Czech Republic to pay more to EU budget after GDP revision.

By bne IntelliNews November 22, 2011
The Czech Republic will have to contribute CZK 4.99bn (EUR 195mn) more to the EU budget this year after the statistics office published a revised data on the countrys GDP for 2010, Hospodarske Noviny reported. The revision, announced in September 2011, showed that the countrys gross domestic product (GDP) rose by 2.7% in 2010, compared to previously estimated 2.3%. The revised figures take into account earnings from non-registered companies, the size of the grey economy, and criminal earnings, such as from drugs and prostitution. Now the Czech Republic has to pay over CZK 37bn (EUR 1.4bn) to the EU budget this year instead of the originally agreed CZK 32.25bn, according to Hospodarske Noviny.

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