Spain’s public deficit reaches 5.44 percent of GDP

Madrid, Jan 29 (IANS) The deficit of the Spanish public administration stood at 5.44 percent of the country’s gross domestic product (GDP) up to November, authorities said.

The Ministry of Finance said Tuesday the deficit reached 55.841 billion euros ($76.272 billion) up to November, including the deficit of the central administration, regional governments and social security, reported Xinhua.
The deficit of the State reached 40.606 billion euros, according to the ministry, representing 3.86 percent of Spain’s GDP.
The deficit of Spain’s regional governments (Autonomous Communities) reached 12.901 billion euros, which represented 1.26 percent of the country’s GDP, while the deficit of Spain’s Social Security system reached 3.337 billion euros, meaning 0.33 percent of Spain’s GDP.
The data, however, does not include the deficit of Spain’s local governments of which the Spanish government expects to see good results, according to the Spanish Minister of Economy and Competitiveness Luis de Guindos.
De Guindos said that Spain would meet the deficit target required by Brussels of 6.5 percent because Spain had improved its fiscal revenues and saved 8.2 billion euros thanks to paying lower interest rates for its debt. (1 euro $1.37)