Budget deficit plummets by JD500 million, minister
Budget deficit plummets by JD500 million, minister
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jo1jo.com - AMMAN-- Jordan's budget deficit has plummeted by JD500 million in 2010 as the government's austerity measures have paid off and cut once-swelling deficit which exceeded JD1.5 billion in 2009, Minister of Finance Mohammad Abu Hammour said Wednesday.
Delivering the 2011 state budget speech to the Lower House of Parliament, the minister added that no country could achieve such a cut in the budget deficit in a year, as the drop amounted to 5.3 percent of Gross Domestic Product GDP.
He expected that public expenditure will go down this year by 2.5 percent to JD5.875 billion or 30 percent of the GDP compared with 33.9 percent for last year.
Abu Hammour attributed the decrease in public spending to a 31.6 percent drop in capital expenditures and a 6.5 percent rise in current spending
