Cyprus H1 deficit narrows to 1.9 % of GDP

Cyprus's general government deficit narrowed to 1.9% of GDP on a cash basis in the first half of 2010, compared to 2.5% in the corresponding period last year, the finance ministry said on Wednesday.
Revenue rose 7.04% in the first half, while expenditure was up by 3.49%, the ministry said on its website.
The overall cash shortfall was 335.2 mln euros in the first half, compared to a gap of 417.7 mln euros in the first half of 2009.
Cyprus's cash deficit in 2009 was 6.44% of GDP, the table prepared by the budgets and fiscal control directorate of the finance ministry said.
The island, the second-smallest economy in the euro zone, sank into recession in 2009 and its economy contracted by 1.7%. The EU has tasked it with bringing its public deficit down to 3.0% of GDP by the end of 2012.