Bloomberg News

Spain to Base 2012 Budget on 1.5% GDP Contraction, ABC Says

March 02, 2012

Prime Minister Mariano Rajoy’s government may today announce a spending limit for its 2012 budget based on a recession forecast of 1.5 percent, ABC reported, without saying how it obtained the information.

The government may not specify the nation’s budget deficit targets for the next three years as is usually the case when spending limits are presented, ABC said. The budget deficit may be disclosed next week after a meeting between the central government and Spanish regions, ABC said.

The government is considering a planned shortfall around 5.5 percent for 2012, ABC said.

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To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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