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Bank of Spain cuts Q2 debt-to-GDP ratio after INE revision
October 2, 2017 / 8:28 AM / in 2 months

Bank of Spain cuts Q2 debt-to-GDP ratio after INE revision

MADRID, Oct 2 (Reuters) - The Bank of Spain on Monday revised its second quarter public debt figure down slightly to 99.8 percent of gross domestic product from an original reading of 100.0 percent following the National Statistic Institute’s (INE) own revisions.

The change comes after INE raised its official GDP growth figures in early September to 3.3 percent year-on-year expansion in 2016, from an original reading of 3.2 percent and its 2015 figure to 3.4 percent from an original reading of 3.2 percent.

Spain ended 2016 with a debt-to-GDP ratio of 99.0 percent, the Bank of Spain said, down from an original estimate of 99.4 percent.

The government’s end-of-year debt-to-GDP forecast is 98.8 percent, while it aims to cut debt to 97.7 percent of its economic output in 2018 and to 95.4 percent in 2019. (Reporting by Paul Day)

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