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Economic growth prediction for 2011 slashed

Thu 17th Nov 2011

Spanish Finance Minister Elena Salgado has cut the government´s 2011 economic growth forecasts from the 1.3% predicted previously, to 0.8%, compared to last week´s 0.7% estimation by the European Commission.

Furthermore, she said how it is still too early to know whether the regional governments would be able to meet their budget deficit target given that the region's Q3 data has not yet been published as yet, which raises suspicions regarding the ability of the euro area's fourth-largest economy to meet the budget deficit target of 6% of GDP for 2011.

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