Spanish budget deficit stands at 4.84 percent

The Spanish budget deficit stood at 4.84 percent of the country’s gross domestic product (GDP) by the end of November, down by 4.9 percent as against the same time a year ago, the Spanish Treasury said Tuesday.

With a deficit of 52.4 billion euros (68.6 billion U.S. dollars), the figure falls in line with the former provisions of below 4.8 percent by the end of 2011.

The Spanish government so far received 92.2 billion euros (120 billion dollars), of which 151.1 billion euros (197.8 billion dollars) came from taxes and 164 billion euros (214.8 billion dollars) were non-financial income.

Spanish new Prime Minister Mariano Rajoy confirmed on Monday that his incoming government of the Popular Party will look to cut 16.5 billion euros (21.6 billion dollars) from the public deficit in order to reach the level of 4.4 percent by the end of 2012 as agreed with the EU at the end of October.

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