The Spanish public debt grew in March to a historical maximum of 1,453 billion | Economy

Facade of the Bank of Spain, in Madrid.
Facade of the Bank of Spain, in Madrid.PAUL MONGE

The debt of the Public Administrations as a whole registered an increase of 0.85% in March compared to February, reaching the historical maximum of 1,453 billion euros, with which it stands at 117.7% of GDP, below the 118.4% at the end of 2021, according to advanced data this Tuesday by the Bank of Spain, which takes the nominal GDP of the last four quarters.

In the last year, public debt has grown by 4.4%, with 60,875 million euros more, as a result of lower income and higher expenses derived from the pandemic crisis and more recently due to the war in Ukraine. The monthly rise in debt in March is due almost exclusively to the increase in State indebtedness, since the debt of the communities and Social Security has remained more or less stable in the third month of the year, and that of the municipalities has slightly upturned.

Specifically, in March the State debt stood at 1.274 trillion euros, also a historical record, which represents an increase of 0.95% and 12,068 million euros more in just one month, while in the last 12 months has increased by 5.3%.

On the contrary, Social Security debt has remained stable in March, with 99,187 million euros, only one million more than in March, but in the last 12 months it has risen by 16.2%, with which it remains in maxima.

The Bank of Spain explains that the increase in Social Security indebtedness in the last year is due to the loans granted by the State to the General Treasury of the body to finance its budgetary imbalance, accentuated as a consequence of the covid-19 crisis .

For their part, in the third month of the year the autonomous communities have slightly increased their debt compared to the month of February, up to 309,811 million euros, barely 8 million euros more, although in the interannual rate it experiences a rebound of 0.7% .

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The municipalities, for their part, have registered a debt in March of 22,471 million euros, 1.2% more than the previous month, while in the last year it has rebounded by 1.6%. The autonomous communities closed March with a debt of 309,811 million, practically the same as in February (8 million more), while Social Security added one million to close at 99,187 million.

Local corporations recorded 22,471 million debt, 261 more than in February. At the end of March, most of the public debt was concentrated in representative securities (1,260,693 million), while the rest was divided into loans (188,240 million) and cash and deposits (5,016 million).

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