This positive result was supported by revenue growth (6.7%), slightly higher than expenditure growth (6.6%), a dynamism that cannot be separated from the labour market’s resilience.

The volume collected through taxes and social security contributions exceeded the Government’s own estimates in the 2026 State Budget, consolidating a solid financial base at the close of the last fiscal year.

Regarding public spending, the 2025 expenditure increase is largely explained by personnel costs and social benefits, which together accounted for two-thirds of the total increase.

In contrast, public investment and other components of current expenditure, although they increased, fell considerably short of the initial projections. However, this surprising surplus in 2025 is now being overshadowed by new budgetary challenges arising from the start of 2026, amid greater economic pressure and external uncertainty.