MADRID, 17 Nov. (EUROPA PRESS) –
The debt of all public administrations rose in September to the historical maximum of 1,578 trillion euros, which represents an increase in relative terms of almost 1% compared to the previous month, although the ratio over GDP moderated to 109, 9%, according to data published this Friday by the Bank of Spain.
In the interannual rate, it increased by 4.9% compared to the same month last year, with 73,019 million more, as a result of lower income and higher expenses derived from the impact, in recent years, of the pandemic, the war in Ukraine and the escalation of prices.
Using the nominal GDP of the last four quarters, the debt/GDP ratio stood at 109.9% in the third quarter of 2023, which represents a moderation in the weight of the debt of more than one point compared to the figure for the second quarter, when it reached 111.2%.
The 2024 budget plan sent to Brussels last October suggests that the good progress of the economy – which is expected to grow by 2.3% in 2023 according to the Executive’s forecasts – will allow the debt/GDP ratio to be reduced up to 108.1% already in 2023, advancing by one year the objective of placing it below 110%. Next year it will continue to reduce to 106.3%, which will represent a reduction of 14 points compared to its value in 2020.
By administrations, the State debt rose in September to 1,412,207 million euros, 6.3% more than a year ago and 1.1% higher than last month, thus marking its historical maximum.
For its part, the debt of the autonomous communities fell by 1.7%, to 320,315 million euros compared to the previous month, although it increased by 1.7% compared to the same period last year.
In the case of local corporations, their debt rose slightly in September compared to August, with 74 million more, up to 23,331 million, while it increased 2.3% compared to the same month in 2022.
Finally, the debt of the Social Security administrations stood at 106,172 million euros in September, the same figure as the previous month, although the interannual growth is 7%, due to the loans granted by the State to the General Treasury of Social Security to finance its budget imbalance.
