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.
