In absolute terms, the deficit stands at about 700 million lower than the level projected for the eight-month period according to the latest programme update (and over 1,2 billion lower than the target for this period according to the original programme projections). The pace of deficit reduction within the year depends on the monthly distribution of revenues and expenditures. Based on the deficit reduction so far and on expectations about revenues and expenditures to December, the end-year target of a 39,5 per cent deficit reduction in 2010 compared to 2009 will be met in full.