public deficit

Spain, Nadia Calviño

Spain’s Public Spending Consolidates Above 50% Of GDP, With 14 Consecutive Years Of Deficits

Spain’s public spending breaks records and settles above 50% of Gross Domestic Product (GDP). The country has thus accumulated two consecutive years – 2020 and 2021 – in which the average disbursement reaches 51.5%, after surpassing all historical spending milestones. However, the revenue figures do not match the expenditure figures and the public deficit is widening. In 2021, with record tax pressure and state revenue, revenue has not managed to…


General Government Borrowing Hit Another Record High In March: 1.45 Trillion Euros (117.7% Of GDP)

Public indebtedness continues to break records. In March, debt registered a new all-time high of over 1.45 trillion euros after increasing by 12.381 billion euros compared to February, according to the statistical advance published yesterday by the Bank of Spain. It is true that the debt-to-GDP ratio stood at 117.7%, far from the 125% it exceeded in March last year. However, that was exclusively due to the economic rebound, which…

budget2021 amendments

Finance Ministry Optimistic… With The Highest Public Deficit In Europe (6.9%)

Fernando González Urbaneja | The Finance Minister, always cheerful and confident, has presented the budget execution for 2021 with her usual optimism. The deficit stands at 6.9%, three points less than the previous year, a point and a half less than the government’s forecast. The minister gives herself a good mark, a top A, and the media receive the data with not a little optimism, 28% less than the previous…

deficit publico 1

The consequences of a public deficit which is out of control

Last year’s public deficit exceeded all the predictions of both the government and the experts: it ended up at 5.16%, one full percentage point (almost 10 billion euros) above the target set by Brussels. This huge deviation will have serious consequences and sanctions from Brussels cannot be ruled out.

mercados bolsa TC

Markets run wild

MADRID | By JP Marín Arrese Stock markets all over the world are plummeting while bond yields have regressed to fresh lows, as investors grow increasingly worried about growth prospects. Signs the US economy might be slowing down, coupled with the Eurozone plight, paints a gloomy scenario. Yet, the utter lack of direction in policies across the Atlantic stands as the most worrying concern. 


Greece: Public deficit and democratic duty

ATHENS | By Nick Malkoutzis via MacroPolis | A newspaper article on Sunday, quoting an allegedly secret report by officials at Greece’s General Accounting Office and the Hellenic Statistical Authority (ELSTAT), claims that the country’s deficit figure in 2009 was “over-dramatised” (or “sexed up” if you prefer) by the PASOK government that took over in October of that year. 


UK unemployment and government borrowing to exceed forecasts, CBI warns

LONDON | The Confederation of British Industry said Thursday that household spending will remain subdued, with weak wage growth and unemployment rising to a peak of 2.86 million in the first quarter of 2013. The CBI published its latest quarterly forecast in a somehow hopeful tone, though, voicing prospects of inflation improving next year with further falls, and disposable incomes beginning to recover. The business association pointed out that recent…


Portuguese prime minister Passos Coelho is running out of time

By Fernando Barciela | News that Portugal’s major cities grounded to a halt Thursday pointed at an initial victory for labour unions, which began today a 24-hour strike against austerity measures agreed by the government in return for an international bailout. Demonstrations and rallies were also planned in 38 cities and towns across the country, including Lisbon. Six months have been enough for prime minister Pedro Passos Coelho to become the most unpopular…


Worrying facts about the Spanish deficit

By Juan Pedro Marín Arrese, in Madrid | The way the data on the Spanish deficit snowballed from 6% in mid-December to 8% a few weeks later and to 8.51% now, has led many to raise their eyebrows in utter disbelief. Even allowing for some benign neglect shown by the out coming government, such a huge deviation adds little credit to budgetary figures outside central administration boundaries. It not only proves…