Can Spain afford its pensions? What to know about the funding debate ahead of the election
What happened
Spain’s pension system is not bankrupt, but increasingly relies on state funding. Social Security ended 2025 with a deficit of 0.4% of GDP after €47.8 billion in state transfers. Research institute Fedea puts the underlying deficit, excluding those transfers, at 4.15% of GDP.
Summary assembled by rule from the sources below