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French May budget gap narrows to 63.9 bln euros

Xinhua, July 7, 2015 Adjust font size:

France, struggling to honor financial commitments, saw its budget gap at 63.9 billion euros (69.9 billion U.S. dollars) at the end of May, down from 64.3 billion euros registered the same month a year earlier, Budget Ministry's figures showed on Tuesday.

The government cut public spending by 1.2 billion euros to 165.5 billion euros over the period compared to May in 2014 thanks to tough control of state expenditure.

As to revenue, the eurozone's second largest power collected 123.2 billion euros, slightly down by 0.6 percent with tax receipts losing 1.9 billion euros. However. "This development is still little significant because of substantial calendar effects," the ministry said.

For 2015, French government eyes to lower the budget gap to 74.4 billion euros compared to 85.6 billion euros last year.

It also pledged to bring the deficit in line with EU rules in 2017 by squeezing public spending and improving competitiveness. Endit