ECONOMY

Cypriot budget deficit down in first 11 months of year

Cypriot Finance Ministry data showed that the budget deficit in the first 11 months of the year was 150 million euros less than in the same period last year due to the smaller-than-expected recession.

It amounted to 596.5 million euros, or 3.63 percent of gross domestic product, against 744.3 million, or 4.16 percent of GDP, in 2012.

Public expenditure showed an annual decline of 227.7 million euros, or 3.5 percent.