Spain will revised down its 2013 GDP forecast to -1.0%; Negotiating new deficit target (San Francisco) - Spain is discussing with the European union a new 2013 budget deficit target around 6% of the GDP, the current target is 4.5%, according to a Reuters information citing Spanish officials sources.

The Spanish government needs to renegotiate a new target as they would revise down the Kingdom of Spain 2013 GDP forecast to -1.0% from the -0.5% expected before.