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February 22, 2019
The expansionary spending measures in 2018 have had a detrimental effect on the primary structural balance, leading to non-compliance with the stability goal for the third time in the last five years. In a scenario with no changes to fiscal policy, the deficit will not fall below 2% of GDP at the end of the 2019-2020 period.
November 19, 2018
The cyclical recovery of revenues favours the adjustment of the public deficit, despite the expansive and procyclical tone of fiscal policy in 2018. In a scenario without any changes in fiscal policy, the 2019 deficit would be reduced to 2.2% of GDP. The measures presented in the Budget Plan give rise to further doubts about the achievement of the stability objective.
July 30, 2018
The data for the first quarter shows a slight increase in the public accounts. This rate of improvement does not seem sufficient to offset the expansive bias of fiscal policy. This would mean a slowdown in the process of reducing the deficit and the public debt, which increases the vulnerability of the Spanish economy in the medium term.
May 18, 2018
Public administrations met the 2017 stability target, thanks to the economic recovery and contained public expenditure. In 2018, in a favorable economic environment, the recent performance of public accounts suggests a more expansive path in fiscal policy. In this context, the announced measures could make it difficult to achieve the stability objectives for 2018 and 2019.
May 23, 2017
Spain reached the stability target in 2016, due to expenditure containment and fiscal measures adopted in the last quarter. In 2017, in a favourable economic environment, the recent performance of public accounts suggests that the deficit adjustment continues. 2017 and 2018 stability objectives are achievable, but will require a tight control of public expenditure.
