State budget deficit sees record increase

According to figures published by the Ministry of Finance on Monday, in the first four months of 2010, the state budget deficit saw the highest increase it has seen during any such period in the past ten years. The deficit increased by 78.2 billion Czech crowns from January to April 2010, as compared to 55.7 billion crowns in 2009. Last week, Finance Minister Eduard Janota said that a further 16 billion crowns must be cut in order to meet the projected 163 billion crown deficit (5.3 percent of GDP) in 2010.