Lago Peñas, Santiago

Spain’s budget: Challenges for 2024

While at first glance Spain’s 2023 fiscal performance appears favorable, lack of adjustment on the structural deficit paints a less optimistic picture going forward. Continued structural fiscal adjustment will be needed to improve the probability of compliance with the new EU fiscal deficit targets.

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EU fiscal rules reform and Spain’s fiscal position

After Spain’s public deficit initially soared to 10% of GDP and the public debt level rose to historical highs of 120% of GDP in the wake of the pandemic, reactivation of the economy and significant growth in tax revenue has since helped to underpin improvement in the
county’s fiscal metrics. However, under a stricter EU fiscal framework, budgetary stability in Spain will face significant hurdles, unless further fiscal adjustments and reforms are

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