The public pension system is one of the main pillars of the welfare state in Spain. The retirement pension is the main—in some cases, the only—source of income for the elderly population. Pensions therefore need to be sufficient to provide a decent standard of living in old age. The main goal of the pensions observatory is to inform, clarify and monitor the situation of the Spanish pension system, both as a whole and in each autonomous community and for the different pension regimes. This first report analyzes the long and short-term financial sustainability of the contributory part of the public pension system. The short-term sustainability indicator is also calculated for each autonomous community and shows the regional disparity in contributory balances. In the second part of the report, indicators of the adequacy of pensions in Spain and its regions are also calculated.