Deficit will be at 2.5% of GDP by December – Fenech

Finance minister Tonio Fenech said today on TVM breakfast show TVAM that the government will be keeping its deficit below 2.5% of gross domestic product by the end of 2012.

The 3% threshold is mandated by the Maastricht criteria for all eurozone countries if they are not to be placed under excessive deficit procedures.

Tax collection efforts are believed will bolster coffers by the end of the year, Fenech said.

Fenech also said the government wants to reduce the deficit to 1.7% by end-2013.

In 2012, the deficit was down to 2.7% but projections for 2.3% by end-2012 had to be revised upwards again.