Public debt continues to skyrocket but falls to 117.7% of GDP

The war led to the Spanish public debt registering its highest level in history in February, reaching 1,442 billion euros and exceeding 119% of GDP.

Public debt continues to skyrocket but falls to 117.7% of GDP

The war led to the Spanish public debt registering its highest level in history in February, reaching 1,442 billion euros and exceeding 119% of GDP. In March the situation at the GDP level improves, falling slightly to 117.7% of GDP, but in absolute data it continues to grow and stands at 1.454 billion euros, 0.85% more, according to data published this Tuesday by the Bank of Spain.

In the last year the public debt has grown by 4.4%, 60,875 million euros more. This increase already takes into account the economic impact measures approved by the Government that were launched at the end of March and have an estimated cost of 16,000 million.

In fact, the monthly rise in debt is due almost exclusively to the increase in State indebtedness, since that of the autonomous communities, city councils and Social Security remains more or less stable. The State debt stood at 1,274 billion euros, which represents an increase of 12,000 million (1%) compared to February. In the last year it has grown more than 5%.

Social Security maintains its indebtedness stable but at record levels, close to 100,000 million euros, 16.2% more than a year ago due to the loans granted by the State to its treasury to finance the payment of pensions and the crisis of covid-19, reveals the Bank of Spain.

For their part, the autonomous communities slightly increased their debt in March to close to 310,000 million, 8 million more than in February, although it rose 0.7% a year ago. And the city councils registered a debt of 22,500 million euros, 1.2% more than the previous year and 1.6% more than a year ago.


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