Since the COVID-19 pandemic, Spain has seen one of the largest increases in general government revenues relative to GDP among euro area countries (Figure 1, left panel). This revenue boom has been instrumental to finance the government's extensive support measures to counter the economic effects of both the pandemic and the inflationary wave of 2022-2023 while containing the rise in public debt. Despite a partial reversal staring in 2022, by the end of 2023 the revenue increase remain
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