The debt of the public administrations as a whole rose in the first quarter up to the historical maximum of 1,392,733 million euros, reaching
the record of 125.3% of GDP, according to data from the Bank of Spain published this Friday.
In the last year
public debt has increased by 168,213 million euros, which represents a rebound of 13.7%, as a result of the Covid-19 crisis, which has cut income and raised expenses to finance the approved support measures.
Thus, public debt hit its all-time high in the first quarter of this year, after the rebound that began in the first months of 2020 with the decree of the state of alarm.
Consequently, the ratio of public debt to GDP is already 125.3%, which is 5.4 percentage points more than the figure at the close of 2020, when it reached 119.9% of GDP.
The data marked in the first quarter (125.3% of GDP) already exceeds the Government’s target for the whole year (119.5%), although from Economy they clarify that in the first months of the year emissions always accelerate due to the higher amortizations in April and that, subsequently, the figure will converge towards the objective established in the Stability Plan.
Low in local corporations
By administrations, public debt increased in all between the months of January and March of this year, except in local corporations. A) Yes, State debt rose in the first quarter to 1,247,876 million euros, 14% more than a year ago, which represents 112.3% of GDP, with an increase of 4.7 percentage points compared to the end of 2020, marking its highest ratio in history.
For its part, the debt of the autonomous communities grew by 3% year-on-year, to 269,348 million euros in the first quarter, equivalent to 27.7% of GDP, six tenths more than in 2020. On the other hand,
it is reduced by just over 2,200 million compared to the previous quarter due to higher transfers of the State.
Conversely, local corporations reduced their debt by 3.3% in the first quarter compared to the same period of the previous year, up to 22,115 million euros, which represents 2% of GDP, the same ratio as at the end of 2020.
By last, the debt of the Social Security administrations climbed to 85,355 million euros between January and Marchor, for what it marked its historical record, adding 30,330 million more in a single year, with an increase of 55.1%. The ratio to GDP rises to a record 7.7%, as a result of the higher expenses it has had to face to protect families and companies.