• Coronavirus. Public debt shot up by 22,500 million in March despite the fact that the crisis only affected half a month

In February, the last month without pre-covid Spain in economic terms, the public debt closed at 1,201 trillion euros; in April, after a month and a half of alarm, the figure ended at 1,234 billion . Along the way, therefore, the debt of all the administrations shot up by more than 30,000 million as a direct consequence of the enormous expense that the Government is incurring to try to alleviate the consequences of the coronavirus.

This is indicated by the data that the Bank of Spain has published this Tuesday, and which show that the debt increased in the aforementioned month of April by another 10,000 million , a figure that adds to the more than 20,000 million that increased in March. This increase in the third month of the year was especially significant because the crisis affected more directly only the second half of the period.

In terms of Gross Domestic Product (GDP), the total data for April already represents almost 100% of it, well above 95,% by the end of 2019. And the figure will rise significantly this year, with forecasts that they place the closure of even at 120% . This spectacular increase is due to the own growth of the debt but also to the fact that the size of the economy will be smaller given the strong recession that it is going to experience.

Spain's serious problem with public debt will become chronic over the next decades. The Spanish Independent Authority for Fiscal Responsibility (AIReF) estimates that the economy will not return to previous levels until 2038, that is, almost two decades later . And to achieve this it will require a strong adjustment and fiscal discipline far removed from the one that the different governments have exhibited in recent years.

The State, the big indebted

Analyzing the distribution of the debt by administrations, it is verified that the State continues to be the great debtor and that it is the area in which the liability has grown the most since it was the Government that centralized the response to the crisis. In the last month, its debt increased by just over 9,000 million and now stands at 1.09 trillion. In addition, Social Security remains at maximum levels, with a figure greater than 55,000 million , and the communities exceed 300,000 million euros. The figures, in all cases, are extraordinarily high.

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