Bandrés, Eduardo


Social Security budget for 2023

While the indexation of contributory pensions constitutes the main driver of Social Security expenditure growth in 2023, an increase in the number of pensioners as well as growth in average pensions could prompt a greater than budgeted expenditure outlay. Although
the budgetary deficit for 2023 will yet again be covered by state lending, the size of the
contributory shortfall could reach 1.8% of GDP.

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Income inequality in year one of the pandemic

Social protection measures rolled out by the government during the COVID-19 crisis strongly mitigated the negative effect of the pandemic on lower income households. However, public transfers were not enough to fully neutralize the increase in inequality in Spain, which must be attributed to more structural factors.

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