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Spain : Eurostat confirms that Spain will abandon the Excessive Deficit Procedure and reduce the deficit to 2.48% of GDP in 2018.

The set of Public Administrations reduced its deficit by 16.5% in 2018, to 29,982 million euros. The statistical office also shows that public debt fell by one point in 2018 and closed at 97.1% of the Gross Domestic Product (GDP).

Eurostat , the Community statistical office, confirmed today that Spain abandons the Excessive Deficit Procedure in which it was immersed since 2009. The data published this morning reflect that the Public Administration closed 2018 with a public deficit of 2.48% of GDP. This is a decrease of 0.6 percentage points compared to the 3.08% registered in 2017. That is to say, the set of Public Administrations reduced its deficit last year by 16.5%, which represents a decrease of 5.921 million euros. euros compared to the previous year.

The deficit known today is a decrease of 0.15 percentage points compared to the figure of 2.63% reported on March 29. This change occurs as a result of the usual process of consultations and exchange of information made with Eurostat by Spanish institutions.

The data reported by the General Comptroller of the State Administration (IGAE) on March 29 initially contemplated a higher central administration expense for the 2018 fiscal year based on the principle of prudence.

Once the data has been adjusted and the Eurostat validation process has been completed, the 2018 deficit figure for the Kingdom of Spain stands at 29,982 million, representing 2.48% of GDP. If financial aid is excluded, the public deficit stands at 2.47% of GDP.

Distribution by sectors

If the deficit by sector is analyzed, the Central Administration closed 2018 with a deficit of 16,376 million euros, which represents 1.36% of GDP, compared to 1.89% in 2017. It is the sector that has most reduced its deficit last year with a decrease of 5,660 million euros, which is 25.7% less.

For its part, the Autonomous Communities closed with a deficit of 2,810 million, 0.23% of GDP. It should be remembered that 15 of the communities have met the deficit target, five of which close 2018 with a surplus.

The Social Security Funds ended with a deficit of 17,088 million, equivalent to 1.41% of GDP. Lastly, the Local Corporations registered a surplus for the seventh consecutive year. The positive balance amounted to 6,292 million euros, 0.52% of GDP.

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Publication:Mena Report
Date:Apr 25, 2019
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