Government well on target for surplus

19 December 2007

MADRID – The Spanish government’s coffers continued to swell in the first 11 months of this year as tax collections rose at a healthy clip due to the ongoing strength of the economy.

According to figures released yesterday by the Finance Department, the government obtained a budget surplus of EUR 25.835 billion in the 11 months to November, equivalent to 2.46 percent of the country’s GDP. The figure was up 31.3 percent on the same period a year earlier.

Government revenues were up 11.4 percent at EUR 151.812 billion, while outlays climbed 8 percent to EUR 125.977 billion.

The government’s target is for a surplus of 1.3 percent of GDP this year, although government officials have said the final figures could be close to last year’s figure of 1.8 percent.

[Copyright EL PAÍS, SL./ Adrián Soto 2007]

Subject: Spanish news