Santa Cruz de Tenerife/Madrid 27 Mar. (Europa Press) –
The Canary Islands concluded the previous year with a surplus of 537 million euros, which accounts for 0.93% of the Gross Domestic Product (GDP) and is 176.8% higher than the preceding year, as evidenced by the progress of budget execution data from public administrations for the year 2024 presented during a press conference by the First Vice President and Minister of Finance, María Jesús Montero.
The deficit for the collective of public administrations (AAPP) ended in 2024 at 2.8% of GDP, which is an improvement from the data recorded in 2023 (3.52%), amounting to 44,597 million euros. This achievement surpasses the target agreed upon by the Government with Brussels and aligns with the requirements set out in the European fiscal regulations (3%).
The Treasury Minister stated that these figures demonstrate the “rectification” of public finances in the context of an uncertain international climate “of shocks that amplify the significance of the results achieved in Spain.”
“Spain has met its deficit target for the fifth consecutive year, even surpassing the forecasts laid out by the European Commission itself,” remarked the Treasury Minister.
Nevertheless, the nation concluded 2024 below the excessive deficit limit established by European Union fiscal regulations at 3%, something that has not occurred since 2018, as Montero pointed out.
The 2.8% GDP deficit does not account for the budgetary impact of the measures implemented to alleviate the damage caused by the DANA, which specifically impacted the Valencian Community. Should this expense be included, the deficit would rise to 3.15% of GDP, which still represents a decrease compared to the 3.52% recorded in 2023.
Montero reminded that fiscal regulations exclude the adverse budget impact of natural disasters, as was the case in the country more than ten years ago during the Lorca earthquake.
