Spain Business
Spain moves into the red
By h.b. - Jul 21, 2008 - 10:32 PM
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The state accounts have moved into the red for the first time in three years with a deficit of 4.68 billion € recorded for the month of June.
The cause of the problem, the ongoing slowdown in the construction sector and the ever increasing price of crude which has led to increasing costs for businesses. The deficit amounts to 0.42% of G.D.P. The government says that the measures they introduced earlier to help businesses and families have also had an effect on the deficit.
Between January and June this year state income fell by 4.8% to 66.93 billion € while costs increased by 10% to 71.62 billion €.
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