30.03.2012

Based on the annual reports on the cash budget implementation of first level spending units the 2011 deficit on a cash basis amounts to 2.0% of GDP. The deficit reported is considerably lower than the one planned in the 2011 Consolidated Fiscal Program - 2.5% of GDP. Compared to last year the deficit under the CFP has shrunk in half (2 p.p. of GDP).

The 2011 preliminary estimates show that the country's budget position on an accrued basis is improving compared to the fiscal target set - the general government deficit not to exceed 2.5% of GDP. Further to the better fiscal consolidation in 2011 the general government deficit is 2.1% of GDP, which is an improvement by 1 p.p. of GDP compared to last year.