A preview and assessment of
Spain´s budget for 2023

Letter from the Editors

Economic forecasts

Outlook for the Spanish economy in the wake of the energy crisis

Spanish GDP growth for this year has been revised upwards and is now forecast at a solid 4.5%. Within a context of high uncertainty, underpinned by ...

Budget 2023

General Budget and Budgetary Plan for 2023: A comprehensive analysis

An analysis on the 2023 Budget reveals there is little justification for concern over its consistency and sharply expansionary nature, failure to comply with ...

Budgetary breakdown

An assessment of the main revenue and expenditure figures in the 2023 general state budget

The 2023 general state budget is underpinned by an optimistic GDP forecast of 2.1%, which would unlock a reduction in the deficit from 5.0% in 2022 to 3.9% in ...

Social security

Social Security budget for 2023

While the indexation of contributory pensions constitutes the main driver of Social Security expenditure growth in 2023, an increase in the number of ...

Monetary transmission

The ECB´s normalisation strategy: Uncertainty and legacies

The ECB is facing an extraordinary situation in which it is unable to rely on an economic slowdown alone to curb inflation. Only with decisive and swift action ...

TLTRO changes

TLTRO and bank liquidity in the new rate scenario

The ECB´s targeted longer-term refinancing operations, or TLTROs, were designed to be one of the key mechanisms to keep credit flowing through the ...

Rising rates

Rising interest rates: Initial effects on credit

Rising interest rates are rapidly translating into a considerable increase in borrowing costs, putting a strain on households and companies, which had grown ...

Non-performing loans

An analysis of non-performing loans: Spain in the European context

Despite the intensity of the two crises sustained by the Spanish economy in the last three years (the COVID-19 crisis and the energy crisis exacerbated by the ...

Regulation and Economic Outlook
Recent key developments in the area of Spanish financial regulation
Prepared by the Regulation and Research Department of the Spanish Confederation of Savings Banks (CECA)
Spanish economic forecasts panel: November 2022
Funcas Economic Trends and Statistics Department
Key Facts
Economic Indicators
Financial Indicators
Social Indicators