In absolute terms, Spanish Public Administration debt reached €1.698 trillion in November, representing a 4.7% year-on-year increase and a 0.3% rise compared to October.
Meanwhile, the public debt-to-nominal GDP ratio—calculated according to the Excessive Deficit Procedure (EDP)—stood at 101.5% in November. This represents a decrease of 0.8 percentage points compared to the figure recorded in November 2024.
Breakdown by Administration Level
- Central Government (The State): The debt balance reached €1.549 trillion in November, a 5.0% year-on-year increase. Its weight relative to GDP stood at 92.5%.
- Other Central Administration Units: The balance was €34.360 billion (2.1% of GDP), a figure 8.2% lower than the same month of the previous year.
- In turn, Social Security debt stood at €136.178 billion (8.1% of GDP) in November, representing a 7.9% increase compared to November 2024. This rise is due to loans granted by the State to the General Treasury of the Social Security to finance its budgetary imbalance.
- Furthermore, the debt of the Autonomous Communities (CCAA) reached €339.131 billion (20.3% of GDP) in November, a year-on-year increase of 1.3%, while local government debt stood at €22.049 billion (1.3% of GDP), a figure 3.7% lower than the amount recorded a year earlier.
Regarding the evolution of debt by instrument and maturity, both long-term securities and loans with a maturity of over one year recorded positive year-on-year growth rates of 4.2% and 8.5%, respectively, in November. Similarly, during the month under review, short-term instruments showed a positive year-on-year variation rate of 5.7%.
