Bloomberg News

Greek 2011 Budget Deficit Seen at 9.6% of GDP: Chrisochoides

January 12, 2012

Jan. 11 (Bloomberg) -- Greece’s budget deficit in 2011 closed at about 9.6 percent of gross domestic product, the country’s Development, Competitiveness and Shipping Minister Michalis Chrisochoides said.

“The deficit will be about half a percentage point down from 2010, at around 9.6 percent” last year, Chrisochoides told a conference in Athens today. “The good news is that absorption of European Union funds has exceeded all expectations” which helped lower the deficit, he said.

Greece’s 2012 budget, approved by lawmakers in December, forecast the 2011 budget deficit figure at 9 percent of GDP from 10.6 percent the year earlier.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Natalie Weeks at nweeks2@bloomberg.net


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