The President of the Government, Pedro Sánchez, has announced that the deficit of all public administrations closed last year at 3.7% of GDP, two tenths below the objective that Spain had agreed with the European Commission, despite remain suspended. the fiscal rules at the European level until this past January. He did so during his intervention in the control session in the Congress of Deputies, when asked about the decision of his Executive to renounce presenting the General State Budgets for 2024, after the call for early elections in Catalonia to focus on those of 2025.
The final deficit data will be made public next Wednesday, February 27. The reduction in the gap between income and expenses has occurred in an environment in which the economy grew more than expected, 2.5%, five times more than the Eurozone average. This boost in activity has allowed, among other things, the public debt ratio to decrease last year to 107.7% of GDP, according to what was advanced by the Bank of Spain.
This is due to the fact that the liabilities of the group of administrations continued to grow in terms of volume due to the disbursements to which the State Ke Ciar the Anti-Crisis Measures Deployed Since the Pandemic and to Face the Inflationary and Energy Crises Both aggravated after the Russian invasion of Ukraine in February 2022.
The good progress of the economy has allowed us to “meet the (deficit) objectives that we had set for ourselves,” Sánchez said. Closing the deficit at 3.7% last year would leave Spain in a better situation to meet the goal of placing it at 3% to adhere to the Stability and Growth Pact, which is again in force this year. Also in a context in which the public accounts for 2023 will remain extended.
