Budget deficit at end of November highest in history of state

The Czech Republic’s budget deficit stood at just under CZK 170 billion (around USD 9.9 billion) to the end of November, the worst result in the country’s history. The latest figures were posted on the finance ministry’s website on Tuesday. The record shortfall has been blamed on the economic recession, a fall in tax revenues and a rise in expenditures. The approved deficit for the whole of 2009 is just CZK 52.2 billion.