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Spain's public debt hits record high in June

Xinhua, August 17, 2016 Adjust font size:

Spanish public debt hit a record high in June rising by 18.549 billion euros (20.897 billion U.S. dollars) to 1.107 trillion euros, according to last data published on Wednesday by the Bank of Spain.

The figure meant that the Spanish public debt represented 100.9 percent of the country's gross domestic product (GDP), which surpassed the goal of the Spanish government for 2016 that stands at 99.14 percent.

According to news agency Europa Press, sources from the Ministry of Economy and Competitiveness said Spain would meet the 2016 goal by the end of the year no matter the variations occurring through the year.

Spanish public debt rose by 1.7 percent from May to June and increased by 4.7 percent when compared with the same month of a year earlier. In the first six months of the year, it rose by 3.3 percent.

Spain's public debt started rising in 2009 due to the financial crisis. That year it represented 52.7 percent of GDP, surpassing 90 percent in 2013 and 100 percent in March 2016. (1 euro=1.13 U.S. dollars) Endit