Author: MARSHAL
The contractual obligations of public administrations increased by 5.6 percent last year
General government debt as a whole rose in the first quarter to an all-time high of 1.535 trillion euros, but fell to 113% of GDP, compared to 117.4% in the same period in 2022, according to data released by the Bank of Spain this Thursday.
In the last year, the contracted liabilities of the administrations increased by 81.446 million, 5.6 percent more.
The data recorded in the first quarter (113% of GDP) exceed, however, the Government’s target for the whole year (111.9%), in accordance with what was determined by the Executive in the Stability Plan 2023-2026, which was forwarded to Brussels at the end of April.
According to executive projections, the debt will continue its downward trajectory until it is 111.9% of GDP in 2023 and will fall below 110% in 2024. In 2025, it is projected to fall to 107.9% and in 2026 to 106.8%.
According to administrations, the public debt increased in all of them from January to March this year. Thus, the state grew to 1,387,761 million in the first quarter, 6.2% more than the year before, which represents 102.1% of GDP. For its part, that of the autonomous communities grew by 4% year-on-year, to 322,211 million in the first quarter, which is equivalent to 23.7% of GDP.
In the case of domestic companies, the debt amounted to 23.032 million, 2.6 percent more. The share of GDP remained at 1.7%.
Within the autonomous communities, it increased in absolute terms in all regions compared to the first quarter of the previous year, except in the Principality of Asturias and the Region of Murcia.
Catalonia (€85,456 million), the Community of Valencia (€55,439 million), Madrid (€37,495 million) and Andalusia (€36,744 million) continue to concentrate two-thirds of their debt in the hands of autonomous governments, although this is also due to population issues. They are followed by 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).
Source: La Vozde Galicia
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
