June 23, 2021

Public debt rises by more than 8,200 million in November, up to 97.5% of GDP

Public debt rises by more than 8,200 million in November, up to 97.5% of GDP


Updated:

The debt of the whole of the public administrations increased in November in 8,248 million euros, up to 1,169 billion, with which it scales up to 97.5% of GDP, after it reached a record high in September and rose to 98.3% of GDP, according to data published on Tuesday by the Bank of Spain.

Specific, public debt rose by 0.7% in November compared to October and rebounded 2.6% in the last year, registering now 30,262 million euros more than in November 2017.

The Government advanced during the presentation of the last update of the macroeconomic table that the debt had closed in 2018 at 96.9% of the GDP, so it is expected to moderate in the last month of the year until closing below 97. % of GDP. For this year, the target was set at 95.4% of GDP.

These data reflect that the increase is mainly due to the increase in the State's debt, which totaled 9,151 million euros in November, with what went from 1,020,528 to 1,029,679 million.

In addition, the debt of the autonomous communities rose from 292,410 million to 292,825 million (415 million more), while the Social Security went from a debt of 34,863 million to one of 41,193 million (6,330 million more), as a result of the loan granted by the State to pay the November payroll for pensions, which includes the extra Christmas pay.

The local corporations were the only ones that reduced their debt, going from a debt of 26,913 million to 26,391 million at the end of November, 522 million less.

Of the total debt in November, the vast majority was long term (944,042 million) and the rest, in the short term (67,670 million), in loans (152,818 million) and in cash and deposits (4,694 million).

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