Spain to cut spending by 2bn euros after missing deficit target

17 April, 2016 12:00 AM printer

MADRID: Spain's budget minister said Friday the government would cut spending by two billion euros ($2.3 billion) after it overshot its public deficit target last year.
"We missed (our target), and so we are starting... to implement the corresponding plans," Cristobal Montoro told reporters after announcing the cuts to Spain's central budget.
But he said the cuts did not "affect social spending or spending on items linked to security."
The country's public deficit stood at 5 percent of gross domestic product last year, far higher than the target of 4.2 percent set by Spain's conservative government, reports AFP.
This made 2015 the eighth consecutive year Spain overshot its fiscal target.