Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain likely missed deficit goal in 2015: economy minister

Source: Reuters - Sat 13th Feb 2016
Spain likely missed deficit goal in 2015: economy minister

Spain's 2015 public deficit is likely to have missed a target of 4.2% of GDP agreed with the European Commission, and come in around 4.5% according to first estimates, acting Economy Minister Luis de Guindos said on Friday.

Speaking after a meeting of EU finance ministers in Brussels, de Guindos said the final figure would be released in March after more budget data was gathered from Spain's regions.

The European Commission has warned that Spain was likely to exceed its 2015 deficit target, forecasting 4.8% of GDP, and that more spending cuts would be needed in 2016 if the country is to meet its 2.8% goal.

But, as parties scramble to reach concessions to form a coalition government after Dec. 20's inconclusive election, acting PM Mariano Rajoy has said he would be open to asking for flexibility from Brussels on the deficit target.

Rajoy's People's Party (PP) ceded millions of votes to the Socialists and newcomer parties in the election, largely due to their deeply unpopular policy of spending cuts and tax rises aimed at reducing one of Europe's largest budget shortfalls.

Speaking before the meeting, de Guindos told journalists public debt as a percentage of GDP stabilized last year and should soon begin to fall, in line with official forecasts.

Spain's public debt as a ratio to GDP has almost tripled since the start of the economic crisis, jumping from a low of 35.5% at the end of 2007 to 99.3% in Q3 of last year.

"In 2015, for the first time since the beginning of the crisis, the debt-to-GDP ratio stabilized. The data shows that it has stopped growing and is on the point of falling," de Guindos said.

The government expects debt-to-GDP ratio to have risen to 98.7% in 2015 before slipping slightly to 98.5% in 2016, then down to 96.5% for 2017 and 93.2% for 2018.

Recommended Reading :

* EC Forecasts more growth but higher deficit for Spain

* Spanish economy grew 3.2% in 2015

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs

When shopping for bodyjewelrytips, never buy anything that has nickel. The best type of material is the steel, titanium, wood, anodized gold or gold. Most nickel products will rust and may infect your ear. If you have pierced the naval or eye, you do not need to worry, as that is the most versatile part of the body. You can wear rings, straight, curved or fancy and captive beads. There are many leading body piercing jewelry that offer some of the biggest collection at very affordable price. In regard to shopping, always go to a wholesale shape as that is the sure place of getting any type of body piercing jewelry. The only thing that you need to be careful about is the material used to make the jewelry. There are instances when body piercing might go wrong and the result is an infection. In order to avoid this, make sure that the person doing the piercing is qualified to do so. After piercing is done Bodys piercing trends, you should keep the area sterilized and clean. Use warm water to wipe dirt. Never use spirits as they will corrode the area resulting to a wound which might cause an infection.