The Netherlands\' budget deficit for this year and 2014 will be over 3 per cent of gross domestic product, dpa cited the CPB economic institute as forecasting Thursday. The deficit will be 3.3 per cent of GDP this year, and 3.4 per cent of GDP in 2014, the Hague-based institute said. While the economy will shrink by 0.5 per cent in 2013, researchers expect a recovery later in the year. One-per-cent growth was projected for 2014. The government aims to reduce the budget deficit to 3 per cent of GDP in the coming year, which is in line with European Union targets. Eurozone member states are required to keep budget deficits to 3 per cent of GDP or lower. The Dutch government could consider additional austerity measures of up to 5 billion euros.