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SpainKingdom of Spain · Reino de España

Government Budget
Fiscal Year 2024

Source: INE, Eurostat, CaixaBank Research
Total Revenue
€652B
40.9% of GDP
Deficit
−3.2% GDP
−€51B · down from −3.5%
Total Expenditure
€703B
44.1% of GDP
Public Debt
101.6%
~€1.62T · fastest eurozone decline
Budget breakdown

Revenue by Source

Max = €223B (Social Contributions) · Total €652B
Social Contributions
Social Security ContributionsEmpresa ~23.6% + trabajador ~6.35%; 20M+ contributors
€223B14% GDP
Direct Taxes
IRPF (Personal Income Tax)19–47% progressive
€150B9.4% GDP
IS (Corporate Tax)25% general · 15% startups
€48B3% GDP
Indirect Taxes
IVA (VAT)21% standard · 10% · 4% super-reduced
€104B6.5% GDP
Excise (Impuestos Especiales)Fuel, tobacco, alcohol, electricity
€53B3.3% GDP
EU & Other
EU Funds (NGEU, ESIF)Recovery Plan grants, structural funds
€30B1.9% GDP
Other RevenueFees, dividends, property income
€44B2.8% GDP
General Government DeficitNet borrowing
−€51B3.2% GDP
Total Revenue
€652B
Note: Revenue dampened by lingering VAT reductions on food/electricity. Social contributions are the largest source. Revenue grew ~7% driven by +600,000 new contributors.

Expenditure by Function

Max = €220B (Pensions) · Total €703B
Pensions (ESSPROS)
Public Pensions~13.8% GDP ESSPROS · 3.8% revaluation 2024
€220B13.8% GDP
Health
Healthcare (SNS)Universal free-at-use; managed by 17 CC.AA.
€121B7.6% GDP
Public Services
General Public ServicesEstado, CC.AA., Ayuntamientos
€100B6.3% GDP
Social Protection
Other Social ProtectionUnemployment, disability, Ingreso Mínimo Vital
€51B3.2% GDP
Debt
Interest on Public Debt~2.4% GDP · rising slowly
€38B2.4% GDP
Education
EducationCC.AA. competence; tuition-free state ed.
€67B4.2% GDP
Defence & Security
Defence~1.4% GDP · below NATO 2%
€22B1.4% GDP
Public Order & SafetyPolicía Nacional, Guardia Civil, courts
€29B1.8% GDP
Economic & Other
Transport & InfrastructureADIF, SEITT roads
€22B1.4% GDP
Valencia Floods + Court Rulings~€14B one-off
€14B0.9% GDP
Economic & OtherIndustry, energy, agriculture, R&D
€19B1.2% GDP
Total Expenditure
€703B
Note: Pensions at ~13.8% GDP (ESSPROS). Deficit includes ~€6.4B Valencia flood costs and ~€8B court ruling one-offs. Underlying deficit closer to ~2.4%.
Context & explanations
👴

Pensions: ~13.8% GDP

Europe's fastest-growing burden. 3.8% revaluation in 2024. EU forecasts pension spending rising to 16%+ by 2050.

Pensions: 9.7% old-age (Eurostat)
🌊

Valencia Floods: €6.4B

Catastrophic DANA floods killed 220+ people. ~€6.4B (0.4% GDP) emergency spending added to deficit.

Floods: ~0.4% GDP impact
⚖️

Court Rulings: €8B One-Off

Pension supplement rulings created retroactive payment obligations.

Court: ~0.5% GDP
📉

Debt Below 102%: Fastest Eurozone Decline

−3.5 pps in 2024, driven by 6.4% nominal GDP growth. Targeted below 100% by 2026.

Debt: −3.5 pps in 2024
☀️

Tourism: Record 94M Visitors

€120B+ receipts, 12–14% of GDP. Spain's primary engine of economic outperformance.

94M visitors · 14% GDP
🏛️

No Budget for Three Years

Operating on auto-extended 2021 budget. Fiscal watchdog AIReF flagged risks.

No approved budget 2022–24

Primary sources: INE; Eurostat EDP 2025; OECD; CaixaBank Research; Banco de España; European Commission.

Methodology: General government consolidated across Estado, 17 CC.AA., Diputaciones, Ayuntamientos, and Seguridad Social. GDP: €1,594.3B. Currency: Euro.