The Spanish public deficit closed 2018 at 2.5% of GDP, as reported this Tuesday by Eurostat, with which Spain leaves behind the 3% threshold and will be able to exit the excessive deficit procedure of the European Union (EU) this year. once the European Commission gives its approval, since the change is not automatic.
The community statistics office confirmed that Spain brought the deviation in its public accounts
Email Data from 3.1% of GDP in 2017 to 2.5% in 2018, a level lower than the 2.63% announced by the Government last March and 2 .7% expected by the Commission. However, it exceeds the official objective, which was to lower it to 2.2%.
The Ministry of Finance has specified in a statement that the public deficit last year was exactly 2.48% (29,982 million euros) and that, excluding financial aid, it would have fallen to 2.47%.
The difference between today's figure and the 2.63% announced by the Government in March is due to the accounting adjustment made after the information exchange process with Eurostat.
The European Commission could authorize Spain's exit from the excessive deficit procedure in June
This reduction would allow Spain to abandon the excessive deficit procedure in which it has been immersed since 2009 and through which the European Commission tightens economic surveillance on countries that exceed the 3% level.
To decide whether to take Spain out of it, the Commission will take into account both the 2018 deficit and the duration of the correction, for which it will be based on its new macroeconomic forecasts for 2019 and 2020, which it will present in May.
With this data it will decide in June, when it publishes its annual recommendations for each State, whether to ask the Council (the member countries) to close the excessive deficit procedure. The Council could give its approval that same month.
The Commission's latest projections, from last November, predicted that Spain will continue to reduce its deficit to 2.1% this year and 1.9% next year.
Once out of the procedure, Spain would be in the so-called " preventive arm" , which focuses on correcting the structural deficit and also monitors debt and public spending.
On the other hand, according to Eurostat, Spain reduced its public debt by one percentage point in 2018, to 97.1% of GDP, which represents the largest reduction achieved in a year since 2014 and is in line with the Government's forecast, according to Tax authorities.
Public spending in Spain stood at 41.3% of GDP in 2018, three tenths more than in 2017.
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