27 February 2013

Mariano Rajoy confirms 6.7 per cent public deficit for 2012

Spanish PM Rajoy reiterated that 2013 will be the last year of recession and that the situation will begin to improve in the second half of the year, which "will have a positive effect on unemployment".

Mariano Rajoy said we should not so much focus on the forecasts, which depend on numerous factors, but rather on "maintaining an economic policy, fiscal consolidation, structural reforms and continuing with the reform of the banking sector, because that will put us in a position to grow and create jobs".

The most important issue in the opinion of the President of the Government is to implement an economic policy capable of producing growth and jobs, and that "this is what we are doing and what we will continue to do". Furthermore, Rajoy emphasised the need to continue cleaning up the financial sector. He said this is "highly important for the availability of credit and therefore investment in employment". He added that "clear improvement has been already made to competitiveness, as can be seen from the balance of payments".

In his opinion, the most positive result is that "this year's public deficit will stand, and this is the figure we will send to the European Commission, at 6.7 per cent in the end". The President of the Government believes that this is the result of "an enormous effort by Spanish society as a whole because it also means 3.5 per cent in structural terms", something that no OECD country has ever done before, he said.

The President of the Government said that the recent State of the Nation Debate was useful for the Government of Spain "to set future targets and announce new measures that will help achieve those targets, the most important of which are  economic growth and job creation". In order to meet these targets, Mariano Rajoy expressed his willingness to speak with all the parliamentary groups in the Lower House. He admitted that the majority held by the Partido Popular (PP) "is a highly significant political asset" but that he is willing to speak with all parliamentary groups about any proposals they may have.

Full press release

© La Moncloa - Government of Spain