EU to Monitor Croatia’s Budget Deficit

The European Commission is expected to start the excessive deficit procedure process against Croatia  after the government revised its budget deficit from 3.4 to 5% of the nations GDP.

“The wider figure includes state guarantees for Croatia’s shipyards and the recapitalization of state companies, said Marko Kristof from the Statistic office on Monday, explaining that the increased gap will mean that the European Commission will step in and start monitoring. The EU monitors nations with budget deficits of over 3% of the nations GDP.

“Based on this data, the European Commission is expected to start the excessive deficit procedure,” said Kristof.