This the debt of public administrations as a whole closed the 2022 fiscal year with 1.502 trillion euros, According to data released by the Bank of Spain this Friday, it represents an increase of 75,305 million from the previous year, but fell short of the Government target, reducing its weight on GDP to 113.2%.
On an annual basis (from the same month of 2021 to December 2022), Public debt rose 5.3% to more than 75,303 million, driven by higher expenses and lower revenue from the crisis. The coronavirus and the reaction to the economic impact of the crisis in Ukraine and the rise in prices.
Despite this rise Spain Given the positive development of the economy, which grew by 5.5% in 2022, it managed to reduce the debt-to-GDP ratio by more than five percentage points in just one year, from 118.3% in 2021 to 113.2% in 2022.
quarter to quarterDeclining from 1.503 trillion, a record level reached in the third quarter of 2022, to 1.502 trillion, which closed the year, the debt recorded a slight decline in the last period of the year. The debt ratio also decreased from 115.6% in the third quarter to 113.2% at the end of the year.
The organization headed by Pablo Hernández de Cos confirmed therefore, the percentage of debt in GDP that it closed last year is below the government’s target. For the full year (115.2%) in line with those set by the Executive in the Budget Plan and to approach the realization of the target by the end of 2023.
Thus, the ratio of debt to GDP decreased by more than 7 points, from the maximum level reached during the pandemic period. The executive has ensured that it maintains its commitment to fiscal rigor as the economy grows and quality jobs are created.
The scenario presented 2022-2025 Stabilization Program shows gradual decrease in deficit over four years until the debt-to-GDP ratio reaches 109.7% by 2025.