Its ratio drops but in volume it reaches a new historical maximum
Never before has Spain had so much public debt in circulation. The data published this Tuesday by the Bank of Spain (BdE) confirm that the liabilities of all Public Administrations were already close to 1.7 trillion euros in August, an unprecedented volume. However, the strong dynamism of the economy, which already surprised with higher than expected growth in the second quarter, softens this increase and causes the ratio in relation to GDP to be reduced to 103%, almost one point below where it was a year before.
The debt reached a record amount in the central Administration with 1.54 trillion euros, equivalent to 93.7% of GDP. It is, precisely, the State that has had to assume a higher cost of anti-crisis measures that have been deployed as a result of the coronavirus pandemic and the energy and inflation crises. Meanwhile, the debt of the Social Security administrations remained practically stable at 126,173 million, 7.6% of GDP.
Meanwhile, the liabilities of the autonomous communities rose slightly in August to 340,242 million, equivalent to 20.6% of GDP, while that of local corporations fell to 22,690 million euros, equivalent to 1.4% of GDP.
