Spain’s Public Debt Reaches Historic High of €1.667 Trillion
Public debt increases by €52.7 billion in one year, marking a 3.3% rise.
As of March 2025, Spain's public debt has risen to €1.667 trillion, representing a year-on-year increase of €52.7 billion, or 3.3%, according to data released by the Bank of Spain.
This figure reflects a significant rise from €1.614 trillion recorded in March 2024. In just one month, the debt has surged by €21.3 billion, an increase of 1.3% from February 2025.
This new debt level corresponds to 103.5% of the country's GDP, which is an increase of 1.7 percentage points compared to the end of 2024, where it stood at 101.8%.
However, it is a decrease of 2.8 points compared to the same period in 2024, when it was at 106.3%.
The current debt ratio is also notably lower than the peak of 124.2% of GDP reached in March 2021.
Coinciding with this record debt, fiscal revenues have also reached historic highs.
In March, tax revenues amounted to €16.267 billion, rising by 10.9% compared to the same month in 2024. This increase is attributed to an 11% rise in gross revenue and an 11.6% increase in tax refunds.
In total, the government secured €294.734 billion in tax revenue from households and businesses in 2024, marking an 8.4% increase from 2023 after 94 tax hikes implemented by the government.
The increase in public debt from March 2024 is attributed to rising debt levels across the central administration, autonomous communities, and the Social Security system, while municipal debt has decreased over the past year.
The central government's debt has risen by 4% year-on-year to €1.518 trillion, an increase of €59.1 billion, with a monthly rise of €20.6 billion (1.4%).
Additionally, the debt of the autonomous communities has increased by 2.8%, reaching €338.04 billion, which is €9.1 billion more than in March 2024 and €1.989 billion higher than February 2025. This debt accounts for 21% of GDP.
In contrast, the Social Security administrations reported a debt balance of €126.174 billion, representing an 8.6% increase from the previous year.
This rise is primarily due to loans provided by the state to the Social Security Treasury to cover its budget imbalance.
Compared to the previous month, this figure has remained nearly stable.
Municipal debt, however, has decreased over the last year to €22.897 billion, accounting for 1.4% of GDP, which is a 1.1% reduction from the same month the previous year, equating to €244 million less, though it rose by €334 million since February.
This figure reflects a significant rise from €1.614 trillion recorded in March 2024. In just one month, the debt has surged by €21.3 billion, an increase of 1.3% from February 2025.
This new debt level corresponds to 103.5% of the country's GDP, which is an increase of 1.7 percentage points compared to the end of 2024, where it stood at 101.8%.
However, it is a decrease of 2.8 points compared to the same period in 2024, when it was at 106.3%.
The current debt ratio is also notably lower than the peak of 124.2% of GDP reached in March 2021.
Coinciding with this record debt, fiscal revenues have also reached historic highs.
In March, tax revenues amounted to €16.267 billion, rising by 10.9% compared to the same month in 2024. This increase is attributed to an 11% rise in gross revenue and an 11.6% increase in tax refunds.
In total, the government secured €294.734 billion in tax revenue from households and businesses in 2024, marking an 8.4% increase from 2023 after 94 tax hikes implemented by the government.
The increase in public debt from March 2024 is attributed to rising debt levels across the central administration, autonomous communities, and the Social Security system, while municipal debt has decreased over the past year.
The central government's debt has risen by 4% year-on-year to €1.518 trillion, an increase of €59.1 billion, with a monthly rise of €20.6 billion (1.4%).
Additionally, the debt of the autonomous communities has increased by 2.8%, reaching €338.04 billion, which is €9.1 billion more than in March 2024 and €1.989 billion higher than February 2025. This debt accounts for 21% of GDP.
In contrast, the Social Security administrations reported a debt balance of €126.174 billion, representing an 8.6% increase from the previous year.
This rise is primarily due to loans provided by the state to the Social Security Treasury to cover its budget imbalance.
Compared to the previous month, this figure has remained nearly stable.
Municipal debt, however, has decreased over the last year to €22.897 billion, accounting for 1.4% of GDP, which is a 1.1% reduction from the same month the previous year, equating to €244 million less, though it rose by €334 million since February.
Translation:
Translated by AI
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