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Croatia's deficit stands at 5.7 pct of GDP in 2014

Xinhua, April 21, 2015 Adjust font size:

Croatian state budget deficit stood at 5.7 percent of GDP in 2014, registering a year-on-year increase of 0.3 percent, according to the National Statistics Bureau (DZS) Tuesday.

Croatian Vice Prime Minister Branko Grcic said that a set of measures, including cutting subsidies and expenses in state companies, would be taken within the excessive deficit procedure (EDP), which EU imposes to member states with deficits more than 3 percent of GDP.

Additional fiscal measures would help reduce 0.6 percent deficit of GDP, he said.

Besides more excises for tobacco and fuel, which have already been announced, the profits from strategic state-owned companies would also increase revenue in 2015, according to Grcic.

DZS's data also showed the overall government debt reached 85 percent of GDP in 2014, while debt stood at 80.6 percent of GDP in 2013. Enditem