The debt of the public administrations as a whole rose in the second quarter to the historical maximum of 1.42 trillion euros, standing at 122.8% of GDP, so it increased in relative terms by 2.26% compared to the previous quarter, according to data published this Thursday by the Bank of Spain.
In the interannual rate, it increased by 10.35% compared to the same quarter of last year, with 133,661 million more as a result of the Covid-19 crisis, which has cut income and raised expenses to finance the approved support measures.
Thus, the public debt to GDP ratio stood at 122.8%, which is 2.5 percentage points less than the ratio in the first quarter (125.3%), when it reached its highest historical level. At a year-on-year level, the public debt ratio has risen by 12.5 percentage points.
State debt rises
By administrations, public debt increased in all between the months of April and June of this year, except in local corporations. Thus, the State debt rose in the second quarter to 1,273,430 million euros, 9.85% more than a year ago, which represents 109.7% of GDP, with an increase of 10.6 percentage points compared to the same period last year, but down 2.5 percentage points compared to the previous quarter.
For its part, the debt of the autonomous communities grew by 2.1% year-on-year, to 312,030 million euros in the second quarter, equivalent to 26.9% of GDP, eight tenths more than in 2020. In addition, it increased by 4,345 million compared to the previous quarter.
On the contrary, local corporations reduced their debt by 9.3% in the second quarter compared to the same period of the previous year, to 22,644 million euros, which represents 2% of GDP, similar to the ratio of last year and the previous quarter.
Finally, the debt of the Social Security administrations climbed to 91,855 million euros between April and June, which marked its historical record, adding 23,000 million more in a single year, with an increase of 33.4%. The ratio over GDP rises to a record 7.9%, as a consequence of the higher expenses it has had to face to protect families and companies.
Within the autonomous communities, debt increased in absolute terms in all regions compared to the second quarter of the previous year, except in Asturias, the Community of Madrid and Navarra.
Catalonia (€ 81,862 million), Valencian Community (€ 51,747 million), Andalusia (€ 35,577 million) and Madrid (€ 35,194 million) continue to account for two thirds of all debt in the hands of regional governments in the second quarter, although it is also due to a population issue.
Next are the communities of Castilla-La Mancha (15,652 million), Castilla y León (13,290 million), Galicia (12,071 million), the Basque Country (11,539 million), Murcia (11,154 million) and the Balearic Islands (9,359 million).
Aragón (8,979 million), Canarias (6,575 million), Extremadura (5,321 million), Asturias (4,865 million), Navarra (3,620 million), Cantabria (3,525 million) and La Rioja (1,699 million) close the table.
However, as a percentage of GDP, the Valencian Community, with an indebtedness that amounts to 47.8%, continues to lead the regions most indebted in relation to their wealth, followed by Castilla-La Mancha, with 39.2%, and Catalonia, with 37.1%.
By size of town councils, those with more than 300,000 inhabitants accumulated a debt of 4,804 million euros until June, 329 million less than in the same quarter of the previous year.
Specifically, Madrid, with a debt of 1,710 million euros, continues to lead the most indebted local corporations, followed by Barcelona, with 835 million, and Zaragoza, with 685 million.