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The national budget includes the planned revaluation of pensions in line with the CPI and the agreed increase in the wages of public sector employees. The implications of these two measures go beyond their impact on public sector expenditure, as they may also affect the income pact.

The announcement of Spain’s government budget for 2023 has once again brought the subject of pensions back into the limelight, as this particular budget item has seen the largest increase and will require a record level of transfers from the State to finance the deficit.

Current global circumstances will enable the recovery of the Spanish economy to continue in 2021 and will mean that the speed of this recovery depends almost entirely on how successfully national public policies and the private sector manage th…

The 2021 Central Government Budget Bill includes tax increases that distract from more important issues. The first of these is the deterioration observed in the different activity indicators and the untimely nature of the announcementof tax inc…

The public deficit in Spain was reduced by half a percentage point of GDP to 2.5% in 2018, above the drop predicted by BBVA Research, confirming the repeated failure to meet its stability target (-2.2% of GDP).

The State budget includes conservative macroeconomic forecasts. In scenarios with greater growth and inflation than forecast, expenditure as a percentage of GDP could fall by more than expected. As always, the uncertainty is around tax revenues.