Spain deficit target 'perfectly achievable'

Spain's Acting Minister of Economy and Competitiveness Luis de Guindos said on Monday that the public deficit target of 3.6 percent of GDP was "perfectly achievable."

De Guindos made this statement to a local radio station, adding the European Commission "also sees it that way."

He argued that the assessment of a country "should go beyond of a strict compliance with tax rules," and highlighted that despite the global economic slowdown the Spanish economy was growing.

De Guindos recognized that Spain could have grown more in the first three months of the year had it not been for the political instability in the country, but noted it was a "very marginal" slowdown.

The Spanish government revised up its deficit forecast to 3.6 percent this year and to 2.9 percent in 2017. In 2015 the deficit stood at 5 percent, above the 4.2 percent agreed with Brussels.

The government also revised growth predictions to 2.7 percent in 2016 and 2.4 percent in 2017.