Spain’s public debt growing by €70 billion a year, over double pre-pandemic rate

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The debt of the public administrations as a whole reached 1.563 trillion euros in August, after rising by 0.4% in monthly rate, although it did not exceed the historical maximum recorded in June (1.568 trillion), according to data published on Monday by the Bank of Spain.

In the last year, public debt has grown by 4.7%, with 70,866 million euros more, despite the fact that Spain is growing by 2.3% in 2023. According to the latest data published by the Bank of Spain in September, debt accounted for 111% of GDP in the second quarter of the year.

Thus, the growth of public debt has stabilised at €70 billion per year. During the worst moments of the pandemic, when the state had to support the employment of workers in ERTE, the growth of the debt reached more than €130 billion.

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