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The expansionary spending measures in 2018 have had a detrimental effect on the primary structural balance, leading to non-compliance with the stability goal for the third time in the last five years. In a scenario with no changes to fiscal policy, the deficit will not fall below 2% of GDP at the end of the 2019-2020 period.
The cyclical recovery of revenues favours the adjustment of the public deficit, despite the expansive and procyclical tone of fiscal policy in 2018. In a scenario without any changes in fiscal policy, the 2019 deficit would be reduced to 2.2% of GDP. The measures presented in the Budget Plan give rise to further doubts abou…
The data for the first quarter shows a slight increase in the public accounts. This rate of improvement does not seem sufficient to offset the expansive bias of fiscal policy. This would mean a slowdown in the process of reducing the deficit an…
Public administrations met the 2017 stability target, thanks to the economic recovery and contained public expenditure. In 2018, in a favorable economic environment, the recent performance of public accounts suggests a more expansive path in fi…
Spain reached the stability target in 2016, due to expenditure containment and fiscal measures adopted in the last quarter. In 2017, in a favourable economic environment, the recent performance of public accounts suggests that the deficit adjus…
