The Spanish public debt has not managed to fall below 1.5 trillion euros since it exceeded this threshold in November 2022. And July was no exception. According to data published today by the Bank of Spain, the debt of public administrations stood at 1,558 trillion in the seventh month of the year, a figure 10,642 million lower than that registered in June, when it reached its highest level in the historical series. .

Compared to a year ago, the volume of debt grew by 4.8% compared to the 1,486 trillion in July 2022, which translates into an increase of 71,486 million. The increase is attributed to the lower income and higher expenses that public administrations have had as a result of the pandemic crisis, the rise in prices and the war in Ukraine.

Of the total 1,558 billion owed by the administrations as a whole, 1,432 billion correspond to the central administration, 77,937 million more than a year ago, which translates into an increase of 5.8%. Within this sector, the State scored the largest share with a balance of 1,390 billion, which is almost 83,000 million more than a year ago (6.3%).

For their part, the autonomous communities accumulated a debt of 325,834 million euros, 11,488 million more than in the same period of 2022 (3.7%) and close to 1,500 million less than in the month of June. While local corporations managed to reduce their debt by about 300 million compared to the previous month, although the figure – 23,495 million euros – was almost 400 million higher – 1.7% more – than that of a year ago.

For its part, the Social Security debt stood at 106,169 million, just 5 million less than the previous month. In annual comparison, however, it grew by 6,984 million, 7% more.