The EU says that Spain closed 2013 six tenths above the target and 93.9% debt

The EU says that Spain closed 2013 six tenths above the target and 93.9% debt

  • Eurostat confirms that Spain closed 2013 with a deficit of 7.1%, against the 6.5% target set by Brussels and far from 3% of the Stability Pact.
  • The office also confirms that France has not met the goal of 4.1%, compared to Germany or Luxembourg, which achieved stability and surplus.
  • For his part, Luis de Guindos has ensured that in 2014 and 2015 GDP growth will be 1.5% on average and that there will be no deflation in Spain.
  • GRAPH: Economic forecasts for 2014 and 2015 of the main sources.
  • Read the Eurostat report on the deficit in 2013.

The Eurostat community statistical office confirmed on Wednesday that Spain closed 2013 with a deficit of 7.1% of its Gross Domestic Product (GDP), six tenths above the target set by Brussels for the past year (6.5%), and still a tenth above without counting the public aid destined to the bank , which would leave a deviation of 6.6%.

The community office calculates that the Spanish deficit rose to 72,577 million euros in 2013, taking into account the aid to banks, which had an impact of 0.5% of GDP on the budget deviation.

The debt went from 90.7% of the GDP of the euro countries to 92.6% at the end of 2013. Spain is still far from the path marked for the country to return to respect the maximum of 3% established in the Growth Pact and European Stability. To carry out this rebalancing in its accounts, Spain received an extension of two years , so that it had to close 2013 by 6.5%, to reach 5.8% in 2014, 4.2% in 2015 and 2.8% in 2016.

In addition, the Spanish public debt rose to 960,676 million euros in 2013, representing 93.9% of the country's GDP, which rises to 1,022,988 million euros, according to the Community statistical office.

The data published by Eurostat also show that the deficit has been reduced in the countries as a whole in both the euro area and the European Union, standing at 3% and 3.3% on average , respectively.

Ten countries outside the limit

Ten countries have exceeded the 3% maximum established in the Growth Stability Pact: Slovenia (14.7%), Greece (12.7%), Ireland (7.2%), Spain (7.1%) , United Kingdom (5.8%), Cyprus (5.4%), Croatia (4.9%), Portugal ( 4.9%), France (4.3%) and Poland (4.3%).

Eurostat confirms that France has failed to meet the target of 4.1% established by Brussels , for the country to continue reducing the deficit to 3.6% in 2014 and below 3% in 2015. On the contrary, Luxembourg achieved a surplus of 0.1% and Germany "was established in a situation close to equilibrium", according to Eurostat.

As for public debt, the trend was upwards both in the partners of the single currency and in the Union as a whole. Specifically, the debt went from representing 90.7% of the GDP of the euro countries in 2012 to 92.6% at the end of 2013 , while in the Twenty-eight the escalation was 85.2% to 87.1% .

The economy will grow, according to De Guindos

The Minister of Economy and Competitiveness, Luis de Guindos, said on Wednesday that in 2014 and 2015 GDP growth will be 1.5% on average and stressed that "everything indicates that the Spanish economy has continued with the recovery in the first quarter of the year. "

De Guindos said that for the first time since the crisis began there will be a "sustained recovery" and a net creation of employment that will be "relatively significant" over a period of two years. For the minister, "it is still a very clear growth insufficient" given the unemployment figure, but it is a quantity "much higher" than those of the last six years of crisis.

What the International Monetary Fund does is cover All these data, he said, will be included in the revision of the stability program and the national plan of reforms that will be sent to Brussels later this month.

In any case, De Guindos has avoided giving a specific figure for each of the exercises – initially the Government manages to place the GDP rise this year around 1% – and has ensured that "the important thing is not the tenth concrete , but with two years of growth of an average of 1.5% the behavior of the Spanish economy is substantially different ".

On the other hand, De Guindos has ruled out a scenario of deflation in Spain and has opined that "what the International Monetary Fund does is cover itself" when it talks about this "reduced" risk for the world economy. The minister has assured that there will not be a sustained fall in prices in Spain (deflation), although there will be a reduced inflation that has positive aspects.

The reasons for rejecting this risk, among others, are the increase in domestic demand and the improvement of family confidence indicators, which "take us to levels prior to the crisis" and are higher than those of other countries in the region. euro area.

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