Public debt skyrockets to record levels in Spain

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RECORD LEVELS: The Bank of Spain building in Madrid CREDIT: Shutterstock

SPANISH government debt rose by almost €12 billion in September to around €1.18 trillion, a record high according to data from the country’s central bank.

The Bank of Spain said the national debt was now equivalent to 98 per cent of Spain’s gross domestic product (GDP).

The September increase means that Spain’s debt has risen month-on-month twice consecutively. The €1.2 trillion figure also tops the previous record of €1.16 trillion set in June.

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Public debt grew by €41.5 billion, or 3.6 per cent, from September 2017 to the same month this year according to the Bank of Spain’s data.

Central bank officials said the growing debts of Spain’s autonomous regions partly drove the increase.

Their debt burdens grow by 2.3 per cent last September compared to the same month in 2017 and now stands at more than €291 million. Welfare spending increases also contributed to the increase, the Bank of Spain said.

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