The finance ministry this afternoon welcomed official figures showing that the deficit has been narrowed by almost €230 million in two years.

The ministry noted that the deficit was €362 million in the last year of the former government. It was reduced to €263 million in the first year of the present government and narrowed down to €136 million in the second year.

This result was achieved even though the government spent €435 million on capital projects and infrastructural investment - 20% more than the last year of the former administration.

The ministry said the deficit was reduced thanks to the dynamism and optimism which the government had injected in the economy, leading to an increase in jobs and a record low in unemployment.

The process would continue with the forthcoming reduction in water and electricity rates for businesses, a measure which would boost the economy further.

 

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