PUBLIC FINANCES GENERAL OVERVIEW
AIReF: Debt Flash (December 16, 2016)
The "Debt Flash" highlights a series of key indicators useful for debt sustainability analysis at a subsector and regional level.
Council of Ministers: Tax measures (December 02, 2016 - pdf 11 KB)
The CoM approved, through a decree law, a series of tax measures to help meet the public deficit targets.
Council of Ministers: Tax measures to help meet the new fiscal path agreed with the EU (September 30, 2016 - pdf 8 KB)
The CoM approved, through a decree law, a series of tax measures to help meet the new fiscal path agreed with the European Union, which allows for a longer term to meet the public deficit targets.
Stability Programme 2016-2019 (May 30, 2016 - pdf 1 MB)
The Stability Programme is a key document for the design of the fiscal policy in the short, medium and long term, and for the coordination of economic policies in the European Union.
European Commission (DG ECFIN staff): assessment of the 2016 Stability Programme (May 26, 2016)
This document assesses Spain's April 2016 Stability Programme and complements the Country Report published on 26 February 2016 with the information included in the Stability Programme.
Stability Programme 2016-2019 (Summary presentation) (April 29, 2016)
Brief presentation summarizing Spain's new macroeconomic scenario and the new budgetary stability targets for the period 2016 to 2019.
Royal Decree-Law on Tax Reform, 10 July 2015 (July 22, 2015)
A Royal Decree-Law that further stimulates growth and job creation by reducing taxes in another €1.5bn. The RD-L brings forward to the second half of 2015 the reduction in the general tax rate on income and savings scheduled for 2016.
Council of Ministers: Government approves measures to reduce the tax burden borne by Personal Income Tax (July 10, 2015 - pdf 8 KB)
The Council of Ministers approved a Royal Decree-Law on urgent measures to reduce the tax burden borne by Personal Income Tax (PIT) payers and other measures of an economic nature.
BUDGET EXECUTION & BUDGETARY INFORMATION
European Commission: Opinion on the updated Draft Budgetary Plan of Spain (January 17, 2017)
Overall, the EC considers that the updated DBP of Spain is broadly compliant with the provisions of the SGP. According to the updated EC 2016 autumn forecast, the required fiscal effort is expected to be met in both 2017 and in cumulative terms over 2016 and 2017. While the fiscal policy measures taken so far by the government have significantly increased the probability of meeting the 2016 headline deficit target and delivering the required structural effort in 2017, albeit with a narrow margin, the 2017 headline deficit target is not projected to be met. The EC therefore invites the authorities to stand ready to take further measures should fiscal developments indicate a heightened risk of not fulfilling the Council's requirements.
- Fiscal Policy Strategy. January 2017 (January 16, 2017)
Council of Ministers: Budget 2017. Agreement establishing the unavailability of credit for 5.49 billion (December 30, 2016)
The government approved an agreement whereby the distribution by ministerial department of the State Budget extended into 2017 is formalised, and established the unavailability of credit for a sum of 5.49 billion euros and adopted measures to control spending during 2017. The way the election process unfolded and the situation of a caretaker government meant that it had not been possible to draft the General State Budget for 2017, and hence, as from 1 January 2017, the Budget for 2016 will automatically be extended. It has been necessary to approve an agreement so that the level of State spending is in line with the ceiling approved for 2017, and consequently, meet our deficit commitments for 2017 within the framework established for the Eurozone.
Budget Execution (November 2016) (December 27, 2016)
Up to November, the State deficit decreased to 2.36% of GDP, (2,37% in the same period of 2015). Excluding interest payments, the primary superavit decreased to -0.07% of GDP (0.13% in the same period of 2015). Up to October, the consolidated budget outturn of the General Government, excluding Local Administrations, was a deficit of 2.68% (Central Government, 1.77%; Regional Governments, 0.33%; Social Security System, 0.58%) against 3.29% recorded in October 2015.
- Updated Draft Budgetary Plan of Spain 2017 (December 09, 2016)
AIReF: Report on the macroeconomic forecasts in the Draft Budgetary Plan for 2017 (December 02, 2016)
The Independent Authority for Fiscal Responsibility (AIReF), on the basis of exogenous assumptions and defined policies, endorses the Government's macroeconomic forecast. AIReF deems the Government macroeconomic scenario accompanying the 2017 Draft Budgetary Plan to be prudent overall.
Council of Ministers: stability targets and limit on non-financial spending (December 02, 2016 - pdf 9 KB)
The Council of Ministers approved, for their submission to Parliament, the budget stability and public debt targets for the period 2017-2019 and the limit on non-financial spending under the State budget for the year 2017
European Commission: EDP, Commission communication. Assessment of action taken (November 16, 2016)
Overall, according to the Commission 2016 autumn forecast, the headline deficit is expected to decrease to 4.6% of GDP in 2016, in line with the target, while there is a risk that the fiscal effort may fall somewhat short of the requirements. On the basis of the projected achievement of the required headline deficit target in 2016, the excessive deficit procedure should be kept in abeyance at this stage. At the same time, the targets for 2017 and 2018 are currently not projected to be met on a no-policy-change basis, indicating that there are risks to the timely correction of the excessive deficit.
Draft Budgetary Plan 2017: Reply from Spain (November 08, 2016)
Letter reiterating the Spanish governmet´s commitment with the fiscal targets of 4.6% for 2016 and 3.1% for 2017.
European Commision: letter to Spain in relation to his 2017 Draft Budgetary Plan (October 25, 2016)
Letter seeking reassurances from the Spanish authorities in the coming days that the incoming government, as soon as possible upon taking office, will submit an updated draft budgetary plan to the Commission and to the Eurogroup, which will ensure compliance with the targets set out in the Council decision under Article 126(9) TFEU of 8 August 2016.
Council EU: EDP, Council Decision on imposing a fine on Spain (August 08, 2016)
The Council agreed not to impose a fine on Spain for his failure to take effective action to correct his excessive deficit.
Council EU: EDP, Council Decision giving notice to Spain to take measures (August 08, 2016)
The Council calls on Spain to reduce its general government deficit to 4.6% of GDP in 2016, 3.1% of GDP in 2017 and 2.2% of GDP in 2018. In addition to savings already foreseen, Spain must implement consolidation measures amounting to 0.5% of GDP in both 2017 and 2018. All windfall gains must be used to accelerate deficit and debt reduction, and Spain must be ready to adopt further measures should budgetary risks materialise. Fiscal consolidation measures must secure a lasting improvement to the government's budgetary balance in a manner conducive to economic growth.
General Government Deficit 2015 (April 07, 2016)
Excluding financial aid, the deficit of the public administration services as a whole fell to 5.00% of GDP.
European Commission: Recomendation (ACR) regarding measures to be taken by Spain in order to ensure a timely correction of its excessive deficit (March 09, 2016)
ACRs are a regular tool introduced in the Two-Pack regulation as an early alert to euro area Member States in the corrective arm. They are meant to come at a time in the Semester process when measures can be taken to ensure a timely correction of their excessive deficit. To this end, Spain should take measures to ensure a timely and durable correction of the excessive deficit, including by making full use as appropriate of the preventive and corrective tools set out in Spain's Stability law to control for slippages at the sub-central government level from the respective deficit, debt and expenditure rule targets.
(December 2016 - pdf 1.2 MB)
Stability Programme 2016-2019 (Summary presentation) ES
(April 2016 - pdf 234 KB)
National Reform Programme 2016 Executive Summary
(April 2016 - pdf 190 KB)