Spain's Budget Deficit Grew by 35.4% in January to 1.2% of GDP; Spain's Tax Revenue Drops 20% in Face of VAT Hikes

"Here's a story you can expect to see in the Wall Street Journal or Financial Times tomorrow. You can read it here today.

Via Google Translate, El Economista reports Spain's Budget Deficit Grew by 35.4% in January to 1.2% of GDP.

The government deficit in terms of national accounts in January reached 12.729 billion euros, equivalent to 1.2% of GDP, representing an increase of 35.4% over January 2012.

According to the budget execution data published in January by the Ministry of Finance website, the cash deficit in January came to 15,252,000, which are the result of a fall in net income of 37% (5.789 billion) and a expenses increased by 15.4% (21.041 billion)..."

at http://globaleconomicanalysis.blogspot.com/2013/03/spains-budget-deficit-grew-by-354-in.html#kbEuLgr5emwETcF1.99