Spain says it targets deficit of 2.1% GDP in 2014

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The Spanish government, fighting to hold on to market confidence and avert a possible debt rescue, announced a deficit reduction target of 2.1 percent of output in 2014, on Friday.

The government has already announced that it intends to reduce its public deficit to 3.0 percent of output in 2013.

The target for this year is 9.2 percent of gross domestic product, three times the European Union ceiling of 3.0 percent.

Spain has announced radical measures to restructure its economy, including spending cuts, privatisations and a relaxation of job protection laws in order to cut the public deficit and improve the framework for growth.

© 2011 AFP

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