Spanish Budget Minister Cristobal Montoro said on Thursday that the country missed its budget deficit target in 2015. Spain's budget deficit was 5.2% of gross domestic product (GDP), higher than target of 4.2% of GDP set by the European Commission.

Spain's Prime Minister Mariano Rajoy in February predicted a deficit of 4.5% of GDP.

Montoro said that regions failed to reach their deficit targets. Only 3 of 17 regions met their targets.