State budget deficit at 51.31 billion crowns in October

The Czech state budget showed a 51.31 billion crown deficit at the end of October, down from a 71.4 billion crown deficit in September, the Finance Ministry said on Thursday. A year on year comparison shows that the budget was 40 billion crowns higher in October of last year. The Finance Ministry says growth in revenues from VAT has been slower than anticipated. The Czech government has approved extensive spending cuts and is trying to push through a package of tax hikes for 2013 in view of lowering the gap in public spending to below 3% of gross domestic product by the end of next year.