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Czech draft budget would put deficit at 2.9% of GDP

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The centre-right government Wednesday approved a 2013 state budget bill under which it said the public deficit would be below the EU threshold of 3% of GDP. However, the budget is based on a tax hike that has been vetoed by the parliament. The budget draft, assuming a public deficit of CZK 100 billion, must be submitted to the 200-seat parliament by the end of September. State spending will be CZK 1,184.7bn and revenue CZK 1,084.7bn, said PM Nečas.

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