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Spain revises 2011 budget deficit

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Spain revises 2011 budget deficit

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The Spanish government has revised up its 2011 budget deficit.

Madrid said last year’s annual deficit amount to 8.9 per cent of output, up from the 8.5 per cent initially stated.

The figure was revised after it emerged that the three of the country’s regions modified their own figures.

The country’s budget ministry said it still expects to hit this year’s target of 5.3 per cent, higher than the EU threshold of 3 per cent.