Eurozone deficit down to lowest level since early 2008

LONDON, Rajab 28, 1438, Apr 25, 2017, SPA — Following years of strict budget restraint, particularly in Greece, the level of government borrowing across the 19-country eurozone has fallen to its lowest level since before the most acute phase of the global financial crisis, official figures showed Tuesday, AP reported.
According to statistics agency Eurostat, the eurozone’s deficit, which represents the difference between revenue and expenditure, was equivalent to 1.4 percent of the region’s annual gross domestic product in the fourth quarter of 2016, down from 1.6 percent in the previous quarter. The latest drop was largely due to lower expenditure by governments, according to Eurostat.
The fourth quarter rate is the lowest since the first quarter of 2008, when it was also 1.4 percent †prior-year figures have been adjusted to account for new members to the eurozone since then, such as Slovakia and Lithuania.
–SPA
14:05 LOCAL TIME 11:05 GMT