Greece's state budget deficit continued to rise in November and the first 11 months rose by 5.1% to 20.52 billion euros, which is likely the new austerity measures, while the annual target 9% of GDP is likely to be exceeded by one percentage point.
The economy will contract estimated at least 5.5% this year, dragged down by the construction sector, which at the time of accession of Greece to the euro area was the main engine of growth.

Construction activities, depending on the volume decreased by 37.8% in first eight months of the year, while the number of building permits decreased by 30.6%.
This year's budget targets depended largely on emergency tax introduced in September, after Greece's international creditors have threatened to missing objectives of the grant agreement will determine the loan installments blocking, but the recession has canceled most of the additional revenues anticipated by the government.

According to the 2012 budget plan approved last week, the budget deficit is expected to decline this year to 9% from 10.6% in 2010, the target considered feasible by the Ministry of Finance.

"The decline in revenues will be settled in December, when the new fees will take effect," it said in a statement the ministry. A government official noted, however, less optimistic.

"If this trend continues the current expenditure and revenue, the deficit will be about 10% of GDP, not 9%," he said.

The new taxes include a tax of up to 5% on personal income and estate tax, which if not paid results in disconnect from the electricity grid.

These measures have stimulated the Greek tax net income, which fell in January-November by 3.1%.