This week we share with you an article in La Opinion de Tenerife where it is explained the improvement in GDP of the Canary Islands over the year 2015.
The Canary Islands ended July with a surplus of 274 million euros, equivalent to 0.63% of Gross Domestic Product (GDP) of the Archipelago, representing an improvement of 531 million euros compared to the status in the same month in 2015, when there was a deficit of 257 million euros (0.61%)
Seven autonomous communities- Andalusia, Asturias, Baleares, the Balearic Islands, Galicia, La Rioja and the Basque Country- recorded surplus between January and July, according to figures released yesterday by the Ministry of Finance, which stressed that the regional government has reduced its deficit by 90.3% in this period, with a negative result of 830 million euros.
The regional deficit is reduced to 0.07% of GDP in July, according to data released in the execution budget, which highlights that the autonomies reduce its deficit more than 90% in July, mainly due to the liquidation of the system of financing corresponding to 2014, which amounted to 8,589 million euros.
In July, the final liquidation of the system of financing for regional and local government, corresponding to 2014, was made, amounting 8,589 million euros, 7,611 million more than the last year paid liquidation.
The data of the budget execution that were published yesterday are affected by the liquidation of the system, which is an improvement of the balance of communities and, in return, a lower income to the state by the same amount, Efe reported.
According to the data from the Treasury, the regional government has reduced its deficit by 90.3% in the first seven months of the year, with a negative result of 830 million euros. In terms of GDP, the regional deficit stood at 0.07% in July compared with a deficit of 0.80% in the same period of 2015.
In total, seven communities have in surplus, being the Canary Islands the one with the most surplus, 274 million; followed by the Balearic Islands, with 248 million; Andalusia, with 127 million; Asturias, with 124 million; Galicia, with 112 million; the Basque Country, with 99 million; and La Rioja with 6 million. Moreover, Madrid is the community that leads the accounts in negative, with 523 million, followed by Navarra, with 243.
Source: Published in La Opinion de Tenerife: http://www.laopinion.es/economia/2016/09/28/canarias-llega-julio-superavit-274/709912.html