According to data released yesterday by the Bank of Spain, overall government debt reached 1.224, 243 trillion euros in March. It increased by 22.473 billion euros (+1.9%) from February due to the Covid-19 crisis. So public debt is now at an all-time high and equivalent to 98.3% of 2019 GDP. All organisations highlight in their forecasts that public debt will rise above 100% and set new historical records.
According to data published by the Bank of Spain, the debt accumulated by all Spanish Public Administrations during 2018 increased by 26.536 billion euros, an increase of 2.3%, to reach a total of 1,170.961 billion euros by the end of the year, a new record in absolute terms. In relevant terms, however, the debt fell because the Spanish economy continues to grow.
With regard to Spain’s debt, there has been a Keynesian policy in place, of ECB monetary expansion and the expansion of government debt, call it what you like. And this policy has allowed Spain to grow at an annual rate of 3% in three years.
MADRID | The Corner Team | A typo can come very expensive. One tiny graphical error boosted Spain’s 2014 public debt forecast by 10 billion euros ($13.6 billion), the government admitted on Thursday. After announcing the figure to the world, they took four days to issue a correction.