French parliament approves 2011 budget

Thu, 16 Dec 2010

Paris - The French parliament has approved the 2011 budget, after a committee from both chambers, the National Assembly and the Senate, thrashed out a a final draft.

The bill, passed late Wednesday, foresees a reduction in the deficit of 60 billion euros (80 billion dollars) to 92 billion euros by the end of 2011.

That would bring the deficit down to around 6 per cent of gross national product, from the current 7.7 per cent.

New measures include a one per cent tax on internet advertising. Budget Minister Francois Baroin said that the closing of loop holes in the tax system would see the public's coffers boosted by an extra 11 billion euros.

France is counting on economic growth of 1.5 per cent this year and 2 per cent in 2011. Between 2012 and 2014 the government estimates this will increase to 2.5 per cent.

Inflation is to remain at 1.5 per cent this year and next, later increasing to 1.75 per cent.

Source: Earth Times.
Link: http://www.earthtimes.org/articles/news/358451,parliament-approves-2011-budget.html.