Spain: public finances

How much tax is Spain collecting?

Spain's net tax revenue was €29,451 million in August 2026, 7.1% more than a year earlier, according to the Tax Agency's monthly tax revenue report for August 2026. Revenue for January to August was 9.7% higher than in the same period of 2025.

Adjusted for timing and other one-off effects ("homogeneous" revenue), growth to August was 8.2%. The Agency describes the general trend as one of gradual moderation. Series and tables are on its monthly report page.

Official sources: AEAT: monthly tax revenue report, August 2026 (PDF) · AEAT: monthly tax revenue reports

How big is Spain's government deficit?

Spain's general government had net borrowing of €32,002 million in the second quarter of 2026, against €28,108 million a year earlier, according to INE's quarterly sector accounts. The Bank of Spain puts government net financial transactions at −2.4% of GDP, four quarters to June 2026, in its financial accounts note.

Net borrowing is the gap between government revenue and spending in national accounts terms. Single quarters are affected by the timing of tax receipts, so the four-quarter figure gives a steadier reading.

Official sources: INE: quarterly non-financial sector accounts, Q2 2026 · Bank of Spain: financial accounts, Q2 2026

How much have tax changes cost Spain's revenue in 2026?

Tax law and management changes reduced Spain's tax revenue by €4,524 million in January to August 2026, taking 2.2 points off revenue growth, according to the Tax Agency's monthly tax revenue report.

The Agency says corporate tax receipts were lowered by measures including a lower rate for small and medium-sized firms and a larger capitalisation reserve. The report's Cuadro 0 breaks the estimate down by tax and measure. Growth would have been higher without these changes.

Official sources: AEAT: monthly tax revenue report, August 2026 (PDF)

How fast are income tax receipts growing in Spain?

Income tax withheld from wages and business activity rose 10.1% in August 2026 and 9.8% in January to August, according to the Tax Agency's monthly tax revenue report. Withholding on public pensions rose 11.4% in August.

Withholding grows with employment, wages and pensions, so it tracks the labour market closely. The 2025 annual income tax campaign brought in 18.6% more in payments than the year before, which the Agency links mainly to strong growth in capital gains.

Official sources: AEAT: monthly tax revenue report, August 2026 (PDF)

How indebted are Spanish households and companies?

Spanish household debt fell to 41.9% of GDP and corporate debt to 61.9% in the second quarter of 2026, the lowest since 1999 and 2001 respectively, according to the Bank of Spain's financial accounts note. Household net financial wealth was 161.8% of GDP.

Debt ratios can fall when debt grows more slowly than GDP, even if the amount owed rises; household debt reached €729 billion. Government debt is published separately by the Bank of Spain in its excessive deficit procedure statistics.

Official sources: Bank of Spain: financial accounts, Q2 2026

What is Spain's debt to GDP ratio?

The IMF puts general government gross debt in Spain at 100.5% of GDP in 2025. Its high point since 2005 was 2020, at 119.2% of GDP; its low point was 2007, at 35.7% of GDP. Across Europe & Central Asia the middle value was 46.9% of GDP, and Spain placed 7th highest of 51. Of 185 countries with 2025 data, 21st highest.

What is Spain's fiscal deficit?

According to the IMF, general government net lending or borrowing in Spain was -2.4% of GDP in 2025, which is a deficit. Since 2005 it has ranged from -11.5% of GDP (2012) to 2.1% of GDP (2006). It is 26th highest of 51 in Europe & Central Asia, where the median is -2.4% of GDP. Worldwide: 85th of 188.

How much does Spain's government take in?

According to the IMF, general government revenue in Spain was 42.9% of GDP in 2025. No year since 2005 has been higher. It is 22nd highest of 50 in Europe & Central Asia, where the median is 41.3% of GDP. World rank, highest first: 34th of 187.

What is Spain's government spending?

The latest figure from the IMF, for 2025, is 45.3% of GDP. Its high point since 2005 was 2020, at 51.4% of GDP; its low point was 2006, at 38.4% of GDP. Europe & Central Asia median: 43.3% of GDP; Spain is 20th highest of 50. Worldwide: 33rd of 186.

How much tax does Spain collect?

The IMF puts central government tax revenue in Spain at 14.9% of GDP in 2024. Its high point since 2005 was 2007, at 16.4% of GDP; its low point was 2009, at 10.2% of GDP. Europe & Central Asia median: 20.8% of GDP; Spain is 37th highest of 42. Worldwide: 62nd of 92.

What is Spain's military budget as a share of GDP?

According to SIPRI, military spending in Spain was 2.1% of GDP in 2025. It is the top of the series, which starts in 2005. Across Europe & Central Asia the middle value was 2.0% of GDP, and Spain placed 21st highest of 46. Worldwide: 51st of 149.