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HomeLatest NewsPublic debt sets a new record in June due to state indebtedness

Public debt sets a new record in June due to state indebtedness

Date: October 2, 2023 Time: 06:34:25

The debt of the public administrations as a whole reached 1,568 trillion euros in June, a new all-time high, after growing more than 1.7% in the monthly rate, according to data published this Thursday by the Bank of Spain. In the last year, public debt has grown by 6.4%, with 93,763 million euros more, as a result of lower income and higher expenses derived from the pandemic crisis and the war in Ukraine and the rise in prices.

With this figure, the debt stands at 113.1% of GDP at the end of the second quarter of the year, taking the nominal GDP of the last four quarters, according to calculations made by the Bank of Spain and reported by Europa Press. The monthly rise in debt in June is mainly due to the increase in State indebtedness and, to a lesser extent, that of the autonomous communities and town halls. On its stable side, the Social Security debt has remained more or less in the sixth month of the year.

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

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