Spain closed 2023 with a public deficit of €53.556 billion, €10.180 billion less than in 2022, equivalent to 3.66% of GDP, one point less, thanks to a record collection of €271.935 billion.
Personal income tax collected €120.28 billion, 9.9 % more, due to the government’s refusal to deflate the rate and the growth in employment. Corporate income tax, on the other hand, collected €35.06 billion, up 9 %, thanks to the new taxes and the higher profits obtained by companies (up 15 %). VAT collected €83,909 million, up 1.6 %, while excise taxes collected €20,757 million, up 2.6 %.
With these revenue figures, the central government recorded a deficit of €30,828 million in 2023, 2.11 % of GDP, after reducing it by €10,348 million. The deficit of the autonomous communities stood at €13,254 million, 0.91 % of GDP, and local entities recorded a deficit of €1,263 million, 0.09 % of GDP, and Social Security, €8,211 million, 0.56 % of GDP.
