Business News
Spanish budget deficit grows fivefold due to recession
Oct 27, 2009, 13:30 GMT
Madrid - Spain's recession has made its public deficit grow nearly fivefold to nearly 6 per cent of gross domestic product (GDP) in the first nine months of this year, compared to the corresponding period in 2008, a senior government official said Tuesday.
The deficit was 62.8 billion euros (94 billion dollars) in September, according to figures given by Carlos Ocana, secretary of state in the Economy Ministry.
The government foresees a deficit of 8.1 per cent for 2009. Ocana attributed the deficit largely to weak economic activity and the cost of measures adopted by the government to stem unemployment and to combat the crisis.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
