The public deficit in Spain was reduced by half a percentage point of GDP to 2.5% in 2018, above the drop predicted by BBVA Research, confirming the repeated failure to meet its stability target (-2.2% of GDP).
Spanish National Budget
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The State budget includes conservative macroeconomic forecasts. In scenarios with greater growth and inflation than forecast, expenditure as a percentage of GDP could fall by more than expected. As always, the uncertainty is around tax revenues.