Spanish Economy Will Reach Targets for 2010
October 27th, 2010
Spain’s central government said today its budget deficit hit 3.45% of gross domestic product in the first nine months of the year and is on track to reach the annual target of 9.3% for all of Spain’s public administrations, including regional governments.
Overall, the central government budget deficit stood at 36.36 billion euros, 42.1% lower than in the same period a year earlier, when stimulus spending stretched the country’s finances just as the end of the Spanish real estate boom led to a collapse in tax receipts.
The budget deficit equaled 11% of GDP in 2009, and Spain is looking to lower that to 6% next year.
In the nine months to September 2010, corporate and income tax receipts fell 0.4% from last year, as a significant drop in corporate tax revenue offset a 5.6% rise in income tax revenue, while indirect tax receipts soared 35.7%, driven by VAT, the ministry said.
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