Austria agrees on austerity plan

Discussion in 'Economics' started by ASusilovic, Oct 25, 2010.

  1. LONDON (MarketWatch) -- Austria's government coalition parties announced the agreement over the weekend on austerity measures that are expected to raise an additional 1.17 billion euros ($1.63 billion) in revenues from taxes and to save an additional 1.6 billion euros through spending cuts, The Wall Street Journal reported. The measures are projected to bring the government's deficit to 3.2% of gross domestic product by the end of 2011, down from 4.7% at the end of this year, the report said. The deficit is projected to decline to 2.9% in 2012, bringing it below the European Union's 3% limit a year earlier than previously expected.