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Spain misses 2015 deficit target despite recovering economy

Published 31/03/2016

Only three of 17 regions met their spending targets as the deficit hit 56 billion euro
Only three of 17 regions met their spending targets as the deficit hit 56 billion euro

The Spanish government has said it failed to meet its budget deficit target last year despite a recovering economy.

Spain's 2015 deficit hit 5.2% of annual economic output despite a pledge to the European Commission for a 4.2% deficit.

The Commission has warned for months that Spain would probably overshoot the target, and Acting Spanish finance minister Cristobal Montoro blamed the overspending on Spain's autonomous regions.

Only three of 17 regions met their spending targets as the deficit hit 56 billion euro (£44 billion).

The result was announced as Spanish political parties struggle to form a government following an inconclusive election on December 20 that left the Popular Party in charge of a caretaker government.

It won the most votes but fell short of its previous parliamentary majority.

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From Belfast Telegraph