hit tracker
Saturday, March 2, 2024
HomeLatest NewsPublic debt reaches 1.53 trillion but falls to 113% of GDP until...

Public debt reaches 1.53 trillion but falls to 113% of GDP until March

Date: March 2, 2024 Time: 00:05:00

The Spanish public debt continues to grow, although GDP growth allows a drop in proportional terms. According to data from the Bank of Spain, at the end of the first quarter, the total debt of the Spanish State reached 1.53 trillion euros, another record, although it contracted to 113% of GDP.

However, this data exceeds the Government’s objective for the entire year, which is set at 111.9%, in accordance with what is established by the Executive in the 2023-2026 Stability Plan sent to Brussels at the end of April. According to the projections of the Executive, the debt will maintain its reduction path after the decrease of five points last year, reaching 111.9% of GDP in 2023 and already falling from 110% (109.1%) in 2024. In 2025, the forecast is for it to fall to 107.9% and in 2026 to 106.8%.

Compared to the end of the year, the debt has increased by 32,761 million euros, representing a rise of 2.2%, in a context determined by the war in Ukraine and the still omnipresent inflation.

The Social Security situation continues to be worrying, since its indebtedness has hardly changed and remains at around 102,172 million euros. This is equivalent to 7.8% of GDP, some 0.2 points less than in the previous quarter and a year earlier.

minor indebtedness

According to the data published this Thursday, the central administration reduced its debt to 102.1% of GDP, 0.3 points less than at the end of 2022 and 3.4 points less than a year earlier, although with a record amount as well. of 1.39 trillion. The autonomous communities reduced their indebtedness to 23.7% of GDP, 0.2 points less in quarterly comparison and 1.3 points less in annual terms, up to an import record of 322,211 million.

For their part, local corporations, with a debt of 23,032 million, are almost half the record set in 2012, although they maintain the stable relationship at 1.7% of GDP, only one tenth below that registered a year ago. anus. Of the municipalities with more than 300,000 inhabitants, the highest debt continues to be for Madrid, with 1,920 million, in line with that of a year ago, although well below the record set in 2012 at nearly 8,000 million. Behind are Barcelona with 1,118 million, Zaragoza with 623 million, Malaga with 272 million, Seville with 251 million, Murcia with 241 million, Valencia with 221 million, Córdoba with 180 million, Palma with 168 million and Valladolid with 162 million.

The most indebted autonomous community continues to be the Valencian Community, with a debt of 43.7% of its regional GDP, although it has decreased 0.7 points in the quarter and 2.2 points in one year. They are followed by Catalonia (33.1% of its GDP), Castilla-La Mancha (32.7% of its GDP) and Murcia (31.7% of its GDP). All the autonomies have reduced their indebtedness in the last year, except the Canary Islands, where it has risen from 14.2 to 14.9% of their GDP.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
RELATED ARTICLES

Most Popular

Recent Comments