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Following strong economic performance in 2011, GDP growth is projected to slow to about 3% in 2012 and 2013 as a result of softer external demand, uncertainty related to the euro area crisis, ongoing fiscal consolidation, the marked deceleration of public investment in the aftermath of the 2012 football championships, and the levelling off of EU funds in 2013.
The government is set to meet its budget deficit objective in 2012. But it will need to make additional efforts to reach its deficit target of 2.2% of GDP for 2013.
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