Spain meets deficit target and ends 2023 at 3.64% of GDP, informs Eurostat

Spain’s Fiscal Success Story: Achieving a Deficit of Just 3.64% Despite Global Economic Uncertainty

Despite the challenges posed by global economic uncertainty, Spain’s financial performance in 2023 was remarkable. The country closed the year with a public deficit of just 3.64% of GDP including financial aid, slightly lower than the provisional 3.66% announced by Minister of Finance Mara Jess Montero.

Spain’s economic growth played a significant role in reducing the deficit, with the country seeing a 2.5% growth rate in 2023, five times more than the eurozone average. Additionally, Spain’s dynamic employment sector contributed to this success, with a record number of Social Security affiliates reaching 21 million employed individuals.

The Social Security system also showed strong performance in 2023, closing with a deficit of just 8,627 million euros, equivalent to only 0.59% of GDP. Despite earning 201,317 million euros in contributions, an increase of 9.2% compared to the previous year, the system’s negative balance was only at -0.56% of GDP at the end of the year, with transfers amounting to -43,908 million euros.

Overall, Spain’s commitment to fiscal responsibility and economic growth is evident in its ability to reduce its deficit while strengthening social programs and maintaining resilience in the face of global challenges.

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