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Fiscal deficit latest publications

October 24, 2019

Spain | Lack of agreement on fiscal framework moderates consolidation process

Budget execution data up to July 2019 slightly worsens the dynamics of 2018. For the 2019-2020 period, an exclusively cyclical adjustment is expected, which will determine a slightly expansive tone of fiscal policy

September 6, 2019

Challenging global and regional scenario for Colombia

As a small economy, Colombia is not immune to the reality of the global context. Short- and medium-term scenarios can be affected by exchange rate volatility, weakening investment, fiscal deficit, current account deficit and informality in the labor market.

July 23, 2019

Spain | Uncertainty around fiscal policy in the 2019-20 period

Budget implementation in April 2019 slightly worsens the dynamics of 2018. During the 2019-2020 period, and in no policy change scenario, the pace of adjustment of the public deficit would be moderating compared to that observed in previous years

July 19, 2019

Argentina Economic Outlook. Third quarter 2019

We maintain our GDP forecast fall of 1.2% in 2019, which will grow quarterly form 2Q-19 due to the recovery of agricultural campaign and the reduction of FX market tensions. By 2020, the economy will have processed the tensions caused by the electoral uncertainty and will grow by 2.5% as private domestic demand recovers.

May 17, 2019

Spain | Uncertainty around fiscal policy in the 2019-20 period

The first budget execution data for 2019 slightly worsens last year's dynamics. In an environment of extended budget and policy uncertainty, the economic cycle will reduce the deficit, although the current fiscal targets will be missed.

May 26, 2015

Spain | Public deficit impaired slightly (excluding local corporations)

The Public deficit (excluding local corporations) stood at 0,8% of GDP in March, one tenth above that registered one year ago. The impairment was due to both central government and Social Security. While the regions adjusted their budget balance again

July 14, 2014

Chile: Government revised upwards its estimate for fiscal deficit in 2014

The Budget Office updated its macroeconomic estimates for 2014, as a prelude to next year’s budget discussion in coming months. In this opportunity, GDP growth expectation was corrected downwards to 3.2% in 2014 (BBVAe: 3.1%) with an expected detrimental to fiscal revenues of USD2.0bn in relation to the current budget figur…

July 21, 2011

Public Pension Systems and the Fiscal Crisis in the Euro Zone. Lessons for Latin America

This paper analyzes the circumstances that led to the reforms of the pension systems in Europe and the measures adopted, with a view to extracting some lessons that may be of use for Latin American countries.