HE open all public administrations A figure equivalent to 63,776 million, 4.8% of Gross Domestic Product (GDP), in 2022, a steep decline. The data released by the Ministry of Finance this Thursday is a second step down after 6.9% recorded in 2021 and 10.1% reached in 2020, when the covid broke out. Data on the 2022 public deficit presented by the Minister of Finance, Maria Jesus Montero It improves the government’s 5% target by two-tenths. “Data at the end of this year confirm that Spain is a reliable and responsible country that combines the maintenance of the Welfare State with the achievement of stability goals,” he said.
in terms of national eligibilityResources (income) increased by 8.1% as a whole, more than double the increase in employment (bills), increased by 3.8%. This combination made it possible to reduce the deficit to 4.8% of GDP in 2022 and reduce the resulting amount by 19.170 million to 63,776 million (23% less compared to 82,946 million in 2021). “Today we a reliable country In the eyes of the European Union and the world,” said Montero, after insulting the governments of Mariano Rajoy that “Spain never complied.”
Income
With the support of the inflation, which has reached a record level in the last forty years, the strong growth of 8.1% in resources accelerated the economy. tax collection 14.4% (32.078 million more in AEAT compared to the previous year) was decisive in closing the deficit in public accounts in 2022. The 5.1% increase in the collection of social contributions also helped.
In particular, personal income tax collection increased by 15.8% and corporate tax by 20.8%, while income from VAT increased by 13.9% and income from SCT by 2.5%.
These data served to attribute the source of the strong increase in tax revenues in 2022 to the growth of the economy and employment and had a limited effect. “one third” the effect of inflation on final collection.
anti-inflation measures
Montero wanted to refute the criticisms. People’s Party, Those who accuse the government of “lining” with the help of inflation. According to the minister, only “a third” (a little over 10,000 million) of this high collection will be attributed to the impact of inflation. In any event, the minister argued that this higher collection is “reinvested” into society in the form of measures to help mitigate the effects of rising energy prices and inflation caused by inflation in general. war in ukraine.
According to Montero, 22,217 million aid organized in 2022 tax breaks (for about 8,000 million) and spending measures. discount on fuel (5,752 million), transfers to rail transport (571 million), or household assistance (6,216 million).
The Minister emphasized the following for 2023: Expanding anti-inflationary measures Post-June or taking new measures are issues to be decided depending on how price pressure will develop. Montero announced that the 2023 public accounts include adequate budget margins. expand measures or adopt new ones if it was exact. If not necessary, this margin will serve to locate it. public deficit below the target of 3.9% Of the GDP marked for this year, the treasury chief said.
Autonomy is getting worse
Considering the different levels of public administration, most of the reduction in the public deficit was concentrated in the public administration. Situation (its hole increased from 6.1% in 2021 to 3.1% in 2022). someone’s Social Security it was also reduced (from 1% of GDP in 2021 to 0.5%). In the opposite direction, autonomous communitiesIn 2022, which closed 2021 with a deficit of 0.1%, their account worsened with an imbalance of 1.1% of GDP (above the 0.8% target). after that local companies, The three-tenths surplus recorded in 2021 turned into a deficit of tenths in 2022.
in short Situation It contributed 3.1 points to the total deficit of 4.8% in 2022. autonomous communities added 1.1 points and Social Security, this is one more point local companiesfor its part, it added one-tenth to the total budget deficit for 2022.
return to discipline
Two years after the outbreak of the epidemic, public accounts have yet to close the gap caused by aid to households and companies, so the public deficit has not returned to the 3% box of GDP. 2019. It will likely not be possible in 2023 or 2024 if the Government budget projections, which include the deficit target of 3.9% for this year and 3.3% for the next year, are met before falling to 2.9% in 2025. However, the target of 3% of GDP in 2024 will once again focus on the European Commission’s target. escape clause of tax rules Enabled in 2020 so states can respond to the pandemic.