council opinion march updat stabil programm spain council european union regard treati establish european commun regard council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici articl thereof regard recommend commiss consult econom financi committe deliv opinion march council examin updat stabil programm spain cover period averag annual rate real gdp growth spain highest eu ten year increas year job creation underpin robust growth contrast spain lag euro area term product growth compar euro area hicp inflat eas level close remain euro area averag higher inflat lower product growth main trade partner led competit loss contribut robust domest demand deterior extern posit attain deficit gdp fiscal consolid half nineti contribut develop opinion march previou updat stabil programm cover period council invit spain adopt measur prevent emerg unsustain trend comprehens reform pension system aim align close contribut pension benefit budgetari implement gener govern surplu estim gdp compar commiss servic autumn forecast gdp previou updat overachiev target result higher expect revenu expenditur ceil central govern met programm broadli model structur data provis requir stabil converg programm code conduct updat submit week decemb deadlin set code conduct gdp growth project programm period gdp project sustain domest demand growth privat public consumpt residenti construct expect slow neg contribut extern sector expect diminish whilst extern net borrow project widen gdp inflat deceler base commiss servic autumn forecast macroeconom scenario appear plausibl neg contribut extern sector growth larger lead faster deterior extern posit inflat higher updat aim maintain budgetari stabil econom cycl line ongo reform budgetari stabil law ii prioritis product public expenditur polici aim improv qualiti public financ iii ensur long term sustain public financ mean guarante suffici sustain social spend gener govern budget balanc surplu envisag declin gdp time profil primari surplu similar fall announc spell direct tax reform lower tax receipt gdp programm period expenditur remain broadli unchang previou updat project smaller albeit rise surplus differ updat found deficit outcom project year earlier carri effect programm period calcul carri commiss servic basi programm base commonli agre methodolog structur balanc gener govern budget cyclic adjust term net temporari measur estim attain surplu gdp stabl declin backdrop sharp reduct estim neg output gap programm set medium term object mto balanc budget structur term plan maintain structur balanc satisfi programm mto larg margin programm period appropri programm mto li rang euro area erm ii member state stabil growth pact code conduct demand impli debt ratio averag potenti output growth long term risk budgetari target broadli balanc budgetari project updat base plausibl growth assumpt current estim potenti gdp growth line commiss servic autumn forecast view risk assess budgetari stanc programm suffici maintain programm mto envisag programm addit budgetari stanc suffici safeti margin breach gdp threshold normal macroeconom fluctuat fiscal polici stanc line stabil growth pact sens pro cyclic debt ratio project fall gdp gdp remain gdp treati refer project high primari balanc surplus programm main driver debt reduct debt reduct path project updat appear plausibl regard sustain public financ spain appear medium risk ground project budgetari cost ag popul favour budgetari posit includ debt posit accumul asset social secur reserv fund contribut absorb project increas pension expenditur signific increas expenditur project period suggest implement measur announc social welfar reform aim budgetari impact ag notabl pension import element reduc risk sustain public financ envisag measur area public financ broadli consist broad econom polici guidelin includ integr guidelin period fiscal stanc programm ensur respect medium term budgetari object avoid pro cyclic address risk extern imbal budgetari strategi prioriti measur aim enhanc product encourag accumul physic human knowledg capit broad packag reform social secur system submit social partner novemb nation reform programm spain submit octob context renew lisbon strategi growth job identifi challeng signific implic public financ reduct debt gdp ratio ii rel increas product spend infrastructur amp educ human capit budgetari implic action outlin nation reform programm suffici reflect budgetari project updat stabil programm measur area public financ envisag stabil programm line action foreseen nation reform programm view assess council note budgetari posit sound budgetari strategi good fiscal polici conduct complianc pact maintain strong budgetari posit import light rise extern imbal council invit spain implement envisag measur address long term budgetari implic ag popul comparison kei macroeconom budgetari project note sourc stabil programm sp commiss servic autumn econom forecast commiss servic calcul real gdp chang sp dec nov sp dec hicp inflat sp dec nov sp dec output gap potenti gdp sp dec nov sp dec gener govern balanc gdp sp dec nov sp dec primari balanc gdp sp dec nov sp dec cyclic adjust balanc gdp sp dec nov sp dec structur balanc gdp sp dec nov sp dec govern gross debt gdp sp dec nov sp dec oj regul amend regul ec oj document refer text found websit http europa eu int comm economi financ activ sgp main en htm programm gap compulsori data interest rate collect consumpt total social transfer project provid option data prescrib code conduct commiss servic calcul basi inform programm cyclic adjust balanc previou row exclud temporari measur temporari measur programm assumpt nation railwai compani renf debt gdp public televis rtve gdp year estim growth commiss servic interim forecast februari project growth privat consumpt deflat