July 12, 2018 / 6:17 PM / 8 months ago

Spain raises deficit targets for 2018, 2019

FILE PHOTO: Spain's Economy Minister Nadia Calvino arrives for a cabinet meeting at the Moncloa Palace in Madrid, Spain, July 6, 2018. REUTERS/Juan Medina

MADRID (Reuters) - Spain has raised its target for the public deficit to 2.7 percent of economic output this year from a previous 2.2 percent, Economy Minister Nadia Calvino said on Thursday.

Speaking at a news conference in Brussels, Calvino said Madrid was also now aiming for a ratio of 1.8 percent in 2019, compared with a previous target of 1.3 percent.

The new targets were later confirmed by a spokesman.

The Bank of Spain warned last month that measures included in the 2018 budget, including the biggest rise in pension payments for several years, would push the shortfall beyond the original target.

Reporting by Belén Carreño, Writing by Isla Binnie, Editing by William Maclean

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