The Greek state budget deficit reached 9.1 percent of GDP in 2011, down from 10.3 percent the previous year, the Greek Statistics Authority ELSTAT announced on Monday.

According to revised estimates in cooperation with Eurostat, the Greek government's deficit stood at 19.6 billion euros (25.74 billion U.S. dollars) in 2011, accounting for 9.1 percent of GDP.

Greek national debt hit 355.6 billion euros (467.08 billion U.S. dollars) in 2011, which accounts for approximately 165.3 percent of GDP.

Analysts noted the trend is in line with the estimates made by Greek officials and international lenders in the context of a stability and growth program aiming to solve the Greek debt crisis that started in late 2009, sending shockwaves across the eurozone.

The new data found that the budget deficit in 2009 stood at 15.6 percent of GDP instead of 15.8 percent of GDP as previously estimated.

Greece is obliged to reduce its budget deficit to less than 3 percent of GDP by 2015 under the austerity and structural reform program agreed with international lenders in May 2010. However, the process has proved difficult due to deep recession, harsh salary cuts and tax hikes.