The State Budget for 2027 (OE2027) already presents a pressure of 4,783 million euros on the budget balance, even before the Government includes new policy measures. This value is included in the Invariant Policies Framework (QPI) sent by the Ministry of Finance to the Assembly of the Republic, which accounts for the impact of already approved policies and the structural evolution of expenditure and revenue. The pressure mainly results from increased expenditure, amounting to 5,042 million euros, while on the revenue side there is a net saving of 259 million euros.
The main pressures on expenditure come from pensions, with an increase of 1,993 million euros, from public administration personnel expenditure (1,231 million euros) and from intermediate consumption expenditure (418 million euros). Public debt interest represents an additional 776 million euros of pressure, while public investment will add 433 million euros and the transfer to the European Union budget adds 91 million euros.
On the revenue side, various fiscal measures cause significant losses. The reduction of VAT on construction for housing from 23% to 6% represents a loss of 94 million euros, the reduction of taxation on moderate rental income in IRS implies 209 million euros less, and the update of specific deductions and IRS brackets represents 401 million euros less. The reduction of the IRC rate by one percentage point will cost 300 million euros, although the non-renewal of SIFIDE II allows collecting 124 million euros.
The Ministry of Finance emphasizes that the QPI does not correspond to the final budget balance forecast for 2027, being only a snapshot of the pressures and savings resulting from decisions already made. The document, dated August 31, 2026, determines that the Government will have to accommodate 4,783 million euros of worsening before considering new measures, although the information may be updated until the delivery of the 2027 State Budget.
