3 August 2012. The Council of Ministers has approved the biennial Budget Plan for 2013 and 2014, which has been sent to the European Commission. Said Plan, drawn up by the Ministry of Finance and Public Administrations, means complying with the commitment made to the European Union. The main goal is to announce the measures that will enable compliance with the fiscal consolidation path set, by correcting the imbalances accumulated in recent years, especially regarding public debt and deficit.
As opposed to this year's clearly adverse macroeconomic environment, the Plan reflects a slight (0.5%) drop in GDP in 2013, which will turn into growth of the economy in 2014, around 1.2%, thanks to the gradual recovery of private consumption and investment, and to the structural reforms implemented. Deficit reduction is guaranteed with the fiscal adjustment measures, both regarding expenditure and revenue. This will enable fiscal deficit to drop to 4.5% of GDP in 2013, and to 2.8% in 2014. All the Public Administrations—the Central Administration and Social Security, the Autonomous Communities and the Municipalities—will contribute to this.
Read more in the attached document.