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Spain: Govt submits 2019 budget bill, aims for 1.8% of GDP fiscal deficit

• Govt cuts GDP growth forecasts - expects 2.3% growth in 2019
• Govt raised deficit targets by 0.5pps, Social Security and regional govts to get more leeway
• Govt counts on EUR 5.7bn new revenue-generating measures, which is highly optimistic, in our view
• Budget bill unlikely to pass through Congress due to the Catalan parties ERC/PDeCAT; even if it does, PP to strike it down in the Senate
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