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Structural deficit

Structural deficit latest publications

May 9, 2022

Spain | Recovery without a structural reduction of the public deficit

The forecasts of the Stability Program point to a fairly strong recovery, with GDP growth above potential, but the public accounts suggest a cyclical improvement of the deficit rather than its structural component.

December 29, 2021

Spain | A few lessons from 2021 for 2022

As we reach the end of the year, it's time to take stock of the last twelve months. We've seen that the best economic policy in 2021, was the rapidly rolled out, mass vaccination program. We have also seen that we can still create inflation — though this time most of it has come from the supply side rather than from demand.

May 8, 2018

More spending on pensions

The negotiation of the Spanish National Budget has restored the updating of pensions with the inflation for 2018 and 2019 and has delayed the entry into force of the Sustainability Factor (FS from its Spanish initials) until 2023. Although it would be wise to be prudent and wait for the recommendations of the Toledo Pact.