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Spain's 2015 public deficit revised down to 5 pct

Xinhua, April 7, 2016 Adjust font size:

Spain's acting Minister of Finance Cristobal Montoro announced on Thursday that the 2015 country's public deficit would be revised down from 5.16 percent to 5 percent.

Montoro attributed the change to the implementation of new European rules that would make the deficit fall from 5.16 percent to 5 percent without taking into account financial aid and to 5.08 percent including bank bailout funds.

The deficit of Spain's central administration stood at 2.53 percent, as opposed to the 2.76 percent previously announced. However, the deficit of Spanish regions remained unchanged, at 2.76 percent compared to the required 2.9 percent.

According to local media, Montoro sent letters to regions that did not meet the 2015 deficit targets to encourage them to freeze their public expenditure.

Despite the changes, the country's deficit target is still higher than the deficit target agreed with Brussels at 4.2 percent of the country's gross domestic product. Endit