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Spain reports sharp fall in deficit
Date: 2010/9/29 Click: 986
Spain's deficit has dropped sharply, officials said on Monday.

Secretary of State for the Treasury Carlos Ocana confirmed that the country registered a deficit of 34.849 billion Euros (46.5 billlion U.S. dollars), or 3.3 percent of the Gross Domestic Product for the period between January and August this year.

That is a big improvement from the deficit of 60.305 billion Euros(81.2 billion dollars) registered in the same period in 2009.

The announcement comes just two days before the country will suffer a general strike that has been called to protest against labor reform and a pensions freeze in Spain

Although many government measures, which also include pay cuts, for public employees and an increase in sales tax from 16 to 18 percent at the start of July, may be unpopular, they appear to be working.

Other measures such as increased tax levels on income earned from capital have also had an effect.
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