Spain admits it will miss deficit targets

A Spanish National Day rally in Barcelona on October 12, 2016Spain, mired in political deadlock just as it emerges from a six-year recession, has admitted it will overshoot its budget deficit target next year. The finance ministry said it informed the European Commission that it provisionally forecast its budget deficit at 3.6 percent of gross domestic product (GDP) from a previous 3.1 percent target. It noted a backdrop of political instability after two inconclusive elections inside a year and eight years trying to haul itself back into shape following the 2008 economic crisis.

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