Until the third quarter of the year, Spain accumulated more public debt than ever. The liabilities of all Public Administrations once again reached a new historical maximum in terms of volume at the end of September, after exceeding 1,636 billion euros and placing themselves above the ceiling that had been set last June (1,626 billion ). The debt has escalated by more than 57,304 million in just one year.
However, the strong dynamism of the national economy, which surprised with a quarterly advance of 0.8%, allows the debt-to-GDP ratio to moderate to 104.4%, moving towards the objective committed to with European partners, of 102.5% at the end of this year. The good progress of activity, which once again places Spain at the head of growth among the largest economies in the Eurozone, allows the level of debt to be reduced by nine tenths in relation to the previous quarter and three points in one year.
The European Commission gave the green light a few weeks ago to the Spanish Fiscal and Structural Plan, the roadmap required by the new fiscal rules to redirect public debt and the deficit towards sustainable levels in the medium term. The Government has yet to send to Brussels the draft budget with the specific measures to be applied next year, which must accompany that document and which is pending the presentation of the General State Budgets for 2025. The community Executive must have that draft one month before next year’s accounts are approved – at the latest – to be able to validate it in time.
#Spain #accumulates #public #debt #rise #GDP #moderated #ratio #September