Germany To Revise 2009 Deficit To 3.1% Of GDP From 3.3%:Press

FRANKFURT (MNI) – Germany will revise down its public deficit
figure for 2009 to 3.1% of GDP versus the originally projected 3.3%, the
German business daily Handelsblatt reported Friday.

Citing information from the Federal Statistics Office, Handelsblatt
wrote that the reason for the revision is that local governments
actually borrowed E3.4 billion less last year than initially thought.

This year, however, the government expects the deficit to be around
5% of GDP, well above the EU 3% limit. The European Commission has given
Germany until 2013 to bring its deficit below the limit.

Germany’s constitution now requires that its annual structural
deficit be no more than 0.35% of GDP as of 2016.

–Frankfurt bureau; +49-69-720142; frankfurt@marketnews.com

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