Spanish public debt hits another record high, but strong economic growth lowers debt ratio

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智通财经2026/08/18 12:21

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Data released by the Bank of Spain on Tuesday shows that total public administration debt reached a record 1.76 trillion euros in June, an increase of about 4% compared to the same period last year, continuing the upward trend in debt scale.
However, the ratio of debt to gross domestic product declined to 101.5%, falling nearly two percentage points from 103.4% in June 2025, mainly because the overall growth rate of the Spanish economy is outpacing the accumulation of debt.
Although total debt across all levels of administrative entities increased by about 70 billion euros compared to the same period last year, the effect of economic expansion has lessened the relative burden, improving debt sustainability indicators.
The central government remains the main debtor, with debt reaching 1.6 trillion euros, accounting for 92.2% of GDP, while social security system debt stands at 136 billion euros, up about 8% year-on-year, making it the fastest-growing component.
Significant disparities are observed at the regional level. Regional community debt rose to 355 billion euros, representing 20.4% of GDP, whereas municipal government debt fell to 21 billion euros, a year-on-year decrease of about 8%, highlighting markedly different effectiveness in fiscal management at different administrative levels.

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智通财经•2026/08/18 13:41