Spanish debt hits record €1.6 trillion, 109% of GDP, and grows at 5,1%, twice rate of GDP, 2%

3. Public debt

According to data from the Bank of Spain (BdE), Spanish public debt rose in 1Q2024 to 109% of GDP, 1.3 percentage points higher than at the end of 2023, while it set an all-time high at €1,613,063 million, 5.1% higher than in the same quarter of the previous year.

Data published on Friday by the Spanish Central Bank (BdE) show that at the end of 1Q2024, the State’s debt amounted to €1,457,751 million, after increasing by 6.9% year-on-year. For their part, the autonomous communities increased their debt by 2% to €328,740 million, while local corporations experienced an increase of 0.5% with respect to the balance recorded in March 2023, to €23,177 million.

Finally, Social Security debt stood at €116.17 billion, after increasing by 9.4% year-on-year. As for other central government units, the balance was €39,113 million, 7.9% lower than in the same quarter of the previous year.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.