Spain's public deficit to end 2017 below 3 pct: official

ShangaiDaily - 03.06.2016

MADRID -- Spain's acting Minister of Economy and Competitiveness Luis de Guindos said on Tuesday that Spain's public deficit would fall below 3 percent in 2017.

His statement came immediately after the European Commission predicted a public deficit of 3.9 percent of GDP for Spain in 2016 and 3.1 percent in 2017, while the Spanish government predicted a public deficit of 2.9 percent of GDP for 2017 and 3.6 percent for 2016.

"I think that according to the figures of the European Union is perfectible possible to go from 3.1 percent to 2.9 percent of GDP," de Guindos said, adding that "next year the deficit will be below 3 percent."

He highlighted that the country managed to reduce the deficit from 9.3 percent of GDP in 2011 to 5 percent last year, emphasizing the efforts that Spain has made.

However, Spain's 2015 public deficit stood at 5 percent compared to the 4.2 percent requested by Brussels, missing the deficit target.

The Commission on Tuesday also forecasted a GDP growth of 2.6 percent for Spain in 2016, and 2.5 percent for 2017.

On the other hand, the Spanish acting government forecasted that the Spanish economy would grow by 2.7 percent in 2016 and by 2.4 percent in 2017.

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