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GKI puts 2005 deficit at 5% of GDP

A recent Eurostat position that revenue from the sale of motorway assets to the State Motorway Management Company (ÁAK) may not be accounted as reducing the deficit-reducing will widen this year's ESA95 general government deficit to around 5% of GDP as against the 3.6% government target, according to economic research institute GKI's latest forecast published on Wednesday. The figures are adjusted for the effect of the pension reform. GKI projected next year's pension-adjusted ESA deficit at 4%. GKI amended its forecast for this year's deficit 1 percentage point upwards from around 4% of GDP, already above the 3.6% government target after the Eurostat stand was announced last week.