Budget deficit not as high as feared

Greece sees its 2011 budget deficit at between 9.1 and 9.4 percent of gross domestic product, somewhat smaller than previously estimated thanks to better-than-expected property tax receipts, a Finance Ministry source said on Friday.

That number would, however, still be higher than the government’s latest official target of 9 percent. “The numbers are not final yet but we believe the deficit will come in at between 9.1 and 9.4 percent [of GDP],” said the official, who declined to be named.

Greek government officials had previously estimated that the deficit would be above 9.5 percent of GDP.

[Reuters]