THE government's budget deficit narrowed to P1.6 trillion last year from 2021's P1.7 trillion as revenue growth outpaced spending, the Bureau of the Treasury reported on Wednesday.
The shortfall was lower than the P1.7 trillion programmed for 2021. It was also equivalent to 7.33 percent of gross domestic product (GDP), below the 8.60 percent recorded in 2021 and the targeted 7.58 percent.
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