The OECD estimates that the adjustments to state revenues and benefits to reduce debt amount to 6.8 billion euros.

MadridDespite the global economic context marked by uncertainty and modest growth in most wealthy countries, Spain will maintain its momentum in 2025 and It will be one of the fastest growing economiesSince emerging from the Covid-19 pandemic, Spain has registered robust growth in almost all activities and sectors, driven by private household consumption—which remains the engine of the Spanish economy—the strong performance of the labor market, the recovery of the tourism sector, the arrival of European funds, and increased public spending. This is recognized by the Organisation for Economic Co-operation and Development (OECD) in a new report. Economic study of Spain Published this Wednesday, the report revises GDP growth upwards for 2025 to 2.9%, and also for 2026 (2.2%). However, it's not all good news. Like any economy, Spain's also has pending tasks, the OECD points out, including fiscal consolidation. The organization focuses on deficit and debt levels and the need to reduce them. "Consolidation remains essential to steer gross public debt downwards in the medium term; comply with EU fiscal rules; adapt to increased defense spending, the aging population, and the green transition; and create room for spending that will boost the economy," the report summarizes. Therefore, the organization believes that Spain should implement a series of fiscal adjustments in terms of revenue and benefits (spending) to achieve this consolidation, that is, to strengthen sustainability and, above all, reduce public debt. Specifically, it estimates the need for adjustments at 0.4 percent of GDP: approximately 6.8 billion euros. On the revenue side (3.4 billion euros), it proposes broadening the VAT base or increasing revenue through environmental taxes. Regarding expenditure (an additional 3.4 billion euros), it focuses on pensions and the need for reform to contain spending in anticipation of the retirement of the next generation. baby boom –it again proposes measures such as linking benefits to life expectancy or extending the retirement calculation period to 35 years–. In any case, these are not new messages (they were already mentioned in the 2021 and 2023 economic study of Spain).

The agency also focuses on the labor market, employment rates –still low compared to neighboring countries– and unemployment; on the arrival of migrant workers –it highlights that migration has contributed "positively" and accounted for 0.7 percentage points in GDP per capita growth between 2022 and 2024–; on productivity and its "slow" growth; and on the problem of access to housing –it recommends expanding the supply by facilitating land use for construction–.

A warning about corruption

However, in the 127-page study published this Wednesday, the OECD also criticizes the Spanish government for not adopting sufficient measures against corruption. In a year marked by the Koldo case, which later evolved into the Ábalos and Cerdán cases, and which have cornered the PSOE (Spanish Socialist Workers' Party), as well as construction companies like Acciona; marked by the case of Cristóbal Montoro, former PP (People's Party) minister, which puts lobbyists in the spotlight; and marked by the case involving Isabel Díaz Ayuso's partner for alleged tax fraud, the Paris-based organization points out that, despite having taken steps forward regarding the legal framework against corruption, the perception of its existence "remains high." "Deficiencies persist in the application of the laws [against corruption]. It remains a problem in Spain," warns the organization chaired by Mathias Cormann. In this regard, the OECD urges the government to implement the anti-corruption plan that Pedro Sánchez's government announced in the summer, which, among other things, envisioned the creation of a Public Integrity Agency to prosecute any corrupt practices. It also included the "comprehensive" regulation of lobbying activities, the adoption of mechanisms to ensure accountability in corruption investigations, and the full and fair application of the OECD Convention against Corruption.