The GDP ratio falls to 116%, still one point above the government’s target for the end of the year and a total of 71,500 million in one year
Public debt has risen to a record high of 1,504 trillion euros at the end of the third quarter, which is 2% more than the previous one, according to data published this Wednesday by the Bank of Spain. While the debt volume is the highest to date, the GDP ratio stood at 116%, one-tenth less than in the second quarter, but still above the government’s full-year target (115.2%) in plan sent to Brussels in accordance with the Stability Directive. This scenario suggests that the debt will be reduced to 109.7% of GDP in 2025.
Compared to the same quarter last year, debt increased by 5%, which amounts to almost 71,500 million euros more. This is due to lower revenues and higher expenses resulting from the measures taken to overcome the pandemic and now the war in Ukraine.
When separated by administrations, the national debt was again the largest, now almost 1.4 trillion euros, 6% more than a year ago and 2.5% more than the second quarter. It represents 104.8% of GDP.
For their part, the autonomous communities added 0.8% more to their debt, reaching 314,845 million euros in the third quarter, equivalent to 24.3% of GDP. For its part, it was down just over 1,800 million compared to the previous quarter.
In the case of local businesses, their debt decreased slightly by 0.3% to 22,282 million compared to last year, while falling by 528 million compared to Q2 2022, bringing the ratio to GDP to 1, 7% came.
Finally, between July and September, social security administrations amounted to 99.192 million euros, a slight increase of 7 million euros compared to the previous quarter, although the year-on-year growth is 8%. The GDP ratio drops to 7.6%.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
