Details from Spain’s 2015 budget
- 2014 GDP 1.3% vs 1.2% prior
- 2015 GDP 2.0% vs 1.8% prior
- Wants to see 620k jobs added vs 580k prior
- Sees unemployment rate at 22.9% in 2015
- Sees 10 year bond yielding avf 2.6% in 2015 (currently 2.18%)
- Debt issuance to be substantially lower in 2015
- Met 2013 deficit target after accounting changes ( Jiggy jiggy, pass the roll up
- 2014 tax revenue to fall short of target, 2015 taxes seen up by €6bn from 2014 budget
- 2015 growth plan to spend €1.1bn on SME’s, €470m on youth unemployed
- Budget calculated on 1.30 exchange rate
At the moment Spain looks to be the only major European economy that actually has a chance of seeing some sort of recovery. that said, they have warned that there are signs of that running out of steam.