Where does Spain’s public deficit come from?
Revenue and spending of Spain’s central government, autonomous communities, municipalities and social security since 1995: from the 2007 surplus to the crisis, rising pensions, and a comparison with France.
Scope: Spanish general government (central government, autonomous communities, local government, social security), national accounts, Eurostat data. · Data as of Oct 30, 2026.
Key takeaways
- In 2025, Spanish general government spent €766bn against €726bn of revenue: a deficit of €41bn, or 2.4% of GDP. Debt stands at 100.5% of GDP.
- From surplus to crisis: in 2007 Spain ran a surplus (+1.9% of GDP) with debt at 35.7% of GDP. The bursting of the housing bubble and the financial crisis sent the balance down to −11.2% of GDP in 2009 and −11.5% in 2012; debt passed 100% of GDP in 2015 (102.5%).
- Pensions are the main driver of spending: they went from 7.9% to 12.5% of GDP between 2007 and 2024 (+4.6 points), while the share of people aged 65+ rose from 16.5% to 20.4% of the population. Health gained +0.8 point.
- Since 2019 the deficit has stayed almost flat (−3.1%, then −3.2% of GDP in 2024): spending gained +3.3 points (economic affairs +0.9, pensions +0.8, health +0.4), offset by revenue up +3.2 points: taxes on income and profits (+2.1) and other revenue (+1.2), including EU recovery-plan funds (capital transfers received from the EU: €3.5bn in 2019, €16.8bn in 2024).
- Compared with France, Spain spent 11.6 points of GDP less in 2024 (45.4% against 57.0%) and levied 9.0 points less (42.2% against 51.2%). It spends less on family, housing and exclusion (−2.6), health (−2.5) and pensions (−2.2). Its income taxes weigh as much as in France; the revenue gap comes from taxes on production (−3.8) and social contributions (−3.3).
Revenue and spending, year by year
For each year: left bar = revenue (grey), right bar = spending (colours), stacked by type. The gap between the two bars is the deficit (or surplus). Tap an item in the legend to isolate it. Spending by function is published up to 2024; the “by nature” view goes up to 2025. Spain does not publish household and corporate income taxes separately.
What widened (or narrowed) the deficit
Change of each item in points of GDP between two years. Spending that rises, or revenue that falls, widens the deficit (bar to the left); revenue that rises narrows it (bar to the right).
Public balance: 1.9% of GDP in 2007, −3.2% in 2024, a change of −5.1 points. Contribution of spending: −6.2 pt; of revenue: +1.1 pt.
- Pensions
- Health
- Other social benefits
- Interest on debt
- Education
- Economic affairs
- Other public spending
- Revenue
Detail by item · 2007 → 2024
| Detail by item | Side | 2007 | 2024 | Change (pt) | Effect on balance (pt) |
|---|---|---|---|---|---|
| Pensions (old age + survivors) | Spending | 7.92 | 12.54 | +4.62 | −4.62 |
| Other taxes on production (property, energy, alcohol, tobacco…) | Revenue | 5.58 | 4.67 | −0.90 | −0.90 |
| Interest on debt | Spending | 1.69 | 2.48 | +0.79 | −0.79 |
| Health (hospitals, outpatient care, medicines) | Spending | 5.69 | 6.44 | +0.75 | −0.75 |
| Family, housing benefits, social exclusion | Spending | 1.21 | 1.81 | +0.60 | −0.60 |
| Sickness and disability benefits | Spending | 2.16 | 2.75 | +0.59 | −0.59 |
| Capital taxes (inheritance…) | Revenue | 0.50 | 0.36 | −0.14 | −0.14 |
| Education | Spending | 4.02 | 4.12 | +0.10 | −0.10 |
| Other current taxes (wealth…) | Revenue | 0.41 | 0.33 | −0.07 | −0.07 |
| General services (excluding debt) | Spending | 3.26 | 3.32 | +0.06 | −0.06 |
| Taxes on income and profits (households and companies) | Revenue | 12.12 | 12.09 | −0.03 | −0.03 |
| Unemployment | Spending | 1.52 | 1.51 | −0.02 | +0.02 |
| Defence, police, justice | Spending | 2.87 | 2.68 | −0.18 | +0.18 |
| Economic affairs (transport, business support, energy) | Spending | 5.35 | 5.06 | −0.29 | +0.29 |
| Social contributions | Revenue | 12.59 | 13.15 | +0.57 | +0.57 |
| VAT | Revenue | 5.82 | 6.41 | +0.59 | +0.59 |
| Environment, community amenities, culture | Spending | 3.49 | 2.65 | −0.84 | +0.84 |
| Other revenue (sales, property income, transfers) | Revenue | 4.05 | 5.15 | +1.10 | +1.10 |
| Total revenue | Revenue | 41.06 | 42.18 | +1.12 | +1.12 |
| Total spending | Spending | 39.18 | 45.36 | +6.18 | −6.18 |
| Balance | Balance | 1.88 | -3.18 | −5.06 | −5.06 |
The drivers
Pensions and health
Public spending on pensions (old age + survivors) and health, % of GDP.
- Pensions · 12.5% (2024)
- Health · 6.4% (2024)
The demographic driver
Share of people aged 65 and over, on 1 January (%).
- Aged 65+ · 20.7% (2025)
Public balance
% of GDP. Negative = deficit. The Maastricht 3% threshold is dashed.
- Balance · −2.4% (2025)
Public debt
% of GDP, Maastricht definition, end of year.
- Debt · 100.5% (2025)
What the debt costs
Interest paid by general government, % of GDP.
- Interest · 2.5% (2024)
Who carries the deficit?
Balance by level of government, % of GDP.
