Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Spain says deficit-cutting heading for year-end target

09/16/2013 | 07:03am US/Eastern
Recommend:
0

Spain's budget deficit is heading towards the year-end target of 6.5 percent of economic output and the government is not considering any major new fiscal steps, Economy Minister Luis de Guindos said on Monday.

De Guindos, who was speaking to a group of foreign journalists in Madrid, was however careful to avoid saying the government would definitely hit its end-2013 target.

The government, which has been battling recession and a 27 percent unemployment rate, has implemented wide-ranging budget cuts to slim the deficit from 7 percent of gross domestic product (GDP) in 2012, and Spanish borrowing costs have been falling.

"The tax take is recovering ... We are also seeing a very important saving in the interest rates on Spanish debt ... In addition, we're seeing good signs for town halls, not only in 2013 but also at the end of 2012," De Guindos told reporters at a news conference in Madrid.

"What I can tell you is that the public deficit is moving towards the nominal target of 6.5 percent and that no additional measures are going to be taken as they are not necessary."

The economy is expected to emerge from recession in the second half of this year and De Guindos said that at the end of this month the government would increase growth forecasts and reduce unemployment estimates for 2014.

(Reporting by Julien Toyer; Writing by Clare Kane; Editing by Tracy Rucinski/Ruth Pitchford)

Recommend :
0
React to this article
Latest news
Date Title
3m ago QUANTUM RESOURCES : 29 September 2014 Appointment of Mordechai Gutnick as a Director > Read more
3m ago QUANTUM RESOURCES : 29 September 2014 Appendix 3X - Initial Director's Interest Notice - Mordechai Gutnick > Read more
3m ago TIGERS REALM COAL : Amaam North Winter Drilling Program Commences and Port Update
4m ago RUPERT MURDOCH : Elisbaeth Murdoch to step down as Shine Group chairman - FT
9m ago SIMPLICITY BANCORP : INVESTOR ALERT BY THE FORMER ATTORNEY GENERAL OF LOUISIANA: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Simplicity Bancorp, Inc.
9m ago JANUS CAPITAL : Mercer cuts ratings on Pimco funds, more outflows could follow
15m ago INVESTOR ALERT : Investigation on Behalf of Altair Nanotechnologies Inc. Shareholders Announced by Glancy Binkow & Goldberg LLP
16m ago Statement from California Product Stewardship Council on the 9th Federal Appeals Court Ruling for Alameda County on Nation's First Ever Safe Drug Disposal Ordinance
17m ago SOCIAL MEDIA VENT : Sparxoo CEO featured at Social Media Week in Miami
27m ago HURRIYET GAZETECILIK VE MATBAACILIK A S : Turkey hints at Iraq Mosul hostage exchange
Latest news
Advertisement
Hot News 
Bank derivatives boom ahead of ECB test results as investors play safe
News Corp to buy real estate website operator Move for $950 mln
CYAN : Executive Chairman role and grant of options
EASTERN PROPERTY : announces the acquisition of full ownership of Class A office complex Severnoe Siyanie
RAME ENERGY : Says Widened Loss Is "In Line With Expectations"
Most Read News
1h ago Microsoft names next operating system 'Windows 10'
1h ago BANK OF NEW YORK MELLON : BNY Mellon to shut derivatives sales, trading business
1h ago DUKE REALTY : Announces Third Quarter Earnings Conference Call; Thursday, October 30th, 2014 at 3:00 p.m. ET
1h ago EP ENERGY : CFO to Present at Deutsche Bank Finance Conference
1h ago ENCANA : ATHLON ENERGY INC. SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces Investigation Of Buyout
Most recommended articles
4m ago RUPERT MURDOCH : Elisbaeth Murdoch to step down as Shine Group chairman - FT
9m ago JANUS CAPITAL : Mercer cuts ratings on Pimco funds, more outflows could follow
30m ago DOV CHARNEY : Bloomberg
38m ago GBP/USD TECHNICAL ANALYSIS : Short Making Slow Progress
38m ago USD/CHF TECHNICAL ANALYSIS : Buyers Claim 0.95 Figure
Dynamic quotes  
ON
| OFF