Public debt moderates to 113% of GDP but still exceeds the government’s commitment to Brussels for 2023


Dignitaries Public debt They continue to calculate the extraordinary efforts that the next government leaving the poll on 23J will have to make to override the calculations and create a path back to the budget strictness that Brussels has already announced for the coming years. According to Bank of Spain data published this Thursday, the debts of public administrations as a whole rose in the first quarter to an all-time high of 1.535 trillion euros, but moderated to 113% of the GDP Compared to records just one year ago

Last year, public debt increased by 81.446 million euros, which represents an increase of 5.6%, despite its weight in GDP declining from 117.4% in the first quarter of 2022, to 113% between January and March of this year. Specific data for the first quarter (113% of GDP) exceed, however, Government target for the full year (111.9%)according to the executive’s provisions in the 2023-2026 stabilization plan sent to Brussels at the end of April.

according to expectations From the executive branch, the debt will maintain the course of reduction after declining by five points last year, reaching 111.9% of GDP in 2023 and already declining from 110% (109.1%) in 2024. In 2025, it is expected to decrease to 107.9% and in 2026 to 106.8%.

Compared to the end of the year, the debt increased by 32,761 million euros, representing an increase of 2.2%, in a context still marked by the crisis in Ukraine and rising prices. However, the GDP heaviness followed a downward trajectory and fell from 113.2% to 113%.

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Social Security records the largest increase

By administrations, public debt generally increased between January and March of this year. Thus, Dion state In the first quarter, it increased to 1,387,761 million euros, up 6.2% from last year, which is 102.1% of GDP.

For her part, Dion independent communities It grew by 4% year on year, reaching 322,211 million euros in the first quarter, which is equivalent to 23.7% of GDP. In case local companiesIts debts amounted to 23.032 million compared to the first quarter of 2021, an increase of 2.6%. The GDP ratio remained at 1.7%.

Finally, administrational debt Social security It rose to 106,172 million euros between January and March, up 7% in one year. The GDP rate drops slightly from 8% a year ago to 7.8% in 2023.

Valencian Community and Catalonia, among the most indebted

Within the autonomous communities, debt increased in absolute numbers in all regions compared to the first quarter of the previous year, with the exception of the Principality of Asturias and the Region of Murcia. Catalonia (85,456 million euros), the Valencian Community (55,439 million), Madrid (37,495 million) and Andalusia (36,744 million) continue to concentrate two-thirds of the total debt in the hands of the autonomous governments in the first quarter, although also due to population issue.

It is followed by the communities of Castilla-La Mancha (15,574 million), Castilla y León (13,272 million), Galicia (12,608 million), the Basque Country (11,428 million) and Murcia (11,506 million). The table is closed by Aragon (9,109 million), the Balearic Islands (8,919 million), the Canary Islands (7,178 million), Extremadura (5,140 million), Asturias (4,212 million), Cantabria (3 375 million), Navarra (3,102 million) and La Rioja (1,652 million).

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However, as a percentage of GDP, the Valencian Communitywith debt accounting for 43.7%, continues to lead the regions most indebted with regard to its wealth, followed by Catalonia with 33.1%, Castilla-La Mancha (32.7%) and the region of Murcia (31.7%).

by volume town hallsThose with a population of more than 300,000 accumulated debts of 5,187 million euros as of March, an increase of 244 million over the same quarter of the previous year. specific, MadridWith debts of 1,920 million euros, it continues to lead the most indebted domestic companies, followed by Barcelona with 1,118 million, and then Zaragoza with 623 million.

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