Social Security debt is close to 100,000 million, 16% more than a year ago, due to government loans to fund pensions
The war led Spain’s public debt to reach its highest level in history in February, at EUR 1.442 billion and over 119% of GDP. In March, the situation at the level of GDP improves, decreasing slightly to 117.7% of GDP, but in absolute data it continues to grow and stands at EUR 1.454 billion, 0.85% more, according to data released Tuesday by the Bank of Spain have been published.
In the past year, government debt has grown by 4.4%, an increase of 60,875 million euros. This increase already takes into account the economic impact measures approved by the government and launched at the end of March, the cost of which is estimated at 16,000 million.
In fact, the monthly increase in debt is almost exclusively due to the increase in public debt, as that of the Autonomous Communities, the municipal councils and the social security remains more or less stable. The government debt amounted to 1,274 billion euros, an increase of 12,000 million (1%) compared to February. In the past year, it has grown by more than 5%.
Social Security maintains a stable debt burden, but at record levels, almost EUR 100,000 million, 16.2% more than a year ago, as a result of the loans the state has made to its treasury to finance the payment of pensions and the crisis of covid-19, the Bank of Spain reveals.
The Autonomous Communities, for their part, slightly increased their debt to nearly 310,000 million in March, 8 million more than in February, although it rose by 0.7% a year ago. And the municipal councils registered a debt of 22,500 million euros, 1.2% more than the year before and 1.6% more than a year ago.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
