Moody’s: El control de los gastos, un desafío para las regiones españolas

Marisol Blazquez, analista de Moody’s Public Sector Europe - Miercoles, 27 de Mayo

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Un informe que Moody’s Public Sector Europe acaba de publicar sobre las regiones españolas, concluye, entre otros asuntos de gran trascendencia, que el control de los gastos es un desafío para las regiones, aunque las perspectivas económicas van mejorando.

Improving economic prospects will likely help

increase revenue generation for Spanish regions, but also raises the

long-term risk of expenditure deviation, says Moody's Public Sector

Europe in a report published today.

 

Moody's Public Sector Europe is a new credit rating agency and the first

of its kind dedicated to the growing European public sector debt market.

It combines tailored service and local expertise with global reach,

using Moody's rigorous ratings methodologies to assign globally

comparable ratings.

 

The report, entitled 'Spanish Regions: Controlling costs a challenge for

newly-elected officials as economy normalises' is now available on

www.moodys.com. Moody's subscribers can access this report via the link

provided at the end of this press release.

 

"The arrival of representatives in 13 Spanish regions coincides with an

improvement in economic conditions, a consequent increase in revenue

generation, and will reap the benefits of structural reforms. However,

the new regional administrations face pressure to increase spending on

healthcare, education, capital expenditure and civil service pay, which

could have an impact on expenditure plans," says Marisol Blazquez, the

Moody's analyst for Spanish regions.

 

According to research by Moody's Public Sector Europe, Spain's improving

economic prospects will help regional fiscal consolidation. Accelerating

economic growth should gradually increase the regions' tax revenues and

central government transfers, helping them reduce deficits and debt

growth. The rating agency forecasts economic growth of 2.7% and 2.2% in

2015 and 2016, respectively.

 

In addition, Spanish regions will likely benefit from receiving a higher

portion of shared taxes (PIT, VAT and Special taxes) under a reform of

the regional funding system that will take place under the next national

legislature, says Moody's Public Sector Europe.

 

However, the rating agency expects public investment to rise again, and

healthcare spending to increase due to the growing elderly population and

increasing pharmaceutical costs as new medicines are launched. Meanwhile,

civil service unions are likely to push for a reversal of salary freezes

and job losses that took effect in the wake of the 2008 economic crisis.

 

In addition, Moody's Public Sector Europe notes that based on 2015

initial budgets, education costs are now rising once again.

 

To find out more about Moody's Public Sector Europe, please visit our new

webpage: www.moodys.com/mpse

 

Moody's Public Sector Europe research is available to all Moody's research

subscribers.

 

Subscribers can access the Executive Summary at

 

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181423

 

 

 

Subscribers can access the Full Presentation at

 

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181259

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