Spain expenditure ceiling

Spain, Nadia Calviño

Spain’s Budget Plan For 2021: 7.3% Increase In Revenue, Expenditure Ceiling Over 50%

Spain sent yesterday the Budget Plan for 2021 to the European Commission. It estimates an increase in absolute terms of 33.44 billion euros (+7.3% per year) thanks to the increase in activity and by fiscal measures. The proposal is based on a non-financial spending limit of €196.09 Bn, 53.7% higher than that approved in February. The new macroeconomic framework forecasts a fall in GDP of 11.2% this year, with an unemployment rate of 17.1%, and a growth of 7.2% in 2021.