Main article: Economy of Spain
2023: State debt - 112% of GDP
2022: €70 billion growth in public debt for the year to €1.49 trillion
In July 2022, Spain registered the highest public debt of all time in the amount of 1.49 trillion euros. The annual debt burden of all public administrations has grown by 70 billion euros compared to last year.
This is evidenced by the most recent data on the debt of all public services published by the Bank of Spain. It is also a 6.8% increase from pre-pandemic levels at the end of 2019, when it reached €1.22 trillion.
The increase in July is partly due to the central government, which has increased its debt by €11.59 billion compared to June 2022. The country's central administration accounts for almost 88% of all public debt.
Over the past year, public debt has grown by 5%, which is about another 70.81 billion euros, as a result of lower revenues and increased spending due to the pandemic crisis COVID-19 and conflict. To Ukraine
2021:118% OF GDP
2020: Record national debt of 1.3 trillion euros, or 117.1% of GDP
The national debt of Spain at the end of 2020 reached 117.1% of GDP - the highest level in more than a century and amounts to 1.3 trillion euros.
Spain increased its debt in 2020 by 112,438 million euros, due to the strong impact of the COVID-19 pandemic, which is almost equivalent to the cost of the annual cost of pensions in the country. This is reported by the EFE agency.
2018: State debt 42.4 thousand euros per capita
2017: State debt equals 98% of the country's GDP
2015: €1.095 trillion, more than GDP for the first time since 1909
For a long time Spain it looked like a country exemplary in terms of public finances. European Union Its public debt was no more than 45 percent, and GDP budgets were drawn up either with a surplus or with a modest deficit against the background of neighbors. During the 2008-2009 crisis, debt jumped to 70 percent of GDP, and the dire situation in the economy led to the fact that in 2012 investors did not want to lend money to the Spaniards.
At the end of May 2012, rates on 10-year bonds in Spain reached 6.5 percent per annum, which is extremely close to the point of no return on the way to default. Moreover, the difference in yield with considered exemplary German bonds amounted to more than 5 percentage points - an absolute record. Such figures even more frightened investors, which made it difficult for the country to enter international borrowing markets[1] of the[1]
In August 2012, a positive trend arose - the debt of state administrations decreased by more than 8.8 billion euros. The situation changed again for the worse in April 2013.
In the first seven months of 2013, Spain's public debt reached a record high of 947.184 billion euros. This is 92.6% of [2] country's GDP, the Spanish State [2] Bank reported in September].
The amount of debt is 1% higher than the forecasts of the government for the entire year (91.6%). In July 2013, the size of the public debt increased for the third time in a row. In average annual terms, by July 2013, public debt grew by 17.8% compared to the first 7 months of 2012, when its size was 803.875 billion euros.
In June 2014, the national debt of Spain for the first time exceeded 1 trillion euros[3]The national debt of Spain is 98.4% of GDP, it has almost tripled over the years of the crisis. In 2007, this figure was only 33.6% of GDP. The Spanish government predicts Spain's public debt will rise to 99.5% of GDP this year.
In the second quarter of 2014, the total debt of Spanish state administrations broke a new record and amounted to 1.012 trillion euros, which is equivalent to 98.9% of GDP. According to the Bank of Spain, this figure increased by 1.6% compared to the previous quarter. The amount of debt was seriously affected by the change in methodology: for the first time, the criteria of the new European SEC 2010 system, launched on September 1, 2014, were applied. Because of this, the size of the public debt has grown significantly. The Bank of Spain notes that when using the new method, the number of institutions that fell into the category of state administrations increased.
In August 2014, Spain's public debt grew by 3.685 billion euros and exceeded 1 trillion 10 billion euros, or 98.6% of GDP. This was announced by the Bank of Spain. In monthly terms, public debt in August increased by 0.36%, and compared to the same period last year - by 6.13%. Thus, after a slight decline in July 2014, Spain's public debt returned to growth in August and is approaching the target of 99.5% of GDP at the end of 2014. Since the beginning of the economic crisis in 2008, Spain's public debt has grown from 437 billion euros (40% of GDP) to 1.01 trillion (98.6% of GDP). Representatives of the European Commission and the ECB pointed out Spain to too much public debt and suggested that the country's authorities reduce the share of borrowed capital.
Since Mario Rajoy came to power in the November 2011 election, Spain's public debt has grown at a higher rate than in any other period since Franco's rule.
By September 2015, the country's total debt had risen by €590bn, or 30 percentage points, in the past three-and-a-half years, since the government introduced austerity measures.
At the end of 2015, the size of the national debt of Spain per capita increased to 23,332,44 euros in accordance with the data of the International Monetary Fund. The total amount of public debt reached 1.082 trillion euros (+ 5%), which is equivalent to 98.6% of GDP. Between 2008 and 2015, this figure increased by 145%, and its share in relation to GDP increased from 39.4% to 98.6%.
According to EAE, the EU countries with the highest debt level in relation to GDP were:
The lowest rates in this sense were recorded in:
- Estonia (10.7%),
- Luxembourg (22.7%),
- Bulgaria (28.6%),
- Latvia (37.7%) and
- Lithuania (38.7%).
In March 2015, Spain's public debt reached 1.095 trillion euros, which exceeds the country's GDP. This is evidenced by the data of the Bank of Spain. The government's target is set at 98.2% of GDP. This is the first time since 1909 that debt exceeded the GDP of the country[4]. The government has a schedule for repaying the public debt. The government plans to start reducing the public debt from 2016, from 99.1% of GDP to 96% in 2019.
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