Spanish Public Debt Close 2018 At 97% Of GDP

Spanish public debt close 2018 at 97% of GDPThe major part of the accumulated debt corresponds to the State

According to data published by the Bank of Spain, the debt accumulated by all Spanish Public Administrations during 2018 increased by 26.536 billion euros, an increase of 2.3%, to reach a total of 1,170.961 billion euros by the end of the year, a new record in absolute terms.

In relevant terms, however, the debt fell because the Spanish economy continues to grow. So the Ministry of Economy Nadia Calviño estimates that the debt amounts to 97% of GDP, a tenth of a point more than the Government forecast, even if the final figure is awaiting confirmation of the definitive figures for GDP.

Year 2017, which also closed with a record accumulated public debt, already registered a fall in the ratio of debt to GDP, to 98.3%. So Spain continues reducing its relative debt relying on economic growth, even though the volume of debt continues increasing.

The major part corresponds to the State

The major part of the accumulated debt corresponds to the State, with a total of 1.033,398 billion, 3.7% more than the year before. 292.566 billion corresponds to the Autonomous Communities, 1.5% more than the year before.

Compared to this upward trend of these administrations, local corporations have maintained a downward evolution, closing 2018 with a debt of 26.010 billion, 10.5% less than the year before.

On the other hand, the debt of the Social Security Administrations has shot up 50.4%, to 41.194 billion.