The debt of the public administrations as a whole registered an increase of 0.23% in January compared to the previous month, adding 3,037 million, and marked a new historical maximum of 1,314,335 million euros, at 117.3% of GDP , as a consequence of higher spending and lower income derived from the coronavirus crisis, according to data published this Monday by the Bank of Spain.
In year-on-year terms, the debt of public administrations has grown by 10%, adding 118,457 million compared to January of last year, when the figure reached 1,195,878 million euros.
The increase in debt in January is due to a new increase in indebtedness in the State, which has had to make an extra spending effort due to the impact of the coronavirus crisis, as a result of the establishment of successive states of alarm and the royal decrees approved to alleviate the crisis.
By administrations, the largest debt is still accumulated by the Central Administration, with 1,168 billion, which represents 88.90% of the total. Its balance increased by 2,418 million or almost 0.21% compared to the end of last year and by 109,769 million compared to January 2020 (+ 10.37%).
For his part, the Social Security debt stood at 85,354 million, after rising slightly compared to 85,355 million the previous month and 30,330 million or 55.12% in year-on-year comparison. It has been on an uninterrupted rise since last April, when it was still located at 55,023 million.
The Spanish autonomous communities accumulated a debt of 303,333 million euros, which in turn represents a small decrease compared to the 303,452 million in December (-0.04%). However, it grows 2.53% or 7,511 million compared to the same month last year.
While, local corporations placed their debt at 22,000 million, registering a decrease both monthly compared to the 22,011 million which it amounted to the previous month and year-on-year. In January 2020, its debt balance was 23,108 million, 1,108 million euros or 5.03% higher.
By instruments, debt securities grew to reach 1,135 trillion, and loans did so to 173,805 million. The previous month, December, they were at 1,133 billion and 173,301 million, respectively.