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Spanish deficit reduces by almost half

Tue 25th Jan 2011

Spanish deficit almost halved last year, according to statistics released earlier today, making it likely to reach its target for a cut in the broader public sector fiscal gap as it struggles to contain a debt crisis.

The Minsitry of Economy spoke of Spanish deficit dropping to 53.4 billion euros by the end of 2010, helped by a rise in value-added tax from the start of July. That was compared with a 99.785 billion gap for the previous year.

The headline figure, which does not include the pension system or regional government deficits, was equivalent to 5.1 % of gross domestic product.

Elena Salgado, the Minsiter for the Economy told a new conference that the public Spanish deficit for 2010 should be 9.2 % compared with a forecast for 9.3 %.

The statistics revealed a further easing of market doubts about Spain's financial prospects, which were considerablly surpressed on Monday with a government plan to recapitalise the country's savings bank sector.

"To a large extent market doubts have now disappeared," Salgado added.

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