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Spain to Miss Deficit Target Even as Economy Expands: EU

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Spain will miss its deficit-reduction target and produce the biggest budgetary gap of the euro area, the European Commission said in its winter economic forecast published Thursday.

The EU’s executive arm in Brussels sees the shortfall at 4.5 percent of gross domestic product in 2015, above the Spanish government’s target of 4.2 percent. The commission cited uncertainty over the impact of tax reform coinciding with an election year.