Spain’s public debt rose in the second quarter of the year to 1,569 billion euros, which represents a new historical high. In relative terms there was a reduction of 112% of GDP, according to the Bank of Spain. But even so, the Spanish economy remains among the most indebted in the Eurozone, as certified yesterday by the Independent Authority for Fiscal Responsibility (AIReF).
“Spain is currently one of the EMU countries with higher levels of debtbehind Greece and Italy and with a level similar to that of Portugal and France,” the organization noted in its relative debt observatory for the month of September. “Despite the reduction of 13 points from the ceiling,Spain together with France“They are the countries that have increased their debt the most due to the Covid crisis, and those that maintain some of the highest deficit levels,” he added.
And yet, despite the data published by the Bank of Spain and the conclusions of the Tax Authority, the Government makes a totally positive assessment of all of this. So much so that the Ministry of Economy presumes fiscal management.
“Public debt data confirm that the ratio/GDP continued to reduce in the second quarter of the year, to 111.2% of GDP. Good tax management and the strong recovery of the Spanish economy that continues in 2023 will allow a strong reduction in the debt/GDP ratio this year, greater than expected, and close below 110% of GDP”, highlights from the department of Nadia Calvino.
“In this way, the fiscal objectives set in the Stability Program, endorsed by the European Commission, are brought forward. In 2022, a record reduction in the public debt ratio of five percentage points in one year was already achieved,” they add.