Budget deficit’s been slashed by 40 percent

The Finance Ministry said yesterday it had slashed by the budget deficit by nearly 40 percent in the first seven months of the year, despite lagging revenues. According to preliminary data, the deficit was cut by 39.7 percent to 12.09 billion euros, versus an annual target of 39.5 percent. However, revenue growth fell short of the mark, indicating that further belt-tightening measures may be soon needed. Revenues grew 4.1 percent to 28.6 billion euros, falling short of the 13.7 percent target.