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9h ago

Spain’s Public Debt Hits €1.69 Trillion as Ratio Eases to 103.4%

Despite record borrowing by the central government as well as Social Security, nominal GDP gains helped curb the country’s debt burden relative to output.

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Overview

  • Spain’s public debt reached a record €1.69 trillion in June 2025, marking a 4 percent year-on-year increase and a 1.7 percent rise from May.
  • The debt-to-GDP ratio fell to 103.4 percent in June, a decline of 1.9 percentage points from a year earlier according to Banco de España’s advance data.
  • Central government debt climbed 4.5 percent to €1.534 trillion, representing 93.9 percent of GDP, driven by sustained State borrowing.
  • Communidades autónomas saw their debt rise 1.5 percent to €342.7 billion while municipal borrowing declined 0.6 percent to €23.4 billion year-on-year.
  • Social Security debt jumped 8.6 percent to €126.2 billion as State loans to the Tesorería General de la Seguridad Social financed its budget shortfalls.