July 24, 2021

Public debt falls to 97.2% of GDP in 2018

Public debt falls to 97.2% of GDP in 2018



The debt of the Public Administrations as a whole increased by 29,563 million during 2018, reaching 1,173,988 million, equivalent to 97.2% of GDP, a rate that has been reduced by nine tenths with respect to 2017.

As reported by the Bank of Spain today, the debt to GDP ratio has been four tenths below the target set by the Government (97.6%).

In the breakdown of the data, the Central State Administration accumulated the majority of the debt with 1,048,153 million euros, representing 86.7% of GDP, after adding 37,374 million more than at the end of 2017.

The Social Security debt reached 41,194 million, representing 3.4% of GDP, after increasing by 13,801 million since 2017, when it represented 2.3% of the Spanish economy.

On the part of the autonomous communities, the debt stood at 293,128 million euros, 24.3% of GDP, and increased by 5,021 million with respect to December 2017, reducing its weight over GDP by four tenths.

With regard to local corporations, the accumulated debt in 2018 contracted by 3,296 million euros with respect to 2017, to 25,781 million, representing 2.1% of GDP, four tenths less than a year earlier.

Four autonomous communities increased their debt last year in terms of GDP, while eleven decreased it and in two it remained unchanged.

Thus, the largest indebtedness with respect to the own GDP of the autonomous community corresponded to the Valencian Community (41.7%), Castilla-La Mancha (35.4%) and Catalonia (34%).

On the other side, the least indebted communities in relation to their GDP were the Basque Country (13.5%), Madrid (14.6%) and the Canary Islands (14.6%).

The following table shows by Autonomous Communities the public debt of 2018 and 2017 expressed in millions of euros, as well as the percentage that it represents over the GDP of each region in both periods.

2018% GDP 2017% GDP

Andalusia 35,409 22,0 34,260 22,0

Aragón 8.251 22.0 7.959 22.0

Asturias 4,351 18.5 4,244 18.6

Balearic Islands 8.706 28.0 8.802 29.4

Canary Islands 6,808 14.8 7.044 15.9

Cantabria 3.171 23.3 3.033 23.1

Castilla-La Mancha 14,714 35.4 14,430 36.0

Castilla y León 12,360 20.9 11.870 20.7

Catalonia 78,732 34.0 77,740 34.8

Extremadura 4.622 24.0 4.401 23.7

Galicia 11,342 18.0 11,210 18.4

La Rioja 1,591 18.8 1,570 19.2

Madrid 33,270 14.6 32,785 14.9

Murcia 9.232 29.3 8.795 28.9

Navarre 3,445 16,7 3,628 18.3

Basque Country 10,041 13.5 10,149 14.1

Valencian Community 47,084 41.7 46,187 42.4

TOTAL 293.128 24.3 288.107 24.7

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