everyone’s debt The number of public administrations reached 1.572 billion in October According to data published this Wednesday by the Bank of Spain, the decline of the euro took place after falling by 0.3% on a monthly basis, following the historical maximum reached in September.
Despite this decrease, the figure of 1 billion 572 billion euros is the second highest figure in the historical series, after the maximum figure reached in September (1 billion 577 billion euros).
Public debt has increased in the last year 4.9%, 74,124 million The euro is higher as a result of lower income and higher spending resulting from the pandemic crisis, the war in Ukraine and the rise in prices.
In this monthly preview andBank of Spain does not provide data on the weight of debt Measured as a percentage of GDP, however, the third quarter figures were released last week and this fell to 109.9%.
According to government forecasts, the good progress of the economy, which is expected to grow by 2.4% in 2023, will allow the debt/GDP ratio to be reduced to 108.1% currently in 2023, furthering the target of falling below this rate by 110% on a yearly basis.
Moreover, the Manager’s forecasts indicate that the downward trend of public debt will continue in the coming years. 106.3% To 105.4% in 2024, to 105.4% in 2025, and to 104.4% in 2026.
The debt of the state and municipalities in the Autonomous Communities is decreasing but increasing
The main reason for the monthly decrease in debt in October was the decrease in the debts of the State and municipalities. For its part, autonomous communities’ debt increased for the tenth month of the year, while Social Security’s debt remained more or less constant.
Specifically, State debt in October amounted to 1 billion 409 billion euros; This corresponds to a decrease of 0.2% and a decrease of 2 billion 981 million euros in one month, compared to an increase of 6.6% in the last twelve months.
For their part, in the tenth month of the year the autonomous communities increased their debts to 323 billion 618 million euros compared to September; this was approximately 3 billion 694 million euros (1.2%) more; They experienced a recovery between years. 2.4%.
Debt on his side Social Security remained stable At 106 billion 170 million euros in October, it was only two million less than in September, but it remained at its highest levels, up 7% in the last 12 months.
Bank of Spain announces that debts are increasing Social Security comes from loans made in the last year It is transferred by the State to the General Treasury of the organization to finance the budget imbalance.
Finally, the debt of municipal councils decreased by 1.3% in October compared to the previous month, reaching 22 billion 938 million euros, while last year this rate increased by 0.8%.