MADRID (EFE) .- The Spanish government today set a limit of 2016 non-financial expenditure of 123.394 million euros, representing a reduction of 4.4 percent over the previous year, said Minister of Finance, Cristobal Montoro.
In the first step the preparation of the state budget for next year will be a Montoro said accounts marked by austerity criteria.
According to data presented by the Government, Spanish State revenues will grow next year by 0.8% to 134.773 million, to which was added the 25.134 million that will be necessary to reduce the state deficit, reaching 2.2% of GDP.
If that amount (159.907 million euros) will be deducted the 33.797 million for the financing of public administrations and 2.716 million national accounting adjustments, it has resulted in the spending limit of 123 394 million.
The Cabinet today gave also seen a reduction of Income Tax (PIT) due to come into force next year and that has been advanced with retroactive effect from July 1
So, the minimum rate of income tax will be 19.5% and the maximum of 46%, versus 20% and 47% initially set for this year.
In the advanced forecast today by the Executive was 3.3% GDP growth for 2015, four more than last April estimating tenths, and 3% in 2016, a tenth.
Also, the government cut today a point forecast of the unemployment rate for 2015, which stood at 21.1% and estimated that the labor market will close 2015 with 602,000 more employed.
The Cabinet forecast is to end 2015 with some most of 4.8666 million unemployed compared to 5.2873 million in 2011, when the PP (center right) came to power
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