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Briefing

Spain: Fiscal Policy

Appears in: Europe, Macroeconomy, Eurozone, Spain, Fiscal Policy

Critical Issues

Background:

Spain entered the recession with a public debt ratio of below 40% but a fiscal deficit already in excess of the Maastricht criterion of 3%, which points to a high structural component. The spike in the unemployment rate to almost 20%, as well as a slump in revenues from the real estate sector, are pushing the deficit and the debt ratio fast above the eurozone average. The EU Commission's long-term sustainability analysis shows that additional adjustments in the pension system are necessary.

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