Pensions at the Center of Spain's Election Campaign: Deficit, Public Debt and the Baby Boom
After Pedro Sánchez called early elections for 29 November 2026, Spain's pension system is again at the center of debate. The monthly pension bill has reached a record ~€14.5 billion, the social security deficit is at its lowest since 2011 (0.4% of GDP), but more than 20% of the system's revenues are state budget transfers, and the debt to the treasury has exceeded €136 billion. Experts disagree: Fedea puts the underlying deficit at ~€70 billion (4.15% of GDP). Ahead lies the mass retirement of the baby-boom generation.
Aziz Karimov