More recently there has been some comments in Spain regarding the [publication of regions' budget deficit up to second quarter](http://www.minhap.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2012/SE%20PRESUPUESTOS%20Y%20GASTOS/13-09-12_PPT%20Ejecuci%C3%B3n%20Presupuestaria%20CCAA%20IITrim.pdf). But I don't really understand why people insist to pay attention to [quarterly data without reference to a twelve month period](https://gonfva.blogspot.com.es/2012/03/estimating-spanish-budget-deficit.html). Let's do the math.
First deficit: It seems that, if we leave out the help to the financial institutions, [deficit in 1Q2012 and 2Q12](http://www.igae.pap.minhap.gob.es/sitios/igae/es-ES/InformesCuentas/Contabilidad/Documents/AAPP_Trimestral/2T2012_AAPP_sub.xls) has been 39815 million euro. Deficit in 3Q2011 and 4Q2011 was:[-16.616-34.054](http://www.igae.pap.minhap.gob.es/sitios/igae/es-ES/InformesCuentas/Informes/Documents/Cap-Trim/1T%20AAPP_2012.pdf) = 50670 million euro. So, twelve month period ending on June 30th: 90485 million euro.
Then GDP: Acording to INE, [GDP for 3Q2011,4Q2011,1Q2012,2Q2012](http://www.ine.es/daco/daco42/daco4214/tabcntr.xls): 255367 + 275032 + 259198 + 269739: Total: 1059336 million euro. Now let's divide both. 90485/1059336.
Deficit in terms of GDP at June 30th using public data: 8,54%
Daniel Lacalle says it’s 8,56%. Surely I missed something. But not too much.
First published here