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

21:32, August 06, 2010      

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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

(Editor:燕勐)

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