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Salgado : 'Spain on track for 2012 deficit target'

Tue 8th Nov 2011

The current account deficit of Spain is expected to drop below 3% for the whole of 2011, Finance Minister Elena Salgado told TV reporters earlier today.

Salgado was in Brussels to attend a meeting of Europe's Finance Ministers Speaking after an European finance ministers where she agreed that the government was more positive on seeing economic growth by the end of the year, than the Bank of Spain.

Last week the Bank issued an early estimate that the economy remained stagnant over the third quarter from the second, however the government will publish it's own statistics later this week.

Despite widespread expectations that achieving the target budget deficit of 6.0% of GDP by the end of 2011 is impossible, Salgado reiterated the government's commitment to reducing the budget deficit to 3.0% of GDP by 2013 from 9.2% in 2010.

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