- Central government · −2.0% (2025)
- Autonomous communities · −0.4% (2025)
- Local government · 0.3% (2025)
- Social security · −0.3% (2025)
Spain and France
Same Eurostat accounts, same scope (general government), in % of GDP. As Spain does not split household and corporate income taxes, France is grouped the same way. To the right of a gap chart, Spain is above France.
Public spending, % of GDP
- Spain · 45.3% (2025)
- France · 57.3% (2025)
Public revenue, % of GDP
- Spain · 42.9% (2025)
- France · 52.2% (2025)
Public balance, % of GDP
- Spain · −2.4% (2025)
- France · −5.1% (2025)
Public debt, % of GDP
- Spain · 100.5% (2025)
- France · 115.7% (2025)
Structure of revenue and spending
One bar per country and side, stacked by item, % of GDP.
- Pensions
- Health
- Other social benefits
- Interest on debt
- Education
- Economic affairs
- Other public spending
- Social contributions
- Taxes on income and profits
- VAT
- Other taxes on production
- Other revenue
Where Spain spends and levies more (or less) than France
Spain minus France, in points of GDP, same year. To the right, Spain is higher.
- Spain − France · 2024
Spending by nature
What public money pays for: wages, benefits, purchases, investment… Purchased benefits in kind (reimbursed care…) are much smaller in Spain than in France: care is organised differently, which makes the comparison by nature delicate.
- Cash benefits (pensions, allowances)
- Purchased benefits in kind (reimbursed care…)
- Public employee compensation
- Operating purchases
- Interest on debt
- Subsidies
- Investment
- Other transfers
Spain − France gap by type of spending, points of GDP
- Spain − France · 2025
Yearly data
Show the table of revenue, spending, balance and debt by year
| Year | Revenue | Spending | Balance | Balance (% of GDP) | Debt (% of GDP) |
|---|---|---|---|---|---|
| 2025 | €726bn | €766bn | −€41bn | −2.4% | 100.5% |
| 2024 | €674bn | €725bn | −€51bn | −3.2% | 101.4% |
| 2023 | €630bn | €680bn | −€50bn | −3.3% | 105.3% |
| 2022 | €574bn | €637bn | −€63bn | −4.6% | 109.3% |
| 2021 | €529bn | €611bn | −€82bn | −6.7% | 115.7% |
| 2020 | €468bn | €580bn | −€112bn | −9.9% | 119.3% |
| 2019 | €488bn | €527bn | −€38bn | −3.1% | 97.7% |
| 2018 | €472bn | €503bn | −€31bn | −2.6% | 99.8% |
| 2017 | €444bn | €480bn | −€36bn | −3.1% | 101.2% |
| 2016 | €425bn | €473bn | −€47bn | −4.2% | 102.0% |
| 2015 | €418bn | €475bn | −€57bn | −5.3% | 102.5% |
| 2014 | €405bn | €468bn | −€63bn | −6.0% | 104.4% |
| 2013 | €397bn | €473bn | −€77bn | −7.5% | 100.0% |
| 2012 | €391bn | €510bn | −€119bn | −11.5% | 89.6% |
| 2011 | €387bn | €491bn | −€104bn | −9.7% | 69.5% |
| 2010 | €392bn | €494bn | −€102bn | −9.5% | 60.3% |
| 2009 | €374bn | €494bn | −€121bn | −11.2% | 53.1% |
| 2008 | €409bn | €460bn | −€51bn | −4.6% | 39.6% |
| 2007 | €442bn | €422bn | €20bn | 1.9% | 35.7% |
| 2006 | €407bn | €386bn | €21bn | 2.1% | 39.0% |
| 2005 | €368bn | €357bn | €11bn | 1.2% | 42.4% |
| 2004 | €333bn | €334bn | −€0.9bn | −0.1% | 45.3% |
| 2003 | €305bn | €308bn | −€3.0bn | −0.4% | 47.7% |
| 2002 | €287bn | €290bn | −€2.4bn | −0.3% | 51.2% |
| 2001 | €266bn | €269bn | −€3.2bn | −0.5% | 54.1% |
| 2000 | €246bn | €253bn | −€7.5bn | −1.2% | 57.8% |
| 1999 | €230bn | €238bn | −€7.4bn | −1.2% | 60.9% |
| 1998 | €212bn | €227bn | −€15bn | −2.6% | 62.4% |
| 1997 | €196bn | €216bn | −€20bn | −3.9% | 64.3% |
| 1996 | €187bn | €217bn | −€30bn | −5.9% | 65.4% |
| 1995 | €175bn | €207bn | −€32bn | −6.8% | 61.6% |
Sources and method
- Eurostat, government finance statistics. Total revenue and spending, detail of taxes and contributions, spending by nature, balance by level of government, transfers received from the European Union. These are Spain’s national accounts reported to Eurostat, general government scope (S13), and the same tables as for France. Income taxes come from the tax-revenue table (total only).gov_10a_maingov_10a_taxag
- Eurostat, spending by function (COFOG). Pensions = old age (GF1002) + survivors (GF1003); health = GF07; interest = public debt transactions (GF0107). Spanish detail published from 1995 to 2024.gov_10a_exp
- Eurostat, GDP, debt and population. GDP and deflator, Maastricht debt, share of people aged 65+.nama_10_gdpgov_10dd_edpt1demo_pjanind
- Method. Constant euros: current euros adjusted by the GDP deflator (euros of the latest year). The small gap between the COFOG total and total spending is put in “General services”.
- Further reading. IGAE (public accounts), AIReF (independent fiscal authority), Bank of Spain, INE.IGAEAIReFBanco de EspañaINE