2015 Spanish economy did better than expected – El Sol de Mexico

Written by Editorial del Sol of Mexico

Date: April 16, 2016

• Consolidation of recovery and improving employment, positive effects of reforms

the Minister of Finance and Public Administration in office, Cristobal Montoro, recalled that the General State Budget for 2015 expected the Spanish economy to grow 2 percent, an increase that eventually reached 3.2 percent.

“it was a good year in terms of consolidating the economic recovery, and even better in terms of job creation, and that has to do with fiscal policy we have done in Spain from the different public administrations, in addition to the positive effect of structural reforms “, he defended. Regarding the deficit, Montoro said all the government was eight tenths behind the target, which was 4.2 percent of gross domestic product (GDP). The central government and local government reduced the deficit more than expected, but the Social Security deviated six tenths, and the autonomous communities a point.

The Finance Minister said that three Galicia, Canary regions and the Basque Country achieved a “brilliant financial year”; as to the non-compliant, must submit a plan to correct the deviation, a matter that the same will be addressed later in the Council of Fiscal and Financial Policy.

With regard to debt, the government met for globally the target for 2015, which stood at 101.7 percent of GDP, since the percentage was just over 99 percent.