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Austrian Budget Targets Will Not Hold

Published: October 1, 2012; 19:54 · (Vindobona)

In August, Finance Minister Maria Fekter underlined that the budget deficit will not exceed 2.9% of GDP. Due to the banking package, the budget deficit will be higher, though.

Austrian Budget Targets Will Not Hold / Picture: © ÖVP Bundespartei / Jacob Glaser

Due to the European debt crisis, Austria´s public debt level will increase from 72.2% to 75% of GDP this year. Although the tax intake is growing substantially and the interest expenses are declining, the budget deficit will be above 3.0% of GDP this year, the Austrian Ministry of Finance reported to Brussels. However, the Austrian Ministry of Finance did not officially confirm this…

This article includes a total of 192 words.

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