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Spain's public debt breaks record high in Q1

Xinhua, June 15, 2016 Adjust font size:

Spanish public debt reached 100.5 percent of Spain's gross domestic product (GDP) in the first quarter of the year breaking a record high according to data published on Wednesday by the Bank of Spain.

The debt rose by 2.14 percent since the last quarter in 2015 when the country's public debt stood at 99.2 percent of GDP. Meanwhile, on a year-on-year basis the public debt rose by 4.1 percent to 1.095 trillion euros (1.229 trillion U.S. dollars) in the first quarter in 2016.

According to the bank, the debt of Spain's central administration stood at 962.147 billion euros in the first quarter of the year accounting for 87.7 percent of the total.

The debt of Spain's regions (Autonomous Communities) stood at 264.174 billion euros, representing 24.1 percent of the total. The most indebted regions are Catalonia, the Community of Valencia, Andalusia and Madrid with 72.278 billion euros, 41.953 billion euros, 31.484 billion euros and 28.380 billion euros respectively.

The debt of the local governments stood at 35.083 billion euros representing 3.2 percent of the total. The debt of the Social Security System stood at 17.188 billion euros, representing 1.5 percent of the total. (1 euro = 1.12 U.S. dollars) Endit