Mildura hospital expected to record 25m deficit in October 2016 but has managed to reduce that shortfall by 11 per cent to 16m and the deficit in October 2016 is projected to shrink to 6m.

The government wants to increase expenditure on education, health, social security and pensions but many economists warn that if the government raises its target then this will reduce the economy and drag down wages.

Inflation, unemployment and wages are also among the economic challenges the government is trying to address.

Mr Maduro has not released the monthly GDP figures since August after months of pressure from the opposition demanding them.

‘Economic and social crisis’

But the government’s economic team said in a statement on Tuesday that the deficit would be eliminated in six months with growth averaging 5 per cent in 2016.

“We are proud t바카라o announce the results of the 2015-16 fiscal year with our economic management,” the statement added.

“As a result of this achievement, we set a new target that for the duration of 2016 we will lower the deficit by almost 11 per cent by increasing th예스카지노e allocation to education, medical care, social services, health, and pe바카라사이트nsions.”

Economic growth will peak at 8 per cent in 2017 but at 5 per cent in 2018, then the gap should be cut again to 4 per cent by 2019, the statement said.

Image copyright Reuters Image caption The ruling socialist party had declared 2015 an economic “crisis”

Economists estimate that the deficit should end at around 30 million US dollars or $30m (£20.2m) in January 2019. That would equal about 3 per cent of GDP.

The opposition National Assembly has said the 2016 deficit will be as high as 50 million US dollars or $62.7m.

President Maduro has been spending more of the budget to support his government since 2013, the year he became Venezuela’s first post-coup leader.

The opposition accuses him of using the state as a tool to pay personal expenses – particularly those of his wife, who took over as economic secretary in 2013.