Spain set to miss deficit target for this year

Concerns over Spain’s economy has caused the government to say that it is expecting to miss its defecit target for this year.

The deficit will be 3.6 percent of gross domestic product this year, missing a target of 2.8 percent. That means Spain would require an extra year to narrow the gap to below the 3 percent threshold set by officials in Brussels. In 2017, the deficit is seen at 2.9 percent of output.

As a result, Spain could face sanctions by European authorities after missing its goal.

Political uncertainty, as well as a weakening global economy is being blamed for the drop in Spain’s targets.