Business · Economy · 11 hrs ago
Spain's public finances look stronger than France's, but debt remains a risk
France's rising debt and deficit are worrying investors, as the country struggles to agree budget cuts amid street protests.
The concern is whether financial pressure in France could affect other European economies.
Spain's public finances are currently in better shape, with lower public spending, deficits and debt relative to its economy than France.
In 2025, Spain's deficit was 2.4% of GDP and its debt was 100.5%, compared with France's 5.1% and 115.7%.
Spain's debt and deficit have fallen since 2022, while France's debt and deficit have risen over that period.
Faster economic growth is expected to support Spain, but the Bank of Spain still identifies public debt as a vulnerability; the IMF projects that Spain's debt ratio will keep falling through 2031.
Spain’s public finances are in better shape than France’s, with lower public spending, deficits and debt relative to GDP in 2025.
Spain’s debt and deficit ratios have fallen in recent years, while France’s debt and deficit have risen.
Spain’s public debt remains high, and the Bank of Spain has identified public borrowing as a vulnerability.
The International Monetary Fund projects continued Spanish economic growth and a falling debt ratio in the coming years.
France’s fiscal problems have raised concerns about risks spreading to other European economies.
- Who
- Spain and France, whose public finances are compared.
- What
- Spain’s fiscal position is stronger, but its public debt remains a vulnerability.
- When
- The article was published on October 24, 2026; most comparisons use 2025 data.
- Where
- Spain and France.
- Why
- France’s fiscal problems have raised concerns about risks spreading to other European economies, while Spain’s debt remains a risk despite improving indicators.
This story does not have two clearly opposing sides.
Spain’s deficit was 4.6% of GDP and its debt was 109.3% of GDP; France’s deficit was 4.7% and its debt was 111.4%.
France’s deficit reached 5.8% of GDP.
Spain’s deficit was 2.4% of GDP and debt was 100.5%; France’s deficit was 5.1% and debt was 115.7%.
The IMF estimates Spain’s economy will grow by 2.5% and public debt will fall to 97.6% of GDP.
The IMF projects Spain’s public debt will fall to 89.4% of GDP.
- Public spending in 2025
- Spain 45.3% of GDP; France 57.3%
- Public deficit in 2025
- Spain 2.4% of GDP; France 5.1%
- Public debt in 2025
- Spain 100.5% of GDP; France 115.7%
- Spanish GDP growth estimate for 2026
- 2.5%
- Spanish debt projection for 2031
- 89.4% of GDP
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financiación creíble