Publications

Here are all of our publications listed chronologically. You can also find the publications relating to single geography under “Publications by geography” or narrow down your search using the “Advanced filter”.

Latest publications on Public spending

Global | The geopolitics of rearmament

May 27, 2026

Global geopolitical tensions are driving states to strengthen their defense capabilities, pushing military spending to a historic high equivalent to 2.4% of global GDP in 2025. In addition, there is a clear reprioritization of defense within public budgets across multiple economies.

Global | The state of global military spending in 2025

May 14, 2026

This presentation provides an overview of global military expenditure trends in 2025, drawing on the latest data released on 27 April by the Stockholm International Peace Research Institute (SIPRI).

Spain | Defense spending boosts the economy with unequal effects

May 13, 2026

The increase in military spending in Spain to 2% of GDP will boost the economy and technological sectors through direct and indirect effects. However, the impact will be unequal due to the high dependence on foreign inputs and the strong territorial concentration of the industry.

Mexico | Public underspending favors balance in 1Q26

May 7, 2026

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 52.7% of GDP at the end of 2025 vs. 50.4% in March 2026. We expect the HBPSBR to be around 53.7% by year-end.

Mexico | The target of a primary surplus was not met in 2025

February 4, 2026

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 52.6% of GDP at the end of 2025 vs. 52.0% in 2024. We expect the HBPSBR to be around 53.9% by year-end.

Spain | Primary balance: a fiscal milestone built on still fragile foundations

November 27, 2025

Public finances could achieve a balanced primary budget this year, marking an important step toward sustained debt reduction. However, part of this improvement is due to cyclical causes. In addition, the possible slowdown in the economy and lower inflation work against this reduction.

Mexico | Public debt (% of GDP) will be stable in 2025

November 3, 2025

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 51.3% of GDP at the end of 2024. We expect the HBPSBR to be around this level at year-end.

Mexico | Progress continues in fiscal consolidation

August 4, 2025

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 51.3% of GDP at the end of 2024. We expect the HBPSBR to be 52.6% at year-end with a public deficit and PSBR of 3.8% and 4.3% of GDP, respectively.

Spain | Public investment, a weak link in growth

July 21, 2025

Spain needs to recalibrate its fiscal policy to ensure a greater emphasis on spending in production, infrastructure, education, and new technologies. This would help boost long-term growth and improve well-being.

Spain | The gap between savings and investment and productivity

July 7, 2025

Spain's problem is not a shortage of savings, but insufficient investment. The challenge is to channel these savings, both domestic and European, into productive projects capable of generating a return, while creating quality employment and societal growth.

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