The credit ratings agency Moody's predicted on Tuesday that Spain's deficit for 2013 will stand at 6 percent of the country's gross domestic product (GDP).

It is higher than the 4.5-percent deficit target required by the European Union (EU) for this year.

Moody's made this prediction in a new report entitled "Spain: Despite Progress in Fiscal Consolidation in 2012, Deficit Targets Remain Elusive in 2013." It argues that the negative outlook of the country's bond rating is due to the "continued challenges it faces in meeting the deficit targets."

Moody's appreciated the reforms carried out by the Spanish government in a context of economic recession, which resulted in deficit reductions in all sectors except in social security, while expecting this reduction to continue in the following months.

The ratings agency pointed out that Spain's credibility in the public finance area is being undermined by "continued deviations from agreed budgetary targets" and "repeated revisions of budget deficit outcomes."

Moody's said these are important reasons to keep the negative outlook of the Spain's government bond rating, currently at Baa3.

The Spanish government said in February the 2012 public deficit stood at 6.74 percent of GDP, although the EU statistics office Eurostat forced the government to use a new calculation method including tax rebates that push it up to 6.98 percent.

The Spanish Economy Minister Luis de Guindos said on Tuesday in an economic forum that the GDP's contraction in the first quarter of 2013 had been "less bad" than in previous quarters.