Public debt rises in March to a maximum of 1.535 trillion, but reduces its weight in GDP to 113%

The The debt of public administrations as a whole increased by 1% in March. compared to February, until reaching historical maximum of 1,535 billion euroswhich amounts to 113% of GDP, according to data released this Wednesday by the Bank of Spain, which take nominal GDP for the last four quarters.

In the last year, public debt increased by 5.6%, with 81,540 million euros moreas a result of lower incomes and higher expenses resulting, first, from the pandemic crisis, and later from the economic consequences of the war in Ukraine and rising prices.

Although With this increase in public debt in absolute terms, Spain has managed to moderate its weight in GDP from 113.2% registered at the end of 2022 to 113% in the first quarter of 2023, according to the progress published by the organization led by Pablo Hernández de Cos.

The the monthly increase in the debt in March is mainly due to the increase in the national debt and autonomous communities, although the indebtedness of social security and city councils is also growing, albeit to a lesser extent.

All administrations are in debt

Specifically, in March, the national debt amounted to 1.363 billion eurosalso a historical record, representing a an increase of 1.08% and 14,589 million euros more in just one month, while in the last twelve months it has grown by 7%.

For their part, in the third month of the year, the autonomous communities increased their debt compared to the month of February, up to EUR 322,271 million, EUR 4,761 million more (1.5%), while in the interannual rate it experiences a rebound of 4%.

Municipalities recorded a debt of 23.066 million euros in March, 0.7 percent more than the previous month, while last year it increased by 2.7 percent.

Finally, social security debt remained stable in March, at 106,172 million euros, just three million more than in February, but increased by 7% in the last 12 months, thus remaining at maximums.

The Bank of Spain explains that the increase in social security debt last year is the result of loans granted by the state to the General Treasury of the organization to finance its budget imbalance.