The deficit of all public administrations closes 2025 at 2.18% of GDP, which is equivalent to 36,780 million euros, below the 2.86% registered in 2024 and the 2.5% objective set by the Government in line with European fiscal rules. According to data from the Ministry of Finance, Spain thus manages to meet and improve the forecasts agreed with the European Commission, in a context of consolidation of public accounts.
The figures, collected by Europa Press, reflect that Spain reduces the deficit by seven tenths compared to 2024, when it closed at around 2.9% of GDP, and also improves by three tenths the commitment included in the Fiscal Plan sent to Brussels. If the resources intended to alleviate the effects of DANA are included, the deficit stands at 40,330 million euros, equivalent to 2.39% of GDP, which also maintains the reduction path.
This result also means that the country improves for the sixth consecutive year the objectives agreed with the European Commission, consolidating a sustained trend of fiscal adjustment.
The lowest level since the financial crisis and better results than forecasts
The Ministry of Finance highlights that the figure of 2.18% represents the lowest deficit level in 18 years, since the beginning of the financial crisis in 2008. This progress occurs, according to the department, without applying cuts in public spending.
In absolute terms, the deficit is reduced by 8,811 million euros compared to 2024, which represents a decrease of 19.3% year-on-year, reflecting a significant improvement in budget execution.
The final data is also below the estimates made by national and international organizations such as the International Monetary Fund (IMF), the European Commission, the Bank of Spain or AIReF, which anticipated higher figures.
The data, which is sent to Eurostat, thus confirms a more favorable evolution than expected in the Spanish public accounts during 2025.
The Government defends its strategy of cleaning up the accounts without compromising the protection of citizens
The new Minister of Finance, Arcadi España, highlights that these results respond to a “credible and responsible” budgetary policy, which makes it possible to make the reduction of the deficit compatible with the reinforcement of the welfare state.
In this sense, it highlights the maintenance of a social shield valued at 150 billion euros, promoted to face situations such as the Covid-19 pandemic, natural disasters such as DANA or the effects of international conflicts.
The Executive defends that this strategy allows progress in the cleaning up of public accounts without compromising social spending or the protection of citizens.