Spanish public debt sets new record: 1.613 trillion (109% of GDP)

Bank of spain new

The Bank of Spain (BdE) reported on Friday that the debt of all public administrations in Spain rose in 1Q2024 to 109% of the country’s Gross Domestic Product (GDP), 1.3 percentage points above the close of 2023, while the amount of Spanish public debt set a new record at €1.613 trillion, with record indebtedness of the State and the autonomous regions.

The Bank of Spain, which thus confirmed the 1Q2024 debt figure announced a month ago, notes in its breakdown that central government indebtedness rose to 99.6% of GDP, equivalent to a historical amount of €1.474 trillion.

The amount of regional government debt reached a record €328,932 million at the end of 1Q2024, but the equivalent level as a percentage of GDP remained at 22.2%. Local corporations, mainly city councils and provincial councils, also maintained their debt-to-GDP ratio at 1.6% and decreased its amount to €23,145 million. For their part, Social Security administrations reduced their debt to €116,170 million, equivalent to 7.8% of GDP, one tenth of a percentage point less than in the previous quarter.

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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.