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Not so bad? Budget deficit is smaller than expected

Все не так печально? Дефицит бюджета меньше, чем предполагалось

According to preliminary data published by the Department of Statistics in the spring, the public sector budget deficit last year was 3.4 percent of GDP. Now, according to updated data, the figure has dropped significantly. Money. Money. Photo: Arvo Meeks

According to preliminary data published by the Department of Statistics in the spring, the public sector budget deficit last year was 3.4 percent of GDP. Now, according to updated data, the figure has dropped significantly .

According to detailed data, the deficit amounted to 2.6 percent of GDP as of the end of last year.

This figure is important because eurozone countries are subject to special financial rules, the Maastricht criteria. One of the criteria states that a country's annual budget deficit cannot exceed three percent of GDP. Since the initial number was above the magic limit, we had to tighten our belts quickly. Does this mean we tried too hard?

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