Spanish Regions: End of July Results Confirm Rising Financial Stress
The Spanish Ministry of Finance released on 30 September 2019 the financial results for Spanish regions at the end of July 2019. On average, regional finances substantially deteriorated compared to one year ago with a deficit-to-GDP ratio at -0.25% compared with a surplus of 0.05% at the end of July 2018.DBRS believes that Spanish regions will miss the deficit target of -0.1% of GDP at the end of the year if they do not receive the additional transfers (entregas a cuenta) from the national government due in 2019 under the regional financing system. Please read the DBRS commentary for more insight.
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