Debt of all public administrations increased in the third quarter historical maximum of 1.577 billion euroswell relative 0.5% increase compared to the previous quarter GDP rate decreased to 109.9%According to data published this Friday by the Bank of Spain.
At interannual rate An increase of 72.553 million people increased by 4.8% compared to the same quarter last yearAs a result of the impact of the epidemic in recent years, low income and high expenses caused by the war in Ukraine and the increase in prices.
However, the debt/GDP ratio stood at 109.9% in the third quarter of 2023.More than one point moderation in the weight of debt compared to second quarter dataIt reached 111.2%, four points lower than the 114% in the same period last year.
The 2024 budget plan, sent to Brussels last October, suggests that good progress in the economy, which is expected to grow by 2.3% in 2023 according to the Executive’s forecasts, will allow the debt/GDP ratio to be reduced to 108.1% in 2023. We set a goal of reducing it below 110% by going 1 year ahead.
Government forecasts indicate that the downward trend in public debt will continue in the coming years.It is expected to decrease from 106.3 percent in 2024 to 105.4 percent in 2025 and 104.4 percent in 2026.