ECONOMY

Greece’s Jan-Feb budget deficit shrinks 53 pct y/y

Greece’s budget deficit in the first two months of 2012 shrank 53 percent year-on-year, the finance ministry said on Wednesday.

The central government budget gap narrowed to 495 million euros ($655 million) from 1.05 billion in the same period last year. The deficit was below the government’s 879 million euro deficit target, the ministry said.

The data refer to the state budget deficit, which excludes local authorities and social security spending. They do not coincide with the general government shortfall, the benchmark for the EU’s assessment of Greece’s economic policy programme.

[Reuters]