State budget surplus rises to 4.5 billion crowns at end of July

The state budget was in credit to the tune of 4.5 billion crowns at the end of July compared with the 1.5 billion crowns in the black recorded at the end of June, the Ministry of Finance announce on Friday. The figures are a reflection of the recovery of the Czech economy and the higher revenues pouring into government coffers and lower spending on unemployment and social benefits. Even so, the monthly budget figures were still negative up to the end of May. Last year at the end of July the budget deficit was 27.6 billion crowns. The government has targeted a deficit ceiling of 112 billion crowns for 2014.