MADRID, June 1 (Xinhua) -- Spain's 17 autonomous communities recorded balanced budgets in the first quarter of this year, said Minister for the Treasury and Public Administration Cristobal Montoro on Friday.
Speaking after the weekly cabinet meeting, Montoro said the data was proof that the government's ambitious budget deficit reduction plans were working.
"We are in a position where the deficit is in line with the objectives programmed for this year," he said, before admitting that had it not been for transfers from the central government, the deficit would have been 0.45 percent of Spain's GDP.
Montoro's statements came a day after ratings agency Fitch downgraded eight of Spain's autonomous communities.
Euskadi (The Basque country), Madrid, Asturias, Cantabria, Andalusia, Murcia, the Canary Islands and Catalonia all saw their ratings drop as a result of the ongoing crisis.