Euro zone cut fiscal deficit in 2011, debt up

The euro zone's fiscal deficit fell sharply last year as governments slashed expenses and raised taxes to regain market confidence in their public finances, but public debt still climbed, data from the European Union's statistics office showed on Monday.

Eurostat said the aggregate budget deficit in the 17 countries using the euro fell to 4.1 percent of gross domestic product in 2011 from 6.2 percent in 2010 - the first year of the sovereign debt crisis.

Euro zone public debt, however, rose to 87.3 percent of GDP in 2011 from 85.4 percent, Eurostat said.

The euro zone's biggest economy, Germany, slashed its budget deficit to 0.8 percent in 2011 from 4.1 percent in 2010 and its debt fell to 80.5 percent of GDP from 82.5 percent.

Read Full Article from Reuters

- Posted: 2012-10-22 17:52:45

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