Public debt rose again in the first quarter of the year to 1,613 trillion euros, 109% of the Gross Domestic Product (GDP), according to advance data published this Friday by the Bank of Spain. The figure is 5.1% higher than a year ago.
Gross debt continues to rise quarter after quarter as a result of the primary deficit. However, experts point to a decrease in debt over GDP due to the growth of the national economy at the end of the year. According to Government forecasts, the objective is to close the year with a debt of 105.5% of GDP and leave it at 104.1% in 2027. The Independent Authority for Fiscal Responsibility (Airef) has been calling for a consolidation plan for some time. to bridge the fiscal balance.
A good part of the increase in public debt in the first quarter of the year is motivated by the situation of the Central Administration. The balance of the State debt rose to 1,458 billion, which represents a year-on-year increase of 6.9%.
The debt of the autonomous communities, for its part, grew to 329,000 million, 2% more than a year ago; and that of local corporations stood at 23,000 million, 0.5% more than in March 2023. For its part, the balance of Social Security debt stood at 116,000 million, 9.4% more than a year before.