• Government has to make more prudent tax revenue forecasts, risks missing forecasts for 2013
• Data shows Spain risks missing its 2012 deficit targets
• Spain’s 2013 growth forecast is optimistic, recession in 2013 likely to be closer to 1.5% forecast by other organizations
• Updating pensions payments with inflation would cost Eur3bln
• November inflation is now expected at 3.5%
• Spain is likely to achieve a primary surplus in 2013