BLOOMBERG.COM
Spain missed its budget-deficit goal for 2015 as Prime Minister Mariano Rajoy tried to rally support ahead of December’s election, marking the eighth consecutive year the nation has overshot its fiscal target. The shortfall last year was 5.2 percent of gross domestic product, the second-biggest deficit in Europe, Budget Minister Cristobal Montoro said Thursday at a press conference in Madrid. Spain missed its target of 4.2 percent due to greater-than-expected spending by regions and the social security system which couldn’t be fully offset by additional efforts from the central government and the city halls, he said.
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Spain missed its budget-deficit goal for 2015 as Prime Minister Mariano Rajoy tried to rally support ahead of December’s election, marking the eighth consecutive year the nation has overshot its fiscal target. The shortfall last year was 5.2 percent of gross domestic product, the second-biggest deficit in Europe, Budget Minister Cristobal Montoro said Thursday at a press conference in Madrid. Spain missed its target of 4.2 percent due to greater-than-expected spending by regions and the social security system which couldn’t be fully offset by additional efforts from the central government and the city halls, he said.
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