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Spain meets deficit target and ends 2023 at 3.64% of GDP, informs Eurostat

Despite the global challenges faced by Spain, the country has managed to close the 2023 financial year with a public deficit of 3.64% of GDP, slightly lower than the provisional 3.66% announced by Minister of Finance Mara Jess Montero. The reduction in deficit has been attributed to economic growth and a dynamic employment sector.

Spain saw a 2.5% growth in 2023, five times more than the euro zone average, and a record number of Social Security affiliates reached 21 million employed individuals. Despite these successes, however, Spain’s Social Security system closed with a deficit of 8,627 million euros, equivalent to 0.59% of GDP, despite earning 201,317 million euros in contributions, an increase of 9.2% compared to the previous year.

Despite this negative balance for Social Security Funds at the end of 2023 being equivalent to 0.56% of GDP and transfers amounting to only €43,908 million euros – less than half the amount needed – Spain’s ability to reduce its deficit while maintaining social programs highlights its resilience and commitment to financial stability. Overall, Spain’s financial performance in

By Samantha Jones

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