EconomyCan Spain afford its pensions? What to know about the funding debate ahead of the election

Spain’s pension system is not bankrupt, but it increasingly depends on state funding. Social Security ended 2025 with a deficit of 0.4% of GDP after receiving €47.8 billion in state transfers. Research institute Fedea estimates the underlying deficit, excluding those transfers, at 4.15% of GDP.

SpainpensionsSocial Security deficit

Eeuronews★★★☆☆2026-10-19 03:53Original