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State expenditure 2003 soars

21/05/2004 10:36
According to CYSTAT data released on Friday, total state revenues for 2003 showed an increase of 16.29% to £2,671.6 million compared to £2,299.3 million in 2002. Total expenditure recorded an increase of 19.5% to £3,088.2 million compared to £2,583.2 million in 2002. The fiscal deficit for 2003 reached £416.6 million that corresponded to 6.3% of the Gross National Product against £283.9 million or 4.6% of GDP in 2002.

As a result, the public debt stood at £4,806.8 million or 72.7% of the GDP, while in 2002 it amounted to £4,153.8 million or 67.4% of the GDP. The GDP in current prices reached £6,614,3 million in 2003 or £6,161 million in 2002.