Budget deficit for 2007 lower than previously approved

The Czech Republic’s budget deficit in 2007 was significantly lower than the gap approved by the Chamber of Deputies. Speaking at a news conference on Thursday, Finance Minister Miroslav Kalousek said last year’s deficit was CZK 66.4 bn – some CZK 25 bn less than figure the lower house had agreed on. Mr Kalousek attributed the improvement to sound economic development, lower government spending and increased tax revenues. However, the minister said the fact a state at the peak of its economic potential had any deficit at all was bad news.

Author: Ian Willoughby