Spanish deficit drops 5.7% in January-May

09:14, June 23, 2010      

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Spain's deficit declined 5.7 percent in the January-May period compared with a year earlier, Secretary of State for the Treasury Carlos Ocana said on Tuesday.

The country had a national deficit of 18.8 billion euros (23.1 billion U.S. dollars) in the first five months this year, or 1.79 percent of the country's GDP, compared with 19.9 billion euros (24.5 billion dollars) during the same period last year.

Speaking at the Spanish Congress, Ocana highlighted the recovery of tax income, especially in VAT (sales tax), which had brought in 22.4 billion euro (27.6 billion dollars).

There was also a 3.6-percent increase in state earnings from direct taxes, while taxes on tobacco, hydrocarbons and electricity all helped to increase state income.

Source:Xinhua

(Editor:黄蓓蓓)

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