Spain | Regional finances in 2023 and between 2003 and 2023

This Working Paper analyzes the evolution in regional revenues and expenditures, the sector’s budget balance and its debt stock from 2003 to the present.

Key points

• Key points:
• The first part pays close attention to the behaviour of per capita expenditure at constant prices.
• It then analyzes the accounts for the last few years in some detail, highlighting the effect caused by certain atypical factors, including the extraordinary income and expenses linked to the COVID-19 crisis and the forecasting errors in the calculation of the payments on account of the regional financing system.
• Correcting the raw data for the impact of these factors significantly modifies the apparent financial position of the autonomous communities of Spain, for the worse in the pandemic years (2020 and 2021) and for the better in 2022 and 2023, and offers a quite different perspective on their evolution.

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