Spain's government to unveil updated macroeconomic framework for 2027 budget on June 23

Spain 2027 budget macroeconomic framework economic growth defence spending

Vice‑president and Economy Minister Carlos Cuerpo announced that the updated macro‑economic framework will be presented to the Council of Ministers on 23 June. The new forecast will serve as the basis for drafting the State General Budget for 2027. Current projections, set in November 2025, keep 2026 growth at 2.2 % and have not yet incorporated the impact of the Middle‑East war, which Cuerpo estimates could shave 0.1‑0.4 percentage points from growth and add about one point to annual inflation.

President Pedro Sánchez linked Spain’s recent economic performance to the decision not to prioritize higher defence spending. Citing a Goldman Sachs report, he said Spain’s growth outpaces that of Germany, France and Italy and highlighted the government’s plan to reduce debt‑to‑GDP over the next three years while maintaining fiscal stability and the welfare state.