SPAIN: Brussels says that Spain closed 2015 with a deficit of 5.1% and a debt of 99.2% – Gonzalo Morales – EntornoInteligente

Expand / The Spanish public deficit stood at 5.1% of GDP in 2015 including financial aid, according to Eurostat published today.

This figure validates the negative balance of 5, 08% announced by the Finance Minister in office, Cristobal Montoro, who was reduced to 5% if aid to banks were excluded (which Brussels does not take into account when to assess compliance with deficit targets) ..

remember that Montoro presented the accounts of last year and threw a deficit of 5,16% and just one week after it fell by 1.600 million to 5%, after adjustment criteria Brussels, he commented the minister.

In any case, one tenth up or down, these data imply that has breached the deficit target agreed with the European Commission for 2015, which was 4.2%.

Extension or sanctions? Now, once Eurostat has published data, the European Commission will assess the situation of Spain and, after issuing its economic prospects (expected the first week of May), it’s time to take action.

The Commission may grant a further extension to Spain to fit the commitment to bring the deficit below 3% or advance the process of sanctions for non-compliant countries.

For now, the Spanish economy minister in functions, Luis de Guindos, presented this week a new macroeconomic framework that included a relaxation of fiscal adjustment path. Specifically, the public deficit forecast for this year from 2.8% of GDP to 3.6% and the estimate for next year was 2.9%, still above the official estimate for this year. And that despite spending r ecorte 2,000 million euros for this year announced last Friday.

According to the table, GDP will grow by 2.7% this year and 2.4% coming.

Only Only Spain beats Greece Greece’s deficit, which reached 7.2%, overtook Spanish (5%). These were followed by Portugal and the United Kingdom (-4.4% each), France (-3.5%), Croatia (-3.2%) and Slovakia (-3%).

For the entire euro zone, the government deficit fell from 2.6% in 2014 to 2.1% last year, while across the EU fell from 3% to 24th%.

Only three countries recorded fiscal surpluses in 2015: Luxembourg (1.2%), Germany (0.7%) and Estonia (0.4%), while Sweden registered a balance in their accounts . The lowest deficits were Lithuania (-0.2%), Czech Republic (-0.4%), Romania (-0.7%) and Cyprus (-1%).

The Spanish debt at 99.2% of GDP Eurostat also puts the number of general government debt in 2015 1,072,183 million euros, representing 99.2% of GDP, in line with the official figures of the Government of Mariano Rajoy, who estimated that the public debt will be reduced this year to 99.1% of GDP and in 2017 it will up to 99% of GDP.

in the euro area the government debt ratio decreased to 90.7% in 2015, while in the whole of the EU fell by more than one point to 85.2%.

The lower ratios of public debt to GDP were Estonia (9.7%), Luxembourg (21.4%), Bulgaria (26.7%), Latvia (36.4%) and Romania (38.4%). However, a total of 17 Member States have public debt above 60% of GDP, with the highest figures in Greece (176.9%), Italy (132.7%), Portugal (129%), Cyprus (108.9%) and Belgium (106%)

SPAIN. Brussels says that Spain closed 2015 with a deficit of 5.1% and a debt of 99.2%

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