Czech government confirms target to cut budget deficit to 1.9% of GDP in 2014.

By bne IntelliNews May 6, 2011
The Czech government has approved an updated convergence report that confirms its efforts to reduce the budget deficit to 1.9% of the gross domestic product (GDP) in 2014, the finance ministry said on its website. The government targets to cut the deficit to 4.2% this year down from 4.7% in 2010. The gap is further to be cut to 3.5% in 2012 and to 2.9% in 2013, as the government seeks to achieve a balanced budget by 2016, which will require significant structural changes, finance minister Miroslav Kalousek. The convergence programme is the Czech Republic's basic document for euro adoption and includes the government's budget strategy and planned development of public finances.

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