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Spain ups 2011 deficit estimate to 8.51 percent of GDP
29 February 2012 @ 19:13

(Reuters) - Spain's public deficit in 2011 was equivalent to 8.51 percent of gross domestic product, Finance Minister Cristobal Montoro said on Monday, up from a preliminary estimate of 8.2 percent due mainly to overspending by regional governments.

The government's official target for 2012 is to cut the deficit to 4.4 percent of GDP, which would require unprecedented cuts of more than 40 billion euros (33.9 billion pounds).

Source: Reuters

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