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Spain’s Public Debt Reaches €1.691 Trillion as Debt-to-GDP Ratio Eases to 103.4%

Government forecasts a drop to 101.7% by late 2025 then further declines through 2041 without outlining when the EU’s 60% benchmark will be met.

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Overview

  • Spain’s public debt hit €1.691 trillion in June, reflecting a 4% year-on-year increase and a 1.7% rise since May.
  • The debt-to-GDP ratio eased to 103.4% under the Excessive Deficit Protocol, down 1.9 percentage points from June 2024.
  • Central government borrowing reached €1.534 trillion, equivalent to 93.9% of GDP, after a 4.5% annual climb.
  • Social Security obligations rose 8.6% to €126.2 billion following state loans, regional debt increased 1.5% to €343 billion and municipal debt edged down 0.6% to €23.4 billion.
  • Consolidated public-sector debt, which nets out cross-holdings, climbed 3.4% year-on-year to €371 billion.