AIReF’s swansong: demanding adjustments as public debt—at 100% of GDP—grows at 4.8% annually, doubling GDP growth of 2.8%
Only inflation, which is crushing the purchasing power of Spaniards, has caused the debt-to-GDP ratio to drop to 100.8% of GDP in 2025. This represents a 23.4 percentage point decrease from 2021, when it reached its historic peak. In nominal terms, the volume of public debt reached €1.7 trillion in 2025—though this figure refers only to debt computable for the purposes of the EU’s excessive deficit procedure—after growing by 4.8%…
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