Published On: Wed, Jul 1st, 2015

Spanish state deficit falls by nearly 16% to May

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BilletesThe State budget execution figures for the month of May were posted today on the Ministry of the Treasury and Public Administration Services’ website, showing a deficit which is down by 15.8% year-on-year in public accounting terms.

The combined deficit of the Central Government, regional governments and the Social Security system for the month of April was also published; it currently stands at 1.05% of GDP in national accounting terms, down by 11% over the first four months of 2014.

Finally, the first budget execution figures for local corporations for 2015 were published. The surplus grew to 0.12% of GDP in the first quarter, leaving the consolidated public administration deficit at 0.65% of GDP to March.

State deficit (May)
In the period from January to May, the State posted a deficit of 22 billion euros, 4.12 billion euros less than in the same period 2014, which represents a 15.8% year-on-year reduction. In GDP terms, the State deficit is equivalent to 2.01%, lower than the 2.47% GDP deficit recorded in the same period the previous year.

The reduction of the State deficit in the first five months of the year is a result of a 4.6% increase in revenues and a 1.5% decrease in expenditure.

Excluding interest expense, the primary deficit was down by 30.2% to May, to 0.88% of GDP (versus the 1.30% recorded in 2014).

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