* Five-mth budget gap widens to nearly twice full-yr target
* Tax, insurance revenues drop
* Full-year deficit may near 200 billion crowns
PRAGUE, June 1 (Reuters) - The Czech central government budget deficit jumped to 71.4 billion crowns ($3.79 billion) for the first five months of 2009, nearly double the original full-year plan as the economic crisis hit revenues.
Overall revenues dropped by 3 percent from the same period last year to 400 billion crowns, while expenditure rose 4.6 percent, the Finance Ministry said on Monday.
Czech gross domestic product fell 3.4 percent in the first quarter, reducing all types of tax payments. The budget was drafted last summer when the ministry forecast 4.8 percent economic growth this year.
The budget gap for the five months equals about 1.9 percent of estimated full-year gross domestic product. It excludes local government budgets and various funds that together make up the national fiscal system. The Finance Ministry has said it expects the full-year overall fiscal gap at 4.5 percent of GDP and the central government budget deficit to reach 150 billion crowns.
But that will require savings, and analysts see an even bigger shortfall.
"The budget deficit may head to 200 billion crowns by the end of the year," said David Marek, chief economist at Patria Finance.
"Keeping it below this milestone would be difficult and would need expenditure cuts by the current government. It is difficult because it would be desirable to provide positive fiscal stimulus for the economy but there is no scope for further stimulus."
The government has more than doubled its gross borrowing target to 280 billion crowns this year.
The cabinet was meeting on Monday on the 2010-2012 budget outlook.
The Finance Ministry has proposed a 165 billion crown gap for next year, which would require a wage freeze and 5-20 percent cuts in discretionary spending, including infrastructure projects.
The budget will be completed by a new parliament after an election in October and the leftist Social Democrats, who have strong chances of forming the next cabinet, have spoken against strict spending cuts. (Reporting by Jan Lopatka; editing by Stephen Nisbet)