Spain boosts tax collection by 9% and reduces public deficit to 3.66%

MonteroMaría Jesús Montero, Finance Minister

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.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.