Spain meets deficit target and ends 2023 at 3.64% of GDP, informs Eurostat

In 2023, Spain closed its financial year with a public deficit of 3.64% of GDP including financial aid, slightly lower than the provisional 3.66% announced by Minister of Finance Mara Jess Montero. The Ministry explained that this data changed minimally after receiving the definitive national accounting data, with the deficit standing at 3.65% excluding financial aid. Despite facing challenges posed by the war in Ukraine, Spain has managed to reduce its deficit while reinforcing the Welfare State.

Spain’s dynamic employment sector played a significant role in reducing the deficit, with a record number of Social Security affiliates reaching 21 million employed individuals. Additionally, Spain saw a remarkable growth rate of 2.5%, five times higher than the euro zone average.

The Social Security system also showed positive financial performance in 2023, despite earning only 88 million euros less than expected in contributions. The system’s contributions saw an increase of 10.3%, and there was a significant increase in contributions from employed individuals.

The negative balance for Social Security Funds at the end of 2023 was only 0.56% of GDP, with transfers amounting to €43,908 million euros.

Overall, Spain’s financial performance in 2023 reflects a commitment to fiscal responsibility and economic growth despite global challenges. The country’s ability to reduce its deficit while strengthening social programs highlights its resilience and dedication to financial stability.

In conclusion, Spain has demonstrated remarkable resilience and dedication to maintaining fiscal stability during challenging global economic conditions. Its ability to reduce its public deficit while maintaining robust social programs is commendable and serves as an example for other countries facing similar challenges.

By Riley Johnson

As a content writer at, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

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