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Spain sees 2012 deficit at 7.4% of GDP

Source: Reuters - Sat 29th Sep 2012
Spain sees 2012 deficit at 7.4% of GDP

Spain's Treasury Minister Cristobal Montoro said on Saturday the 2012 public deficit would reach 7.4 percent of gross domestic product (GDP) when transfers to aid its struggling banks are included.

This was above the original deficit target of 6.3 percent of GDP for this year, which Montoro said the government would achieve if the aid to banks was not considered.

The public deficit stood at 9.4 percent of GDP in 2011 when these transfers were taken in to account, he said, up from a previous estimate of 8.9 percent.

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