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Spanish budget deficit stands at 5.8% in 2014

Spanish budget deficit stands at 5.8% in 2014

MADRID: The EU’s statistical office Eurostat has confirmed that Spain’s budget deficit remained at 5.7% of its GDP in 2014, or Spain met 2014 budget deficit target of 5.8%5.8% if banking rescue packages are included, and that it therefore met its budget deficit target of 5.8%.

At the same time Eurostat have also confirmed that the accumulated level of Spanish debt stood at 97.7% of GDP at the end of the 2014. Overall Spanish government debt stands at 97.7% of GDP

These figures compare to a EU average deficit of 2.9% last year and a figure of 2.4% for the Eurozone, and the Spanish annual deficit was exceeded only by Cyprus (8.8%). However, Greece still has the highest overall debt level of the EU, standing at 177%. The only EU member states to record a government surplus in 2014 were Denmark, Germany, Estonia and Luxembourg.