The Cabinet has signed some bills, no big surprises for the “consolidation of the recovery” in the words of the vice president, Soraya Sáenz de Santamaría. However, it remains to be seen if the government achieved in 2015 (election year) the challenge of adjusting the deficit while lowering taxes or grow 2% while Eurozone slows.
Here all the key figures that have been revealed so far, because we have to wait until next Tuesday for all the details. That day the Finance Minister Cristobal Montoro, take the yellow book to the Congress of Deputies and the public accounts and begin processing. 1-Creation of 348,200 jobs in 2015 The Government has upgraded its forecasts for the labor market. As explained, the economy minister, these accounts allow creating 348,200 jobs in 2015, which would add to the 274,200 expected to generate this year. In total, the Executive forecasts that between 2014 and 2015, 622,400 jobs were created. Still, it should be explained that the team will end the legislature Rajoy without achieving improved employment data. Specifically, it will end its mandate 17,757,600 occupied, 395,400 fewer workers than there were at the end of 2011 when he took over.
The Executive has also improved forecasts of unemployment rate that lowered this year’s 24.9% and 24.7% in 2015 from 23.3% to 22.9%. Even so, the unemployment rate will end above the 21.4% unemployment that occurred on average in 2011.
2 The Government predicts more growth accounts come with the 2015 revision of the macroeconomic framework which includes an increase of GDP to 1.3% (one tenth more than expected so far) for this year and up to 2% (two tenths) in 2015 .
Guindos explained that they have high expectations of Spain, even though the environment of the euro area is “bleaker than six months ago.” But he remarked that the Spanish economy is growing more strongly than the European average for “strengthening domestic demand.” Still, we have to see how it affects our economy slowdown already living our European partners because consumption of citizens also feeds expectations and worsening environment can undermine confidence. 3 The 2013 deficit is lowered to 6.33% of GDP by changes Finance Minister Cristobal Montoro also wanted to explain how it has affected the deficit figures revising the GDP made public yesterday by the National Statistics Institute.
In particular, after the changes, the deficit in 2013 closed at 6.33%, almost three tenths lower than previously estimated (6.62 %).
The national wealth measured by nominal GDP in 2013 has increased by 26.193 million euros after the rebasing of the National Accounts, which raises GDP and 2.6%. With this modification on the basis of National Accounts 2013 nominal GDP goes from 1,022,988 million to 1,049,181 million, after introducing statistical and methodological changes, as well as illegal activities such as prostitution and drugs . And as a result, the deficit to GDP weighs less and is a good mattress when it comes to meeting the targets set by Brussels. 4 a quarter extra pay 2012 is returned by the Executive wanted to wink officials restoring a quarter extra pay abolished in 2012 this measure however, has nuances that only state employees will apply. In fact, the cost is only 240 million. 5-rate replacement of essential services 50% but wages frozen Another gesture has been to raise the replacement rate of public employees in essential services from 10% to 50%. Initially, it was said that would rise to 20%.
In exchange, the salary of public employees remains frozen in 2015 for the fifth consecutive year. 6- pensions are revalued “at least” 0.25% The Minister also detailed that pensions are to revalue “at least 0.25%” and this game is going to grow by 3%. 7-saving 1,100 million in debt interest The remarkable improvement in the debt markets in recent months, thanks to the interventions of the ECB, have been particularly reflected in the debt Spanish public, whose profitability is at record lows zone, also the result of the structural reforms undertaken by the Government.
This relaxation of interest rates in 2015 give some relief Specifically, the expenditure item in interest on the debt falls by 3% up to 35.490 million, representing a saving of 1,100 million euros compared to 2014 This year the government estimates will save about 5,000 million for this reason. 8-low unemployment spending 4,100 billion These statements include reduction of spending for unemployment benefits of 4,100 million euros, from around 32,800 million euros This cut budgeted for 2014 is due on the one hand, the decline in the number of unemployed and, secondly, it increases the number of unemployed who are no longer entitled to benefits that have long been out of work. 9- Public investment increased by 6% Montoro commented that public investment will grow in these budgets over 6%. The minister did not give details, but remember that this game has been greatly diminished in the past.
In the area of costs, in addition to the above, the Executive has revealed that the no financial ceiling is set to 129.060 million euros, 3.2% less than in 2014 and, for example, the allocation to the ministries fell by 0.2% to 34.526 million. Grow with 2,187 10-Plan to boost R & D and SMEs Furthermore, the budget for next year include Plan Grows to boost growth, competitiveness and efficiency, which will have 2.187 million, to be allocated to R & D, to actions for SMEs and youth unemployment, among other things.
In this plan, investment in energy savings and receive a budget of 250 million, while investment in sanitation and Debugging receive 200 million. R + D + i, which will receive 100 million, followed by ensuring digital connectivity, with 100 million and plan of action against youth unemployment, with 470 million shall be encouraged. The largest item will receive different instruments to finance SMEs, with 1,067 million.
11-The Executive expects VAT and Societies pull the collection Regarding revenues, the government expects to raise in 2015 133.712 million euros, 4.3% more than budgeted in 2014 and 3% above the actual recovery is expected for this year.
In this way, the team maintains Montoro figures already announced in late June, although it is expected that the tax relief subtract 9,000 million revenue. In fact, the Government forecasts that revenue will drop by 0.3% income tax, provided it is offset by VAT (9.9%) and corporation tax (5.6%). 12-The collection of 2014 lost 2,000 mill. by the health cent The Tax Agency will begin next week to pay “taxpayer taxpayer” more than 2,000 million euros by the European ruling forcing back the so-called health cent. This measure will affect tax revenues this year will amount to 104.769 million euros, 2.4% less than originally budgeted (107.412 million euros).
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