According to data from the Bank of Spain (BoE), the debt of the Spanish public administrations as a whole, under the Excessive Deficit Procedure, stood at €1.691 trillion at the close of the second quarter of this year, its highest level in history.
Relative to Spain’s Gross Domestic Product (GDP), the debt stood at 103.4%, the same level as in the first quarter of 2025.
In absolute terms, Spain’s public debt increased in the second quarter—relative to the first—by €23.546 billion, or +1.4%. However, compared to the second quarter of 2024, i.e., one year earlier, public debt increased by €65.254 billion, which represents a +4.0% rise.
As is well known, the Spanish Government has just revised its growth forecast for this year upwards to 2.7%, while organizations like FUNCAS estimate it at 2.6%. In any case, this is far below the growth of public debt (4.0%). Therefore, if the nominal debt-to-GDP ratio falls or remains stable, it is only due to the effect of inflation (3%).
