Deficit, debt both down

General government net borrowing (or deficit) last year was estimated at €95.8 million, down from a deficit of €129.2 million for 2006, the National Statistics Office said yesterday.

Last year, the general government deficit was equivalent to 1.8 per cent of GDP, compared to 2.5 per cent for 2006.

At the end of last year, the general government nominal gross consolidated debt amounted to €3,368.1 million, or 62.6 per cent of GDP, compared to €3,253.3 million, or 64.2 per cent for 2006. The NSO said the deficit for 2004 has been revised downwards to €208.0 million from €217.8 million, the result of having more complete information.

The deficit for 2005 also improved by €4.9 million mainly due to updates in the accruals data, while the estimated deficit for 2006 increased by a marginal €1.7 million to €129.2 million.

No statistically significant revisions to the aggregate general government debt levels were recorded.