The Bank of Spain (BoE) published yesterday that the debt of all public administrations in Spain rose in March to €1.667 trillion. Compared to February, Spanish public debt grew by 1.3%, which represents an increase of €21.263 billion. In the last 12 months, Spanish public debt has grown in absolute terms by 3.3%, equivalent to €52.729 billion. This figure contrasts with the 2.6% growth expected for Spanish GDP by the European Commission for this fiscal year of 2025.
In terms of Gross Domestic Product (GDP), public debt closed March at 103.5%, compared to 101.8% in December 2024 (annual closing), according to the Excessive Deficit Protocol. In March 2024, the weight of public debt on GDP was 106.3%.
By administration, it is worth noting that the debt of the Central State Administration stood at €1.518 trillion, representing a year-on-year growth of 4.0%, equivalent to €59.096 billion. Compared to February, this debt grew by 1.4%. For their part, the debt of the Autonomous Communities (CCAA) grew by 2.8% year-on-year, to €338.040 billion. Compared to February, this debt increased by €1.989 billion. In contrast, the debt of the municipalities has decreased by 1.1% in the last year, to €22.897 billion. Compared to February, this debt increased in March by €334 million.
Finally, it should be noted that the debt of Social Security increased in March by 8.6% year-on-year, to €126.174 billion, an increase of around €10 billion, due to loans granted by the State to the General Treasury of Social Security to finance its budget imbalance. This debt remained stable in March compared to February.
