France's budget deficit in June down 25 pct year on year

21:32, August 06, 2010      

Email | Print | Subscribe | Comments | Forum 

France's budget deficit in June narrowed to 61.7 billion euros (81.2 billion U.S. dollars), down 25 percent from the same period last year, the budget ministry said Friday.

The reduction was in line with government efforts to trim double-digit deficits. The deficit was 82.4 billion euros (108.9 billion dollars) in June last year

Revenue in June increased to 141.7 billion euros (187.2 billion dollars), up 20.8 percent year on year thanks to a surge in tax revenues as a result of "positive impact of fiscal stimulus and a recovery in economic activity."

"The recorded revenues are broadly in line with the predictions of the last supplementary budget," the ministry said.

Government spending inched up by 7 percent to 189 billion euros (249.7 billion dollars) at the end of June due to compensation paid to local authorities after the removal of the business tax.

France has pledged to freeze public spending over the coming three years and cut an average of 34,000 jobs in public services to trim its budget deficits.

The world's fifth largest economy targets a deficit-to-GDP ratio of 3 percent by 2013 from an expected 8 percent this year.

However, the International Monetary Fund said France was unlikely to achieve its fiscal targets, projecting a budget deficit of 3.9 percent in 2013 for France.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion