Picture used for illustrative purpose. File
The Spanish government plans to revise its forecast for economic contraction this year to between 10% and 11% from a previous 9.2% announced in May, news wire Europa Press reported Sunday, citing sources from the government.
The government will update its GDP forecast for this year in early October and is likely to update its budget deficit target too to a wider deficit than the 10.3% of GDP target announced in May, the news wire said.
A spokesman for the Economy Ministry declined to comment.
The Spanish economy contracted a record 17.8% in the second quarter compared with the previous quarter and 21.5% compared with the same quarter a year earlier.
Spanish authorities had imposed one of Europe’s strictest lockdowns to curb the pandemic from mid-March to late June, triggering one of the deepest recessions in the region. Early indicators in August showed the recovery initiated in July slowed down during the summer.
Spain’s government is proposing new taxes on digital services, financial transactions and plastic packaging in 2021 and a higher levy on sugary beverages in the hope of raising a total of 6.8 billion euros ($7.96 billion), its draft budget showed.
Indian economy is likely to swell to $5 trillion mark ahead of its target of 2024 despite huge challenges and global trends. This was stated by T.N. Manoharan, non-executive chairman of India’s Canara Bank recently in Dubai,
Prime Minister Narendra Modi on Friday hailed a “new chapter for India” as his re-elected government unveiled what he called a “green” budget aimed at reviving growth and creating a $5-trillion economy.
British Prime Minister Boris Johnson said on Sunday his government would iron out what he described “technical issues” with the European Union over post-Brexit trade.
The UAE has made significant progress in its mission to empower women in the workforce across various sectors and the nation’s women can today be classified as role models for the rest of the world.
China’s February exports grew at a record pace from a year earlier when COVID-19 battered the world’s second-biggest economy, customs data showed on Sunday, while imports rose less sharply.