinet has approved a new 2013 draft budget, reflecting the present economic situation and government-proposed austerity measures. The new budget proposal has a projected 100 billion crown deficit and a net decrease in revenues and expenditures of 4 billion crowns, compared to the previous budget proposal. The deficit set by the proposal makes up 2.9 percent of the GDP. This is the third budget proposal that the Finance Ministry has submitted. The Chamber of Deputies is set to hold the first hearing on the budget next Wednesday.

Author: Masha Volynsky