Saturday, 12 May 2012 07:03
'European commission believes that the crisis-hit, south European country’s overall budget deficit will amount to 6.4 percent this year and 6.3 percent of its gross domestic product (GDP) in 2013.
The figures suggest that the southern EU member country is missing its goals to reduce its deficit to 5.3 percent and 3 percent respectively from an 8.5 percent high in 2011. The EU commission forecast sees a contraction in Spain’s economy by 0.3 percent in 2013, resulting in a rise in unemployment rate to 25.1 percent.'
Read more: Spain Fails to Meet Deficit Targets: EU Commission
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