Friday November 6, 12:54 PM
French budget deficit sinks deeper into the red
PARIS (AFP) - France's central government budget deficit more than doubled over the first nine months of this year to reach 125.8 billion euros (187.5 billion dollars) due to shrinking tax revenues, the budget ministry said Friday.
The deficit totalled 56.6 billion euros on September 30 last year.
The widening gap was due to the "impact of the economic climate on revenues and the effect of economic recovery measures estimated at up to 29.9 billion euros," said the budget ministry in a statement.
Prime Minister Francois Fillon plans to present a new fiscal strategy early next year to bring French spending under control and ensure the overall public deficit is under three percent of GDP by 2014, in line with EU rules.
France came out of a year-long recession in the second quarter with a 0.3 percent jump in GDP and the government is tabling on a return to growth in 2010.
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