MADRID: Spain’s budget deficit remained €61.4 billion or 5.8 percent GDP, according to a Eurostat report on Tuesday.
Cyprus reported a deficit of 8.8 percent of GDP, or about €1.5 billion. Both the United Kingdom and Croatia came after Spain for highest deficits, each amounting to 5.7 percent of GDP. Spain’s overall debt reached more than €1 trillion last year – nearly 98 percent of GDP.
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Spain’s debt was not the highest by percentage of GDP, with Greece, Italy, Portugal, Ireland, Cyprus and Belgium all reporting debts of over 100 percent of GDP. A deficit is the amount a government spends more than its income within any given financial year, while debt is the total amount a government owes over time.
