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article_detail
Date Published: 19/06/2020
ARCHIVED - Public debt reaches record high at all levels of government in Spain
Spanish public debt has risen at all levels in response to the Covid crisis ; national and regional governments, as well as local councils
Debts of public administrations in Spain overall rose by 0.9% in April when compared to March, adding 10,533 million euros more as a consequence of the Covid-19 crisis, to reach a historical high of 1,234,694 million euros (1.23 trillion euros) , almost 99% of GDP, according to data published on Thursday by the Bank of Spain.
Compared to the same month of 2019, public debt has increased by 4.6%, adding 54,694 million euros during the last 12 months as compared to the 1,180 billion euros recorded in April 2019.
The increase in debt during April is due to the rise in indebtedness of not only the national Government of Spain, but also of the autonomous communities and the local municipal councils of Spain, which have spent and borrowed significantly more due to the impact of the coronavirus crisis, following the establishment of the state of emergency on March 14th and the royal decrees approved to alleviate the crisis.
State debt rose in April by 9,876 million euros with respect to the month of March, reaching a high of 1,098 trillion euros, 0.9% more, and an increase of 5.4% when compared to 2019, totalling 57,071 million in the last 12 months.
The debt of the autonomous communities also increased in April, although to a lesser degree than that of the State, with an increase compared to March of 2,991 million euros, 1% more, to 300,857 million. In one year, regional debt has grown by 1.2%.
Local councils also increased their levels of debt by 5.9% in April, to 24,228 million euros.
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