Public debt rises in June and rebounds to the historical maximum of 1,475 trillion, 116.8% of GDP

MADRID, 17 Ago. (EUROPA PRESS) -

The debt of all public administrations reached 1.475 billion euros in June, a new historical maximum, after growing 1.3% in the monthly rate, according to data published this Wednesday by the Bank of Spain.

Using the nominal GDP of the last four quarters, the debt/GDP ratio stood at 116.8% in the second quarter of 2022, according to the monetary authority.

In the last year, public debt has grown by 3.6%, with 50,677 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 June is mainly due to the increase in State indebtedness and, to a lesser extent, that of the autonomous communities, while the municipalities slightly reduced their debt. On his side, the Social Security debt has remained more or less stable in the sixth month of the year.

Specifically, in June the State debt stood at 1,294 billion euros, also a historical record, which represents an increase of 1.44% and 18,433 million euros more in just one month, while in the last twelve months has increased by 4.8%.

For their part, in the sixth month of the year, the autonomous communities have increased their debt compared to the month of May, up to 316,647 million euros, some 2,972 million euros more, and in the interannual rate it experiences a rebound of 1.5%.

On its side, the indebtedness of Social Security has remained stable in June, with 99,185 million euros, only two million more than in May, but in the last 12 months it has risen 8%, with which it remains at maximum .

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 and the Ukrainian war.

Finally, the municipalities, on their side, have registered a debt in June of 22,848 million euros, 0.53% less than the previous month, while in the last year it has rebounded by 0.8%.