The debt of the public administrations as a whole reached in the third quarter of the year 1,308,085 million euros, which marked a new historical maximum and stood at 114.1% of GDP as a result of the Covid crisis and measures to mitigate its effects, according to data published this Friday by the Bank of Spain.
Thus, public debt rose by more than 104,000 million year-on-year, 8.7% more, and added 17,023 million euros (+ 1.3%) compared to the previous quarter.
Specifically, using nominal GDP for the last four quarters, the ratio of Debt over GDP stood at 114.1% in the third quarter of the year, almost four points more than the previous quarter (110.2% of GDP) and 16.6 percentage points above the same period last year (97.5% of GDP), although it is still below the forecast of the Government to close this year with a ratio of 118.8% of GDP.
In absolute terms, public debt reached its highest annual level in history, exceeding 1.3 trillion euros, above fiscal year 2019 (1.19 trillion euros), 2018 (1.173 trillion euros), 2017 ( 1,145 billion euros), 2016 (1,104 billion euros) and 2015 (1.07 billion euros).
In fact, the debt balance increased by 104,264 million euros in one year, 8.6% more in year-on-year terms, and 1.3% in quarterly terms, adding 17,023 million.
Records in State and Social Security
By administrations, debt increased at the interannual level both in the State and in the autonomous communities, local corporations and Social Security, although at the quarter-on-quarter levell fell in the CCAA and local corporations.
Specific, the debt of the Central State Administration amounted to 1,177,721 million euros in the third quarter, which represents an interannual increase of 10% and 1.6% on a quarterly basis.
The figure represents the 102.7% of GDP, the historical maximum reached by the State, above the previous quarter (98.9% of GDP) and the same of last year (86.7% of GDP).
For its part, the indebtedness of the autonomous communities grew to 301,717 million euros, 26.3% of GDP, with an increase of 1.2% year-on-year but falling by 1.3% quarterly. The ratio rises two tenths.
In turn, the debt of local corporations stood at 23,744 million euros, which represents 5.9% less than a year ago and 5% less than the previous quarter, with municipal debt representing 2.1% of GDP.
On their side, the debt balance of the administrations of the Social Security marked, like the State, a new historical maximum, by reaching the 74,855 million euros, 42.7% more year-on-year for loans and an 8.7% quarterly increase. In terms of GDP, it also marks a record, exceeding 6.5% of GDP, five tenths more in a quarter and a rise of 2.3 points per year.