Spain's Deficit Dropped to 2.7% in 2018, Calvino Tells Expansion

(Bloomberg) -- Spain’s budget deficit dropped to 2.7 percent in 2018, meaning the country can move out of oversight by the European Union, Economy Minister Nadia Calvino said in an interview with newspaper Expansion.

The deficit drop is “good news" as now the country isn’t under the control of Brussels, Calvino said, attributing the deficit information to the Finance Ministry.

The government’s budget proposals are set to be discussed by Congress on Feb. 13. Calvino told the newspaper the budget draft balances ambitious fiscal discipline with social policy.

Two pro-Catalan-independence parties have presented proposals to change the draft, meaning the budget could be blocked. The government will need support from those parties, which have backed it in the past, to get the budget approved.

To contact the reporter on this story: Rodrigo Orihuela in Madrid at rorihuela@bloomberg.net

To contact the editors responsible for this story: Charles Penty at cpenty@bloomberg.net, James Amott

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