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France's 2016 budget gap at 69 bln euros, down 2.1 pct

Xinhua, February 7, 2017 Adjust font size:

Efforts to clinch the belt helped France to narrow its budget deficit to 69 billion euros (73.6 billion U.S. dollars) in 2016, lower than an initial government forecast of 72.3 billion euros, the Budget Ministry's figures showed on Tuesday.

The improved deficit result stemmed from a cost control, with the total spending of the eurozone's second leading economy stood at 376.2 billion euros, down by 0.5 percent from 2015 data.

As to revenue, the Socialist government collected 304 billion euros, up by 1.4 percent on boosted net tax receipts, the ministry said.

Looking to 2017, the government promised to bring down the budget deficit below the EU-mandated threshold of 3 percent of gross domestic product.

To comply with European Union targets, France has introduced a series of measures including public spending squeeze and reform pact aimed at spurring investment and breathing life into the local sluggish job market. (1 euro=1.06 U.S. dollar) Endit