Public administrations accumulated until the third quarter of the year a debt of 1.208 billion euros equivalent to 97.8% of GDP, according to the Bank of Spain, a proportion that remains at 1.9 percentage points above the target set by the Government for the whole of 2019.

The volume of public debt over the country's ability to generate wealth is the biggest macroeconomic problem facing the State since at its current levels it hardly leaves room to maneuver in the event of a recession. Therefore, the reduction of this ratio as well as that of the deficit is a commitment to Brussels, which urges the Government to take action.

In the second quarter of the year, the public debt marked a historic milestone by exceeding the 1.21 million euro barrier with the Executive admitting a "cooling down" of the economy. Now, it is reduced from 98.9% in June to 97.8% at the end of September. It is a strong advance. But the goal set by the Ministry of Economy by Nadia Calviño is even further to 95.9%.

Economy supports its confidence that the state's financing calendar is very volatile throughout the year due to debt issues in the first months and balance reductions in recent years. However, the record set in summer has already raised doubts about the possibilities of not advancing the objective.

Among the areas analyzed, the Central Administration was the one that increased its debt in year-on-year terms, growing 2.4% to 1.07 billion euros, followed by the Autonomous Communities, which increased it by 1.9% to 298,077 million euros.

On the other hand, the city councils, the most healthy administrations thanks to the solidity of their fiscal income, reduced their debt up to 25,000 million. The most important note is the Social Security brand, whose obligations grow at a double-digit pace in a cycle of maximum quarters to quarter since 2016 and currently stands at 52,445 million euros, 50.4% more than a year ago due to Loans granted to the Social Security Treasury between June and November of last year and between March and September of this year for the budget extension, according to the Bank of Spain.

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