Spain: 2014 budget deficit was lower than the norm – El Nuevo Herald

Spain reports that its budget deficit in 2014 turned out to be slightly larger than the fixed amount but below that indicated by the European Union.

The Finance Minister Cristobal Montoro said on Friday that the budget deficit equivalent to 5.7% of Gross Domestic Product (GDP). That’s higher than the 5.5% target government. However, the deficit was below the 5.8% target set by Brussels.

The Spanish deficit reached 9% in 2011 at the height of the economic crisis. Spain has pledged to cut the deficit to 2.8% in 2016, below the norm of 3% for eurozone countries.

Spain emerged from a deep recession last year and on Thursday the Bank of Spain predicted economic growth of 2.8% this year.