Spain’s State deficit reached 1.91% of GDP by the end of September 2025, amounting to €32.024 billion, a 10.1% decrease compared to the same period in 2024, according to figures released today by the Ministry of Finance.

Additionally, the consolidated deficit of the Central Government, Regional Governments, and Social Security stood at 1.64% of GDP (€27.478 billion) in August. Excluding the impact of the DANA storm (€3.598 billion), the deficit would be 1.42%.

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Spain’s State deficit drops to 1.91% of GDP in September, down 10.1% from last year

Regional Governments and Social Security
Regional administrations recorded a surplus of 0.04% of GDP (€596 million) by August. The Social Security Funds posted a surplus of €7.517 billion, equivalent to 0.45% of GDP, driven by an 8.8% growth in revenues, particularly from social contributions.

State revenues and expenditures
State non-financial revenues increased by 8.6% year-on-year, reaching €223.294 billion, with tax revenues rising by 10%. VAT collections amounted to €80.222 billion (+9.1%), while income and wealth taxes reached €80.063 billion (+13.5%).

On the expenditure side, transfers to other public administrations totalled €160.652 billion. Personnel expenses increased by 5%, while interest payments on public debt rose by 9.3%, reaching €26.255 billion.