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2h ago

Spain Approves Record 2026 Spending Cap to Launch Budget Talks

Next comes coalition consultation followed by a congressional vote on the fiscal path.

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Los ministros de Economía y Hacienda, Carlos Cuerpo y María Jesús Montero, en la rueda de prensa posterios al Consejo de Ministros.
Los diputados de Junts Josep Maria Cruset y Pilar Calvo

Overview

  • The Council of Ministers set non-financial spending for 2026 at €212.026 billion, an 8.5% increase from the prior year.
  • Including €4.151 billion from EU Recovery funds, the overall ceiling reaches €216.177 billion.
  • The plan provides a €23 billion transfer to Social Security to meet rising pension costs.
  • The government outlined a deficit path of 2.5% of GDP in 2025, 2.1% in 2026, 1.8% in 2027, and 1.6% in 2028, permitting regional governments a 0.1% shortfall.
  • The Economy Ministry raised the 2025 growth forecast to 2.9% and added inequality indicators, including the Gini index and poverty-risk measures, to its projections.