Economy
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Key facts General: In 2010 the budget deficit was 32.4% of GDP. Austerity programmes put in place by successive governments in response to the EU/IMF bailout, had, by 2012, reduced the deficit to 8.5%. Modest growth of 1.4% was achieved in 2011. House prices in the year to June 30, 2013 rose by 1.2%, the first annual increase for five years (Financial Times, July 24, 2013).
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