Catalonia reduces its deficit in the first 10 months of 2012 by 23% compared to last year
At the end of October, the Catalan Government had a 1.17% deficit, representing a difference of €2.34 billion between revenue and spending. It is a significant reduction compared to last September, when the deficit reached 1.26% of the Catalan GDP. Furthermore, it also represents a 23% reduction compared to the first ten months of 2011, when there was a €3.05 billion deficit. The improvement is mostly due to an increase in revenue. By the end of 2012, the Catalan Government is obliged to meet a 1.5% deficit target.