Thus, only inflation (3.2%), which is crushing the purchasing power of Spaniards, is keeping the Public Debt-to-GDP ratio at bay (101.6%). Because in absolute terms, the public debt computed under the EU’s excessive deficit procedure has hit a new record: €1.740 trillion.
According to the Bank of Spain (BdE), the debt of Spanish public administrations grew by 4.3% year-on-year in March—reaching that record figure of €1.740 trillion—representing an increase of €72.3 billion in this variable over the 12-month period ending in March.
Compared to February’s balance, public debt increased by €16.213 billion in March, representing a monthly rise of 0.9%. In relation to Gross Domestic Product (GDP), public debt stood at 101.6% in March, a figure 1.7 percentage points lower than in March 2025.
In March, State debt stood at €1.590 trillion (92.9% of GDP), a figure 4.7% higher than in the same month of 2025. For Other Central Government Units, the balance was €33.621 billion (2% of GDP), representing a 5.8% decrease compared to the same month of the previous year.
Meanwhile, the debt balance of the Social Security Funds stood at €136.178 billion (8.0% of GDP), 7.9% higher than in March 2025. This increase is due to loans granted by the State to the General Social Security Treasury to finance its budget deficit.
In turn, the debt of the Autonomous Communities (regional governments) stood at €346.849 billion in March (20.3% of GDP), representing a year-on-year increase of 2.6%.
Finally, it is worth noting that the debt of Local Governments stood at €20.723 billion in March (1.2% of GDP), a figure 9.3% lower than in the same month of 2025.
