(MENAFN) Spanish public deficit stood at 5.8 percent of the country's gross domestic product (GDP) in 2014, the second highest figure within the European Union (UE) after Cyprus, Xinhua reported.
Spending cuts and higher taxes implemented by the Spanish government since 2012 had made it possible for the country to meet the deficit target required by Brussels, media reported.
According to the EU statistical office (Eurostat) Spain's public deficit went from 9.4 percent in 2011 to 5.8 percent in 2014, taking into account financial aid provided to the banks.
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