Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  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

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)

React to this article
Latest news
Date Title
04:17a SAMSONITE : Selects John Galt Solutions' Atlas Planning Suite
04:17a MARRIOTT : and Universal Music Group Launch Global Marketing Partnership
04:17a FLIR SYSTEMS : Releases Second-Gen FLIR ONE Thermal Imaging Accessory for Smartphones and Tablets
04:17a IMPLANT SCIENCES : QS-B220 Gets GSN Award for 'Best Security Checkpoint'
04:17a DAIMLER : Trucks North America Takes a Stake in Zonar Systems
04:17a UNION PACIFIC : Invites You to Join Its Second Quarter 2015 Earnings Release Broadcast
04:17a TRIPADVISOR : SpringHill Suites Philadelphia Plymouth Meeting Gets TripAdvisor Certificate Of Excellence
04:17a SMITH MIDLAND : Gets VDOT Approvals for Its J-J Hooks Pin-Down and Bolt-Down MASH Tested Safety Barriers
04:17a MUSCLEPHARM : Names Ryan Drexler to Its Board
04:17a AMERICAN POWER : Gets First CARB Executive Order Certifications
Latest news
Hot News 
HVIVO : Exercise of Share Options
Greek government assures tourists that crisis won't affect them
GCP STUDENT LIVING : Total Voting Rights
STRAT AERO : Shares Fall As It Says 2015 Revenue Weaker Than Expected
IMPERIAL INNOVATIONS : Leads Funding Round For Abingdon Health
Most Read News
01:34a MANCHESTER UNITED : Ramos: i'm mad for united
06/29 Microsoft hands display ads to AOL, maps to Uber
06/29DJBHP Billiton Shifts Responsibility for Potash Unit
06/29 DEUTSCHE LUFTHANSA : Lufthansa strikes postponed until mid-July, union says
06/29DJCelgene to Pay Juno $1 Billion as Part of 10-Year Collaboration
Most recommended articles
04:15aDJEuropean Stocks Fall Further
04:10a Pop Milano says ECB may ask some Italy banks to boost capital
04:08aDJEUROPE MARKETS : European Stocks Mired In Red, With Greek Default Expected
04:06a Standard Life slips as Greek worries peg back FTSE
04:05aDJWillis Group, Towers Watson to Merge