Finance ministry reviews projected deficit for 2011 downward

The deficit in Czech public finances in 2011 should drop below 4 percent of GDP, Finance Minister Miroslv Kalousek told the budgetary committee of the Czech lower house on Wednesday. Originally the ministry had forecast a deficit of 4.6 percent, a projection later modified to 4.2 percent. The Czech National Bank has also forecast a deficit of 3.8 percent this year. According to the ministry’s long-term outlook the 2012 deficit should drop to 3,5 percent and reach 2,9 the year after.