Meanwhile, the central government fiscal deficit reached 3.9% of GDP in the January-September period (January-August: 4.3% of GDP). This compares with a central government deficit goal of 4.5% of GDP for the whole 2012, which prompted Treasury Minister Cristobal Montoro to state that the central government "is very close to meet the deficit target". Nevertheless, Spain is to overshoot its overall fiscal deficit goal, as the improvement in the central government figures will be more than offset by a worse-than-expected performance of the social security system which, according to some estimates, will record a 1.0% of GDP deficit this year, compared with an initial forecast of a balanced budget. Consensus Forecast panellists continue to lower their deficit projections and now expect the fiscal deficit to reach 7.1% of GDP this year, well above the 6.3% of GDP fiscal deficit target set by the government. Moreover, the market is also sceptical that Spain can meet its 4.5% of GDP fiscal target for 2013, as the government's projection for GDP growth is considered too optimistic. Against this backdrop, a majority of analysts still anticipate that elevated financing costs, combined with the country's fiscal woes, will force Spain to ask for a full bailout in the near future.
Spain to miss deficit targets
October 24, 2012
Looking for forecasts related to Fiscal in Spain? Download a sample report now.
Spain Economic News
October 7, 2016
In August, industrial production expanded 4.0% from the same month last year in working-day adjusted terms.
October 5, 2016
The Markit Purchasing Managers’ Index (PMI) Composite Output Index came in at 54.1 in September, which was slightly below August’s 54.8 reading.
September 30, 2016
Spain’s current account balance incurred a surplus of EUR 3.0 billion in July, which was above the EUR 2.7 billion surplus recorded in the same month of last year and marked the highest reading since December 2014.
September 29, 2016
In August, retail sales rose 4.9% over the same month last year as the discount season drew to an end.
September 29, 2016
In July, the Spanish Board of Architects (Colegio de Arquitectos Técnicos) granted 6,267 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento).