The 2024 forecast data indicates that Iceland and France lead Europe in social protection expenditure relative to GDP, with Iceland seeing a significant increase of 10.65% year-on-year as of 2023. Spain, Greece, and Slovenia also demonstrated notable increases, whereas Serbia and Hungary experienced minimal or negative changes. Over the last five years, expenditure growth was evident across most countries but varied significantly. Generally, countries with robust social welfare systems like those in Scandinavia and Western Europe maintained or modestly increased their spending.
Future trends to watch include the impact of economic changes on social protection budgets. Potential shifts may be driven by demographic pressures, technology advancements, and policy reforms aimed at sustainability and efficiency in welfare spending. Monitoring these elements will be crucial to understanding long-term spending trajectories.
Top countries in Total Expenditure on Net Social Protection by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Iceland | 34.72 | 2023 | +9.73% | +10.65% | View data |
| 2 | 2 France | 34.04 | 2023 | +0.56% | +1.33% | View data |
| 3 | 3 Spain | 29.93 | 2023 | +2.15% | +6.17% | View data |
| 4 | 4 Austria | 28.68 | 2023 | +0.77% | +1.73% | View data |
| 5 | 5 Netherlands | 28.53 | 2023 | +1.35% | +3.92% | View data |
| 6 | 6 Germany | 28.51 | 2023 | +0.53% | +1.1% | View data |
| 7 | 7 Belgium | 28.18 | 2023 | +0.071% | +0.93% | View data |
| 8 | 8 Denmark | 28.11 | 2023 | +0.11% | +0.61% | View data |
| 9 | 9 Finland | 28.1 | 2023 | +0.18% | +0.88% | View data |
| 10 | 10 Italy | 27.8 | 2023 | +0.91% | +2.03% | View data |
