The debt of the public administrations as a whole has accumulated between January 2022 and the same month of this year a growth of 4.5%, of 64,705 million more due to lower income and the increase in spending derived from the Covid pandemic and, above all, , the consequences of the war in Ukraine. However, this liability took a slight breather in the first month of the year and has stood at 1,489 billion euros. This is a relative decrease of 0.8% compared to the previous month. This has been due to a fall in the State’s indebtedness, as well as that of the autonomous communities and local corporations. However, Social Security has maintained its record liability levels at 106,170 million for the loans it has been receiving from the State, the same figure as a month ago, although it is 9.2% more than a year ago.
The public debt to GDP ratio has been falling in recent months and at the end of 2022 (the most current confirmed data) was around 113.1%. This is below the Government’s target for the whole year (115.2%), according to the Stability Plan. The scenario proposed from 2022 to 2025 proposes a progressive decrease in the deficit until the debt/GDP ratio remains at 109.7% in this last year. Although the deficit closed last year at 5% of GDP compared to 6.76% in 2021, for this year it is expected to fall to 3.9% and continue to decline in 2024 (3.3%) and 2025 to 2.9% of GDP to meet Eurozone standards.
By administrations, the debt of the General State Administration (AGE) stood at 1,319,213 million euros in January, 6.2% more than a year ago, but 0.9% less than last month. For its part, the debt of the autonomous communities fell by 0.5%, to 315,285 million euros compared to the previous month, although it increased by 1.6% compared to the same period last year. In the case of local corporations, their debt has fallen slightly in January compared to December, with 253 million fewer, to 22,813 million, while it rose 3.3% compared to the same month in 2022.