The Spanish deficit in one year is quintiplica
| Date: December 28, 2009 | Source: Europa Press |
| Category: Economy | |
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Loading ... The State recorded a deficit of 71,524,000 euros to November in terms of National Accounts, 6.79% of GDP, compared with a deficit of 13.967 million euros in the same period last year, which means that fivefold in a year, according to data released Monday by Secretary of State for Finance, Carlos Ocaña.
This result was due to some payments stood at 168.718 million euros, 21.5%, while revenues totaled 97.194 million euros, 22.2% less.
In cash terms, we computed the income and expenses were actually made during the period, the state reached a deficit of 68,508,000 euros, compared with a deficit of 11,038,000 registered between January and November 2008.
The deficit obtained must be analyzed taking into account the drop in revenues and the impact of the measures announced by the Government, which continue to explain half of the deficit. Specifically, the contribution of the State Public Employment Service for unemployment benefits and the drop in revenues result of economic conditions behind the deficit.
Ocana said the November data confirm that it remains "the slowdown" in the negative rates of evolution of income due to the economic crisis and the measures taken by the Government to combat it. So, once again reiterated that half the deficit is due to falling revenues from the crisis and the other half, the action taken.
Despite this trend, he added, is "essential and vital" that next year all government, including autonomous regions and municipalities, conduct a fiscal consolidation through spending cuts.
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