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BREAKING NEWS

Greece targets 4.2 deficit next year in draft budget

By REUTERS

OCTOBER 1, 2012 15:33

ATHENS - Greece will seek to shrink its fiscal deficit to 4.2 percent of national output (GDP) next year from a projected 6.6 percent in 2012, with its economy forecast to contract by 3.8 percent, according to the country's draft budget released on Monday.

The draft budget targets a primary surplus of 1.1 percent of GDP next year with unemployment expected to hit 24.7 percent.

Public debt is projected to reach 179.3 percent of GDP.

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