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MPs approve budget, revenue to fall short

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The Czech lower house gave final approval to the 2009 budget on Wednesday but the impact of the financial crisis on projected government revenues means it will almost certainly need to be adjusted. The proposal, drafted before the financial market turmoil hit global economies, is based on assumptions Czech growth will reach 4.8% next year. The draft sees a public sector deficit at 1.6% of gross domestic product and a central government deficit of CZK 38.1 billion.

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