On 1 July, Deputy Prime Minister Alfredo Perez Rubalcaba, announced that the government had approved several additional measures to rein in the fiscal deficit and boost economic growth. The most important measure was the set-up of an expenditure ceiling for the regional governments, which will be linked to economic growth. The inability to force highly indebted regions to meet the government's budget recommendations raises concerns on Spain's capability to narrow its fiscal deficit this year to the 6.0% of GDP target. Moreover, the IMF urged the government to step up economic reform efforts as the country continues to face considerable risks. Although the government has already made great advances ? imposing the hardest austerity measures in three decades ? reforms are still required and the IMF urged the government to further enhance the credibility of fiscal consolidation, complete financial sector restructuring and to further strengthen labour market reforms. The pension system reform, an important element in the fiscal consolidation, is pending a final vote in the Senate. However, further labour market reforms are difficult to implement in the current political climate.
Government takes further actions on fiscal consolidation
July 1, 2011
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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).