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MADRID， April 19 (Xinhua) -- Spanish government said Tuesday it is setting a new public deficit target of 3.6 percent of GDP (gross domestic product) for this year and 2.9 percent for 2017.


Sources from the Spanish Ministry of Economy reported that these new figures will be sent to Brussels which has been asking for more efforts to reduce the country's public deficit.


The Spanish government announced on Friday that it would cut spending by two billion euros after missing 2015 deficit target， while the European Commission (EC) and the European Central Bank (ECB) asked for additional measures to reduce the deficit.


The Spanish government's new predictions are 0.8 percent and 1.5 percent higher than the deficit target agreed with the European authorities， while in 2015 the Spanish public deficit stood at 5 percent of GDP， above the deficit target of 4.2 percent.


The government has recently revised down its predictions for the Spanish economic growth to 2.7 percent for 2016 from a previously-predicted 3 percent and to 2.4 percent for 2017 from a previously forecasted 2.9 percent.



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SYDNEY， Nov. 1 (Xinhua) -- The Reserve Bank of Australia (RBA) has left its record low cash rate of 1.5 percent unchanged in line with the expectations of most economists and the market.


The RBA decided to hold its present cash rate at its November board meeting held on Tuesday， as inflation and economic growth were on track to meet its target over time.


RBA governor Philip Lowe in statement said that after two cuts done in May and August this year， the present cash rate would be best to kept steady in order to achieve the central bank's output on economic growth and inflation target in due time.


"The Bank's forecasts for output growth and inflation are little changed from those of three months ago，" Lowe said.


"Over the next year， the economy is forecast to grow at close to its potential rate， before gradually strengthening."


"Inflation is expected to pick up gradually over the next two years."


"Taking account of the available information， and having eased monetary policy at its May and August meetings， the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time，" he said.


There have been 12 rate cuts since November 2011 from 4.75 percent to 1.50 percent.


For this year alone， rates last fell in August， when RBA lower its cash rate target from 1.75 percent to a record low of 1.5 percent.


Westpac managing director and global head of economics and research Bill Evans said the RBA's decision to leave cash rates unchanged was consistent with its views for the remainder of this year and over the course of 2017.


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