• Finance crisis worsens by seven tenths the deficit for this year and anticipates that the public debt in 2024 will still be 112% of GDP

Spain's public debt rose in March to 125.3% of Gross Domestic Product (GDP) and is now

close to 1.4 trillion euros

, a figure never before recorded in the history of Spain.

The numbers undoubtedly show the magnitude of the crisis derived from the coronavirus but, at the same time, the inability of successive governments to sustain their accounts.

Since the surplus that was registered in 2007, Spain has accumulated very high deficit data, which were barely corrected in the years of economic boom and that even in 2019, with the economy growing and before the coronavirus pandemic,

registered a blushing increase

that is the best example of that inability. All this, together with the devastating crisis, explains the high figures that the Bank of Spain has updated this Tuesday.

"The general government debt stock reached 1,393 billion euros in March 2021,

with a growth rate of 13.7% in year-on-year terms

. Using the nominal GDP of the last four quarters, the debt / GDP ratio it stood at 125.3% in the first quarter of 2021 ", explains the organization headed by Pablo Hernández de Cos in the press release he has published.

The volume of debt is also a figure that significantly exceeds the target set for this year.

According to the Ministry of Finance, Spain will close 2021 with a liability of 119.5%.

In Economics, however, they maintain that this objective does not vary and they explain that "

the increase is seasonal in nature

" since "March is usually the month with the highest ratio, due to the tendency to intensify emissions in the first quarter before the important April expiration ".

As of that month, they add, "the ratio will be adjusted downward due to debt maturities and lower issues. The April data is usually lower than that of March,

and the year-end data is also

usually lower than that of March.

March

".

In almost everything, and although it is finally possible to reduce the debt to 119% of GDP, the figures will continue to be very large.

And they will also be so for a long time, since the Government itself foresees that,

in 2024, Spain will still accumulate a liability of 112%

.

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