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

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

Spain says deficit-cutting heading for year-end target

share with twitter share with LinkedIn share with facebook
share via e-mail
09/16/2013 | 01:03pm CEST
Spain's Economy Minister de Guindos arrives at parliamentary hearing at the Spanish parliament in Madrid

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)

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
11:58aDJU.K. Inflation Hits Five-Year High -- Update
11:56a IRU INTERNATIONAL ROAD TRANSPORT UNION : Intermodal connectivity holds key to African trade facilitation
11:54a Bank of England's Tenreyro says not ready to vote for rate hike
11:54a Highlights - Bank of England rate setters speak in parliament
11:51a BRITISH CHAMBERS OF COMMERCE : BCC comments on inflation figures for September 2017
11:51a BRC BRITISH RETAIL CONSORTIUM : Calls for business rates freeze after new inflation figures threaten misery on the high street
11:51a UN ESCWA UNITED NATIONS ECONOMIC AND SOCIAL COMM : Environmental Dimension of the 2030 Agenda in the Arab Region
11:48a As China's leaders gather, market reform hopes fade
11:44a Bombardier confident Airbus deal can resolve U.S tariff issue
11:41aDJGerman Economic Confidence Rose Less Than Expected in October
Latest news "Economy & Forex"