The public debt in Spain went up in june 6.4% year-on-year until reaching the 1.56 trillion euros, a growth rate that has not been registered in this indicator since December 2021, according to data published this Tuesday by the Bank of Spain.
The total volume of public debt is equivalent to the end of June at 113.1% of the Gross Domestic Product (GDP), which means that not even with all the production that the country achieves in a full year, the State could cover the volume of debt it has.
Since the end of 2018public debt has grown in Spain in 369,000 million euros, which means that every year it increases by about 105,000 million euros. The so pronounced increase that has occurred in the last five years has been conditioned by the expansive economic policy after the covid, to maintain the productive fabric and income in the country, as well as by the measures to counteract the effects of the war in Ukraine .
Compared to June 2022, the increase has been 93.763 millionalso conditioned by the deployment of funds typical of the years in which they are held elections in the country, both general and regional, which tend to encourage public spending.
By subsectors within the Administration, the state (the central Administration) is the one that has assumed the largest increase in debt, among other things because the Government has opted for a policy of indebtedness from the center to the rest of the sectors, making transfers to Social Security to cover its deficit and distributing You also help the autonomous communitieswhich has reduced the increase in their respective debt levels.