economy
The IES, based on figures released recently by the Paris-based OECD, estimated that Spain's public sector deficit would be equivalent to 9.1 per cent of the gross domestic product (GDP) in 2009 and 9.6 per cent of GDP in 2010
02.07.09 - 09:59 -
Spain will be the country in the Organization for Economic Cooperation and Development with the fourth-largest budget deficit in 2009 and 2010, the Institute for Economic Studies, or IES, said in a new study Wednesday.
The IES, based on figures released recently by the Paris-based OECD, estimated that Spain's public sector deficit would be equivalent to 9.1 per cent of the gross domestic product (GDP) in 2009 and 9.6 per cent of GDP in 2010.
The OECD's members combined will post a deficit of 7.7 per cent of GDP in 2009, with the figure rising to 8.8 per cent in 2010.
Britain will post the biggest public sector deficit this year, reaching 12.8 per cent of GDP, followed by Ireland, with 11.5 per cent, and the United States, with 10.2 per cent, the IES said.
Spain will be in fourth place, followed by Japan, with a budget deficit equivalent to 7.8 per cent of GDP in 2009 and 8.7 per cent in 2010.
France, Portugal, Poland and Greece will all have budget deficits of more than 6 per cent of GDP, while Italy's budget deficit will reach 5.3 per cent of GDP.
Oil producer Norway is the only OECD country that will post a meaningful surplus both in 2009 and 2010.
